Vietnam Green Finance Forum 2026: International experiences and implications for Vietnam from S&P Global and comments from VAHC on the hydrogen challenge for the Vietnamese market.
August 08, 2026
Annie Nguyễn, VAHC Secretariat
On August 6, 2026, at the Vietnam Green Finance Conference 2026 co-hosted by VIFC-HCM, Nam Á Bank and FiinGroup, Mr. Matthew Batrouney, Managing Director, Commercial Lead for Sustainable Finance, APAC at S&P Global Ratings, delivered a key presentation on international experience and implications for Vietnam in the green bond sector.
Mr. Matthew Batrouney, Managing Director and Head of Sustainable Finance Business Development for Asia Pacific at S&P Global Ratings, shared S&P's experience in participating in the international green bond market.
1. Global Green Bond Market Situation
Mr. Batrouney opened with a notable observation: the global sustainable bond market is gradually decoupling from the growth trajectory of the broader bond market. According to S&P Global data, sustainable bond issuance fell 19% in 2025 to USD 866 billion, while the total bond market grew nearly 11% to exceed USD 10 trillion. This suggests the expected growth drivers have not yet materialized.
Notably, the sustainability-linked bond (SLB) segment has not recovered as expected, and major markets like China have not yet generated new growth momentum. After a period of boom, the market is entering a "quality filtering" cycle with higher requirements for transparency and capital use efficiency.
2. Three Trends Shaping Vietnam's Green Finance Market
Mr. Batrouney identified three key trends shaping Vietnam's green finance market:
First, international standards are tightening – from determining eligible projects and measuring environmental and social impacts to post-issuance reporting obligations. National sustainable finance taxonomies are playing an increasingly important role, alongside the growing role of independent verification organizations.
Second, Vietnam's policy framework is being strengthened. According to Mr. Batrouney, Decision 21/2025/QD-TTg established environmental criteria and verification for investment projects under Vietnam's Green Taxonomy, identifying 45 eligible projects across seven sectors. This is an important foundation for creating a credible green bond market.
Third, common market benchmarks need to be established: market participants need a common language for taxonomy alignment, external review expectations, allocation and impact reporting.
3. S&P Global Ratings' Assessment Tools
Mr. Batrouney introduced three key tools that S&P Global Ratings provides to enhance credibility in the green finance market:
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Second Party Opinion (SPO) : independent, point-in-time analysis of a sustainable finance instrument or framework, helping demonstrate alignment with international principles and providing "Shades of Green" insight. SPO uses a six-tier scale, with "Medium Green" being the second-highest level.
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Post-Issuance Review (PIR) : independent review after issuance, focusing on transparency around allocation and impact reporting. PIR is useful when investors need ongoing evidence that proceeds and impacts match the original framework.
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Climate Transition Assessment (CTA) : entity-level opinion on how consistent an entity's planned transition activities are with a low-carbon, climate-resilient future.
4. Case Study in Vietnam: Techcombank
Mr. Batrouney cited Techcombank as a practical example of how a domestic institution can use a framework, SPO, and PIR to enhance transparency. Techcombank became the first private bank in Vietnam to issue a Green Bond Framework and the first to publish a Post-Issuance Review.
S&P Global Ratings assessed Techcombank's Green Bond Framework as Medium Green and aligned with ICMA Green Bond Principles. Following its inaugural green bond issuance, Techcombank engaged S&P Global Ratings again for a PIR, providing investors with greater transparency across the entire value chain.
Techcombank noted that applying S&P Global's "Shades of Green" methodology helped enhance transparency around the use of proceeds and their contribution to a low-carbon future, and may have helped the bank proceed with a further issuance the following year.
5. Role of VIFC-HCMC and FiinRatings - S&P Global Partnership
Mr. Batrouney emphasized the role of international financial centers (IFCs) in mobilizing cross-border capital. VIFC-HCMC can learn from other IFCs like GIFT City (India), DIFC (Dubai), and Singapore, while adapting to Vietnam's legal and market context. An integrated ecosystem with elements such as taxonomy, grant support, external reviewer recognition, issuer education, investor access, and post-issuance transparency is needed.
