Decision 21/2025/QD-TTg environmental criteria and the confirmation of projects in the green taxonomy

DECISION

On environmental criteria and certification of investment projects under the green taxonomy^[1]

Pursuant to the February 18, 2025 Law on Organization of the Government;

Pursuant to the November 17, 2020 Law on Environmental Protection;

Pursuant to the Government’s Decree No. 08/2022/ND-CP of January 10, 2022, detailing a number of articles of the Law on Environmental Protection;

Pursuant to the Government’s Decree No. 05/2025/ND-CP of January 6, 2025, amending and supplementing a number of articles of the Government’s Decree No. 08/2022/ND-CP of January 10, 2022, detailing a number of articles of the Law on Environmental Protection;

At the proposal of the Minister of Agriculture and Environment;

The Prime Minister promulgates the Decision on environmental criteria and certification of investment projects under the green taxonomy.

Article 1. Scope of regulation

1. This Decision specifies environmental criteria and the certification of investment projects that meet environmental criteria to be entitled to the State’s incentive and support policies on green credit and green bonds.

2. Investment projects specified in Clause 1 of this Article are investment projects under the green taxonomy.

Article 2. Subjects of application

1. Owners of investment projects and issuers of green bonds that wish to have their investment projects certified to be under the green taxonomy.

2. Agencies and organizations competent to certify investment projects to be under the green taxonomy.

3. State agencies competent to implement the State’s incentive and support policies on green credit and green bonds.

4. Credit institutions and foreign bank branches in Vietnam participating in the implementation of the State’s incentive and support policies on green credit.

5. Other related agencies, organizations and individuals.

6. Credit institutions and foreign bank branches in Vietnam are encouraged to apply this Decision to determine and extend green credit to owners of investment projects under the green taxonomy in conformity with their own policies in accordance with law.

Article 3. Environmental criteria for an investment project under the green taxonomy

1. Having obtained a decision approving the environmental impact assessment report appraisal result, an environmental license, or an environmental registration certificate in accordance with the law on environmental protection, except investment projects exempt from environmental procedures in accordance with law.

2. Being in the field of environmental protection or bringing about environmental benefits and meeting the requirements provided in Appendix I to this Decision.

Article 4. Agencies and organizations competent to certify investment projects to be under the green taxonomy

1. State agencies competent to appraise environmental impact assessment reports and approve appraisal results for, or to grant environmental licenses to, investment projects in accordance with the law on environmental protection.

2. Independent certification organizations fully meeting the following requirements:

a/ Having the legal person status in accordance with law;

b/ Making business registration in Vietnam or being established under competent state agencies’ decisions;

c/ Operating in one of the following sectors:

Providing conformity assessment services or having the conformity assessment function in accordance with law;

Providing auditing services;

d/ Having a management system and operational capacity meeting one of the following standards:

National Standard TCVN ISO/IEC 17029:2020 or International Standard ISO/IEC 17029:2019 on conformity assessment - General principles and requirements for validation and certification bodies;

Vietnam’s Standard on Assurance Engagements No. 3000 - Assurance engagements other than audits or reviews of historical financial information, or International Standard on Assurance Engagements (ISAE 3000), or amending, supplementing or replacing standards issued by Vietnam's competent agencies in accordance with law.

Article 5. Certification of investment projects to be under the green taxonomy

The certification of investment projects to be under the green taxonomy shall be carried out at the request of project owners or green bond issuers in either of the following forms:

1. Certification by a competent state agency as specified in Clause 1, Article 4 of this Decision, which shall be carried out as follows:

a/ A project owner requests a competent state agency to certify its/his/her investment project to be under the green taxonomy concurrently with requesting the settlement of administrative procedures for appraisal of the project’s environmental impact assessment report and approval of the appraisal result, or grant of an environmental license;

b/ The state agency competent to appraise the environmental impact assessment report or grant the environmental license assesses and certifies the investment project to be under the green taxonomy during the process of appraisal of the environmental impact assessment report or consideration for grant of the environmental license. The certification result shall be stated in the decision approving the environmental impact assessment report appraisal result or in the environmental license.

2. Certification by an independent certification organization specified in Clause 2, Article 4 of this Decision, which shall be carried out as follows:

a/ A project owner or green bond issuer submits a dossier of request for certification of its/his/her investment project to be under the green taxonomy to the independent certification organization;

b/ The independent certification organization examines and considers the dossier to certify the investment project to be under the green taxonomy in an independent and objective manner, following the standards applied by the organization as specified at Point d, Clause 2, Article 4 of this Decision; the time limit and expense for certification shall be agreed upon between the independent certification organization and the project owner in accordance with relevant laws;

c/ The independent certification organization shall be held responsible before law, and the agency or organization implementing the State’s incentive and support policies on green credit and green bonds, as well as other related agencies, organizations and individuals, for the certification result.

3. The inspection and supervision of, and handling of violations related to, the certification of investment projects to be under the green taxonomy must comply with the law on environmental protection and other relevant laws.

