JSC Bank for Investment & Development Vietnam (BIDV)
Use of proceeds for Sustainability Bonds issued in August 2024
We view the use of proceeds for BIDV’s sustainability bonds issued in 2024 is aligned with BIDV’s Sustainability Bond Framework issued in August 2024 (‘Framework’). Our assessment is based on BIDV’s Green and Sustainability Bond Allocation and Impact report 2025 ('BIDV’s 2025 report’), and additional supporting information provided by BIDV. BIDV’s 2025 report covers two sustainability bonds issued by BIDV in August 2024, issued under BIDV’s Framework.
In BIDV’s 2025 report, BIDV disclosed the proceeds of the two sustainability bonds were used to finance 39 projects across four categories in its Framework, namely renewable energy, sustainable transport, green construction, and affordable housing. BIDV has described the bonds’ use of proceeds within its Framework that covers the four core components of the International Capital Market Association’s (ICMA) Sustainability Bond Guidelines 2021, Green Bond Principles 2021, and Social Bond Principles 2023.
Based on our assessment, BIDV demonstrated best practice in the use of bond proceeds, with clearly defined objectives and measurable environmental and social (E&S) benefits for each project funded by the bonds. The bank also maintained best practice in project selection and evaluation, adhering to a structured and well-defined process outlined in its Framework and internal policies. Ongoing monitoring is maintained to ensure continued eligibility and mitigate potential environmental risks.
In addition, BIDV demonstrated best practice in managing sustainability bond proceeds through robust internal systems and processes to allocate and track both used and unallocated bond proceeds. The bank reported the allocation of its bond proceeds on an annual basis, detailing proceeds by project category and location, along with quantified environmental and social (E&S) impacts.
| Second Party Opinion | Not aligned | Aligned |
| ▼ |
Post-issuance review of the alignment with BIDV’s Framework under the following principles:
ü ICMA’s Sustainability Bond Guidelines 2021
ü ICMA’s Green Bond Principles 2021
ü ICMA’s Social Bond Principles 2023
| Not aligned | Partially aligned | Aligned | Best practice | |
| Alignment with principles | ▼ | |||
| Use of proceeds | ▼ | |||
| Evaluation and selection | ▼ | |||
| Management of proceed | ▼ | |||
| Reporting | ▼ |
Source: VIS Rating
To view our full report, please visit Second Party Opinion - JSC Bank for Investment & Development Vietnam (BIDV)
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