CASE STUDY: SECOND PARTY OPINIONS
Techcombank’s Green Bond Journey: From Framework to Post Issuance Transparency
Sustainability is central to Techcombank’s strategy. To align with global standards, meet investor expectations, and support Vietnam’s net‑zero ambition and National Green Growth Strategy, the bank engaged S&P Global Ratings across the full green bond lifecycle, leveraging a Second Party Opinion and Post‑Issuance Review.
Embedding Sustainability at the Heart of Techcombank's Strategy
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is one of the leading banks in Vietnam, providing a wide range of retail and corporate banking products and services nationwide.
Sustainability and sustainable finance are increasingly integral to Techcombank’s long-term strategy, as the bank seeks to support Vietnam’s net-zero vision and its National Green Growth Strategy.
The Challenge
Guided by its vision to “Change Banking, Change Lives,” Techcombank aims to deliver sustainable value to stakeholders through its green financing activities. However, with green bonds still an emerging instrument in Vietnam, the bank faced a lack of established local benchmarks that met global investor expectations.
Techcombank was looking for an independent third party with experience in both credit risk assessment and sustainable finance to provide an analysis of its frameworks.
The Solution
Techcombank engaged S&P Global Ratings across the full green bond issuance lifecycle, leveraging both the Second Party Opinion (SPO) and Post Issuance Review (PIR).
S&P Global Ratings assessed Techcombank’s Green Bond Framework as Medium Green and aligned to ICMA’s Green Bond Principle, the leading global voluntary framework for issuing green bonds. Following its inaugural green bond issuance, Techcombank engaged S&P Global Ratings again for a PIR, providing investors with greater transparency across the entire green bond value chain.
“Their experience across jurisdictions and sectors, as well as their well-established methodology, provided us with confidence that our framework and subsequent post-issuance reporting would be assessed against rigorous, internationally recognized standards.”
- Prasenjit Chakravarti, Chief Corporate Strategy & Transformation Officer
The Outcome
Techcombank became the first private banking institution in Vietnam to issue a Green Bond Framework and the first to publish a Post-Issuance Review. The application of S&P Global Ratings’ Shades of Green methodology helped Techcombank enhance transparency around the use of proceeds and their contribution to a low‑carbon future, which Techcombank considers may have helped it to proceed with a further issuance the following year.
