July 2022




GuarantCo provided EVNFinance a VND 1,150 billion (c. USD 50 million) partial credit guarantee to support the issuance of Vietnam’s inaugural internationally verified green bond.

EVNF Rooftop solar

Transaction benefits

GuarantCo provided a VND 1,150 billion (c. USD 50 million) partial credit guarantee to support a VND 1,725 billion (c. USD 75 million) bond issuance by EVN Finance Joint Stock Company (EVNFinance), a premier non-bank financial institution in Vietnam. This landmark transaction is Vietnam’s inaugural onshore, local currency, internationally verified green bond. It is also the first-ever partially guaranteed corporate bond that has attracted institutional investors in the country including Manulife and AIA. Vietcombank Securities (VCBS) a leading investment bank and securities firm in Vietnam acted as the mandate lead arranger on the transaction.


GuarantCo worked alongside the Global Green Growth Institute (GGGI), an inter-governmental international development agency, which provided EVNFinance with technical assistance structuring the green bond and assisted in the third-party verification of EVNF’s Green Bond Framework. The support was made possible through a technical assistance grant under the GGGI’s Vietnam Green Bond Readiness Programme supported by the Ministry of Finance, the Government of Vietnam and the Government of Luxembourg.


GuarantCo and VCBS played an important role in attracting investors and coordinating the transaction, contributing to the success of a new financial product in the local market, one which could be replicated across other similar transactions in Vietnam.

Development benefits

The bond proceeds will allow EVNFinance to issue longer term loans to finance capital expenditure of green infrastructure aligned with the company’s Green Bond Framework including loans towards the fast-growing rooftop and ground-mounted solar sub-sectors in Vietnam.


The green transaction contributes to Sustainable Development Goal (SDG) 7 (ensure access to affordable, reliable, sustainable, and modern energy for all) by enhancing Vietnam’s energy and climate resilience. Through EVNFinance’s financing of the solar sector there will be a reduction in the national grid’s dependence on fossil fuels as well as its emission intensity.


The rooftop solar solutions supported by EVNFinance will further benefit the wider economy by providing commercial and industrial end-users with access to an alternative form of energy, which is not only cleaner but also cheaper.