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Second Party Opinion (SPO) Service

S&I Ratings provides SPO service with the goal of supporting issuers in Vietnam to build trust with investors, enhance transparency and promote access to sustainable sources of capital

S&I Ratings Second Party Opinion (SPO) Service

Second Party Opinion (SPO) is an independent assessment provided by a credit rating agency or specialized institution to evaluate the alignment of a financial instrument—typically green bonds or sustainability bonds—with internationally recognized sustainable finance standards

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Why you should care about
SPO Service?

Key Benefits for Issuers

  • Enhanced credibility: Independent verification by a reputable third party strengthens the issuer’s reputation with both domestic and international investors

  • Access to green capital: Facilitates fundraising from ESG-focused funds, international financial institutions, and sustainability-oriented investors at a lower cost of capital

  • Compliance with global standards: Ensures that the financial instrument is consistent with frameworks such as the ICMA Green Bond Principles and ASEAN Green Bond Standards

  • Support for communication and reporting: Provides official certification of “green” credentials, helping issuers effectively communicate their ESG commitments and sustainability strategy

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Overview of S&I Ratings
SPO Methodology

Contact us
Framework analysis
Assessing the use-of-proceeds objectives, management process, project selection and reporting mechanism.
Standards alignment
Benchmarking the issuance framework against international standards for green and sustainable bonds.
Holistic ESG assessment
Reviewing the issuer’s integration of ESG into corporate strategy and operations.
Issuance of SPO Report
Delivering an official SPO report or confirmation statement, stating the level of alignment and recommendations (if any).

Other Solutions for Issuers

REPORT

Credit Ratings for Issuers and Debt Instruments

S&I Ratings provides independent credit rating services for issuers and debt instruments. This service helps issuers understand their current creditworthiness, identify potential risks, and develop plans to improve and enhance their position in the credit market.

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REPORT

Credit Assessment Report

S&I Ratings provides analysis and assessment services on financial capacity and risk identification in the operations of issuers. The reports help businesses gain a clearer understanding of their current creditworthiness, enabling them to implement solutions to enhance their position before undergoing a credit rating.

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Vietnam Macro Bulletin 1Q2025

Q1 Production and consumption activities show positive growth GDP growth reached 6.93% YoY in 1Q2025, the highest increase in Q1 since 2020 (Chart 1). This positive result mainly stems from growth momentum in the manufacturing and tourism sectors, with key industries such as manufacturing (+9.3% YoY), hospitality and food services (+9.3% YoY), construction (+8% YoY),

1Q2025 Corporate Bond Bulletin

1Q2025 Overview: Positive signals from public bond issuance channel According to S&I Ratings estimates, 1Q2025 saw 13 bond issuance rounds totaling VND 25.1 trillion. This includes 11 rounds of public issuance (VND 23.1 trillion) and 2 rounds of private issuance (VND 2 trillion). The bond issuance value increased by 4.7% compared to the same period