Abstract
Vietnam is a developing country, often adversely affected by environmental pollution and climate change. One of the main reasons leading to this situation is outdated production technologies, which is not environmentally friendly. This situation has been causing serious impacts on the economy and society of this country. According to the experience of developed countries and to fulfill national commitments on the environment, investment projects in production and business are encouraged to be implemented in an environmentally friendly manner. To do this, investors, especially businesses, need to mobilize a certain financial source to equip facilities and production technologies that cause less pollution. Among financial instruments, green bonds are an emerging factor applied by many countries around the world and Vietnam is also ready to test it. However, up to now, the issuance of green bonds in Vietnam has not been possible because of the lack of a complete legal mechanism. So, this article will analyze Vietnamese law on this issue on the basis of learning experiences from other countries to come up with a complete solution for Vietnam.
Highlights
Environmental pollution and climate change are serious global problems
Green bonds are seen as a new capital attraction channel and an effective solution that https://www.cribfb.com/journal/index.php/aijssr American International Journal of Social Science Research Vol 9, No 1; 2021 can help mobilize hundreds of billions of dollars per year for the development of a green and sustainable economy (Mai, Tap chi Tai chinh, 2019)
This article is based on the “Sustainable Development” theory outlined in the 1972 Stockholm Declaration: “It is development that meets the needs of the present without compromising the satisfaction of the needs of future generations”
Summary
Environmental pollution and climate change are serious global problems. In particular, developing countries like Vietnam have been experiencing great adverse impacts from these factors. According to research by international organizations and authorities, Vietnam is a country that can lose about 15 billion USD/year due to climate change, approximately 5% of the country's GDP (UNU, 2013). Green bonds are seen as a new capital attraction channel and an effective solution that https://www.cribfb.com/journal/index.php/aijssr American International Journal of Social Science Research Vol 9, No 1; 2021 can help mobilize hundreds of billions of dollars per year for the development of a green and sustainable economy (Mai, Tap chi Tai chinh, 2019). According to a survey by the Global Green Growth Institute (GGGI), it is estimated that to fully realize the country's self-determined contributions and green growth strategy, Vietnam will need 30 billion USD in 2030 (GGGI, 2018). Green bonds are being considered as a new and effective channel to attract capital for solutions to adapt and mitigate the impacts of climate change in Vietnam (P.V, 2018)
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