Global Journal of Economic and Finance Research

The development of renewable energy is a strategic priority in realizing Vietnam’s commitment to net-zero emissions by 2050. Amid the growing capital demands of renewable energy projects, corporate bonds and green credit have emerged as effective financial instruments. This paper evaluates the current status of capital mobilization through bond issuance in the renewable energy sector, with a specific focus on solar and wind power projects in Vietnam during the 2019–2022 period. Data reveal a significant decline in renewable energy bond issuance since 2021, highlighting critical challenges related to bond maturity structure, liquidity constraints, and legal frameworks. Based on these findings, the paper proposes several policy and institutional recommendations to address financial bottlenecks and promote the sustainable development of Vietnam’s green capital market.

renewable energy, green finance, green credit, green bonds

1. Ministry of Industry and Trade. (2024). Vietnam Energy Outlook Report 2024. Hanoi, Vietnam: Industry and Trade Publishing House.
2. Can, V. L. (2024, September 10). Green finance – Current situation and solutions for Vietnam [Presentation at the Forum "Realizing the National Strategy on Green Growth in Vietnam"]. Ministry of Planning and Investment, Hanoi.
3. International Finance Corporation (IFC). (2021). Green Bond Market Development in Vietnam: Potential and Challenges. Washington, DC: World Bank Group.
4. International Renewable Energy Agency (IRENA). (2021). World Energy Transitions Outlook: 1.5°C Pathway. Abu Dhabi: IRENA. https://www.irena.org/publications/2021
5. Lam, P. T. I., & Law, A. O. K. (2018). Financing for renewable energy projects: A decision guide by developmental stages with case studies. Renewable and Sustainable Energy Reviews, 90, 937–944. https://doi.org/10.1016/j.rser.2018.03.001
6. State Bank of Vietnam. (2024). Statistics on green credit outstanding balance in the 2020–2024 period. Hanoi, Vietnam.
7. Nguyen, T. L., & Tran, V. H. (2023). Legal framework and green bond development in Vietnam. Journal of Finance and Sustainable Development, 15(4), 23–32.
8. Organisation for Economic Co-operation and Development (OECD). (2022). Financial Markets and Climate Transition: Opportunities, Challenges and Policy Implications. Paris: OECD Publishing. https://www.oecd.org/finance/Financial-Markets-and-Climate-Transition-Opportunities-challenges-and-policy-implications.htm
9. Tawiah, V. K., Zakari, A., & Shah, M. I. (2021). Renewable energy transition and sustainable development in Africa: Evidence from green bond markets. Energy Reports, 7, 7905–7917. https://doi.org/10.1016/j.egyr.2021.11.003
10. World Bank. (2023). Vietnam: Mobilizing Finance for Climate Action. Washington, DC: World Bank. https://www.worldbank.org/en/country/vietnam/publication/climate-finance
11. Zhang, D., Wang, J., & Zhang, X. (2022). Green bonds, renewable energy investment and the role of financial development. Energy Economics, 106, 105802. https://doi.org/10.1016/j.eneco.2022.105802