Article 6. Dossier of request for certifying an investment project to be under the green taxonomy

1. In case of requesting a competent state agency to certify the investment project to be under the green taxonomy according to Clause 1, Article 5 of this Decision, contents of the request for certifying the investment project to be under the green taxonomy shall be stated in the dossier of request for appraisal of the environmental impact assessment report or for grant of the environmental license, which must comprise:

a/ The request for certifying the investment project to be under the green taxonomy, which is stated in the written request for appraisal of the environmental impact assessment report or for grant of the environmental license;

b/ The explanatory report on the investment project’s satisfaction of the environmental criteria specified in Article 3 of this Decision, covering the contents provided in Appendix III to this Decision and presented in a separate chapter in the environmental impact assessment report or the dossier of request for grant of the environmental license.

2. In case of requesting an independent certification organization to certify the investment project to be under the green taxonomy according to Clause 2, Article 5 of this Decision, the dossier of request for certifying the investment project to be under the green taxonomy must comprise:

a/ A written request for certifying the investment project to be under the green taxonomy, made according to the form provided in Appendix II to this Decision;

b/ A decision approving the environmental impact assessment report appraisal result, if the investment project is subject to environmental impact assessment, an environmental license, if the investment project is not subject to environmental impact assessment but is subject to environmental licensing, or an environmental registration certificate, if the investment project is subject to environmental registration in accordance with the law on environmental protection;

c/ The explanatory report on the investment project’s qualification for the green taxonomy at the time of request for extension of green credit or issuance of green bonds, or at the time of request for entitlement to the State’s incentive and support policies on green credit and green bonds, made according to the form provided in Appendix III to this Decision.

Article 7. Written certification of investment projects’ qualification for the green taxonomy

1. In case of certifying an investment project to be under the green taxonomy according to Clause 1, Article 5 of this Decision, the certification shall be stated in the decision approving the environmental impact assessment report appraisal result or the environmental license, covering the information specified in Clause 2 of this Article.

In this case, the decision approving the environmental impact assessment report appraisal result or the environmental license shall have the same legal validity as the written certification of the investment project’s qualification for the green taxonomy.

2. In case of certifying an investment project to be under the green taxonomy according to Clause 2, Article 5 of this Decision, the written certification of the investment project's qualification for the green taxonomy must comprise:

a/ General information about the certification organization;

b Name of the project owner or the green bond issuer;

c/ Scope and scale of operation of the investment project;

d/ Summary of the production technology, and business and service provision activities; and basic information about the investment project’s products;

dd/ Certification of the investment project’s satisfaction of the environmental criteria specified in Article 3 of this Decision;

e/ Requirements for satisfaction and maintenance of the environmental criteria specified in Article 3 of this Decision;

g/ Other requirements (if any).

3. The written certification of an investment project’s qualification for the green taxonomy specified in Clauses 1 and 2 of this Article shall serve as one of the grounds for a project owner or green bond issuer to request entitlement to the State’s incentive and support policies on green credit and green bonds in accordance with the law on environmental protection and other relevant laws.

Article 8. Responsibilities of owners of investment projects certified to be under the green taxonomy

1. To meet and maintain the environmental criteria specified in Article 3 of this Decision.

2. To send written notices on the investment projects certified to be under the green taxonomy to the Ministry of Agriculture and Environment within 30 days after receiving the written certifications for summarization and monitoring by the latter; the notice form is provided in Appendix IV to this Decision.

3. To perform other responsibilities in accordance with relevant laws.

Article 9. Organization of implementation

1. The Ministry of Agriculture and Environment shall:

a/ Guide, carry out public communication about, and disseminate the implementation of this Decision;

b/ Synthesize information on difficulties and obstacles and report thereon to the Prime Minister for considering the updating, amendment and supplementation of this Decision in conformity with reality;

c/ Synthesize and update the list of investment projects under the green taxonomy on the Ministry’s portal;

d/ Adjust and supplement the list of investment projects under the green taxonomy provided in Appendix I to this Decision.

2. The Ministry of Finance shall assume the prime responsibility for, and coordinate with the Ministry of Agriculture and Environment in, updating, connecting and sharing data on investment projects under the green taxonomy with the national database system on investment in accordance with law.

3. The State Bank of Vietnam shall guide credit institutions and foreign bank branches in Vietnam to implement this Decision.

4. Provincial-level People’s Committees shall organize the implementation of this Decision according to their competence and annually report on the implementation of investment projects under the green taxonomy in their localities to the Ministry of Agriculture and Environment.

5. Ministries, ministerial-level agencies, government-attached agencies, provincial-level People’s Committees, and related agencies and organizations shall, based on their assigned functions and tasks and the fields under their state management, organize the implementation of this Decision.

Article 10. Implementation provisions

1. This Decision takes effect on August 22, 2025.

2. Minister, heads of ministerial-level agencies, heads of government-attached agencies, chairpersons of provincial-level People’s Committees, and related agencies, organization and individuals shall implement this Decision.-

For the Prime Minister
Deputy Prime Minister
TRAN HONG HA

* The Appendices to this Decision are not translated.