Notably, the strategic partnership between FiinRatings and S&P Global Ratings is significant. S&P Global completed its 43.4% equity investment in FiinRatings in November 2025, with two S&P directors appointed to FiinRatings' Board. FiinRatings, with local market knowledge and pioneering role in external verification, combined with S&P Global's cross-border experience and global recognition, creates a bridge between the domestic market and international standards.
VAHC Perspective: Green Hydrogen and S&P Global
Although Mr. Batrouney did not directly address hydrogen in his presentation at the Vietnam Green Finance Conference, S&P Global is one of the world's leading organizations in hydrogen analysis and assessment. The group has published numerous in-depth reports on the opportunities and challenges of the low-carbon hydrogen industry, with experts from both the Ratings and Commodity Insights divisions.
According to S&P Global, the hydrogen sector is shifting from planning to execution, with global operational capacity expected to double in 2026. Data from S&P Global Energy Horizons shows total installed electrolyzer capacity globally at 3.7 GW, with over 2.1 GW added since the start of 2025. However, the biggest challenge remains cost: green hydrogen production costs need to fall by more than 50% to become competitive.
The lessons from S&P Global on financial assessment tools and transparency (SPO, PIR, CTA) can be applied to green hydrogen projects in Vietnam as the market develops. These tools will help hydrogen project developers demonstrate sustainability and environmental effectiveness, thereby accessing green capital from international investors.
The partnership between FiinRatings and S&P Global Ratings creates an opportunity for green hydrogen projects in Vietnam to be assessed according to international standards, enhancing credibility and access to capital. Transition finance models and support tools from international financial centers like VIFC-HCMC can facilitate capital mobilization for green hydrogen in the future.
References: S&P Global's Hydrogen Analysis Capabilities and Market Data
1. Databases and Market Forecasts
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Hydrogen Production Assets Database: Tracks approximately 795 projects in the Asia-Pacific region with a total planned capacity of approximately 35.20 million tonnes/year.
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S&P Global Energy Horizons: Total global installed electrolyzer capacity reached 3.7 GW, with over 2.1 GW added since the start of 2025.
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Chemical Economics Handbook - Hydrogen: Comprehensive report on global and regional hydrogen production, consumption, trade, and pricing, covering applications in refining, chemicals, ammonia, methanol, and other industries.
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As of June 2026, data indicates approximately 100 million tonnes/year of hydrogen capacity is either operational or under development, comprising 79 million tonnes of renewable hydrogen and 20 million tonnes from fossil fuels with CCS.
2. Price Assessments and Market Indices
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Platts Carbon-Neutral Hydrogen Assessments: Daily price assessments for carbon-neutral hydrogen, reflecting the cost of avoided carbon emissions through low-emission energy, carbon capture, and carbon credit offsets.
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Platts hydrogen indices use a cost-based pricing mechanism, reflecting average production costs across different production methods rather than market demand.
3. Upcoming Events
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World Hydrogen & Carbon Week / Horizons Clean Energy Expansion Week
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Date: November 24–27, 2026
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Venue: Bella Center, Copenhagen, Denmark
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Organizer: S&P Global (formerly World Hydrogen Leaders, now fully integrated into S&P Global)
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Expanded scope includes hydrogen, ammonia, methanol, LOHC, carbon management, CCUS, resilient grids, and innovative finance for the energy transition
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4. Reports to be Released in Copenhagen
According to the event announcement, the World Hydrogen & Carbon Week in Copenhagen will feature the release of key reports and insights from S&P Global's analysts, including:
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Global Hydrogen Market Outlook: An overview of the latest data and forecasts for the hydrogen sector.
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Carbon Management Reports: Dedicated sessions on CCUS, carbon markets, and decarbonization strategies for hard-to-abate industries.
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Interactive Data Dashboards: Live presentations of S&P Global's proprietary data on production assets, pricing, and project developments.
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Sector-Specific Deep Dives: Reports on maritime shipping, aviation, and heavy industry decarbonization pathways.
