Decision 46/2026/QĐ-TTg: Vietnam Issues Its First Official Criteria for Green and Circular Projects

On 17 September 2026, Deputy Prime Minister Ho Quoc Dung signed Decision No. 46/2026/QĐ-TTg, which guides on identifying green projects and projects that meet circular economy criteria, and on applying an environmental, social and governance (ESG) framework. It is the first official guidance of its kind in Vietnam and takes effect on 1 November 2026. 

Scope of Application 

The Decision applies to private-sector enterprises, business households and individual traders as defined in Resolution 198/2025/QH15 on private economic development, as well as independent assessment organizations and the relevant regulatory authorities. 

Green Projects: Seven Sectors Under Appendix I 

A project qualifies as a green project if it falls within a listed project type, pursues a corresponding objective, and meets the technical requirements set out in Appendix I. A project's name or investment purpose alone is not enough to qualify. 

Circular Projects: Four Categories Under Appendix II 

A project that meets the circular economy criteria falls into one of four categories: 

• Circular design and production: optimizing materials and limiting resource extraction at the input stage. 

• Circular use: repairing, refurbishing, renovating, renting or sharing products to extend their useful life. 

• Resource recovery: collecting and recycling by-products and waste. 

• Circular linkages and industrial symbiosis: factories within the same industrial park or urban area exchanging resources to reduce emissions to the environment. 

When preparing the application, project owners must demonstrate how they apply the order of priority: reduce, reuse, recycle, and recover energy. 

Verification Through an Independent Assessment Organization 

Businesses cannot self-declare a project as green. Green or circular status must be determined through an independent assessment organization: a legal entity registered in Vietnam in the auditing or conformity assessment sector, with capability meeting one of two standards: 

• TCVN ISO/IEC 17029:2020 (equivalent to ISO/IEC 17029:2019): the standard setting requirements for validation and verification bodies. 

• ISAE 3000: the international standard for assurance engagements other than audits or reviews of historical financial information. 

The process runs as follows: 

1. The project owner submits a written request (Appendix III) with a technical report (Appendix IV for green projects, Appendix V for circular projects) to the independent assessment organization. 

2. Within 30 days of receiving a positive verification result, the project owner notifies the Provincial People's Committee where the project is implemented (Appendix VIII). 

3. Throughout the project's life, the owner must maintain the verified criteria. If the project ceases operation or no longer meets the criteria, a written report is required within five working days (Appendix IX). 

The ESG Framework for Projects 

Applying the ESG framework (Appendices VI and VII) is a condition for commercial banks and state off-budget financial funds to consider providing preferential financing. The framework has two parts: mandatory and voluntary. 

The mandatory part requires compliance with current law on environmental impact assessment, environmental permits, greenhouse gas inventories, social insurance, occupational safety, and financial and tax transparency. 

The voluntary part sets a minimum number of criteria that rises with company size: 

All reports under the ESG framework must be published on the enterprise's website. 

Implementation Responsibilities 

• Ministry of Agriculture and Environment: lead agency for technical guidance and for compiling the national list of green and circular projects. 

• Ministry of Finance: connecting project data and ESG reports to the national investment database, and guiding state off-budget financial funds. 

• State Bank of Vietnam: issuing guidance for commercial banks to implement preferential credit and interest rate support. 

• Provincial People's Committees: monitoring whether criteria are maintained and publishing the list of green and circular projects twice a year, on 30 June and 31 December. 

Note that the interest rate support mechanism still depends on detailed guidance from the State Bank of Vietnam. Decision 46/2026/QĐ-TTg establishes the framework for identifying projects; it does not automatically create financial entitlements for businesses. 

What Businesses Should Do 

1. Check the project against Appendix I or Appendix II to determine whether it falls under a green project type or a circular project category. 

2. Determine the company's size category to identify the minimum number of voluntary ESG criteria required. 

3. Review compliance with the mandatory obligations, particularly environmental permits and greenhouse gas inventories, as these form the baseline of the ESG framework. 

4. Select a qualified independent assessment organization meeting ISO/IEC 17029 or ISAE 3000. 

5. Prepare the technical dossier and supporting data under Appendix IV or V, and set up a monitoring process so that any change can be reported within five working days. 

6. Follow State Bank of Vietnam guidance on preferential credit and interest rate support. 

Decision 46/2026/QĐ-TTg turns green and circular criteria from general concepts into verifiable benchmarks, tied to public ESG reporting and access to preferential capital. Businesses that prepare their dossiers and data early will be well positioned once credit guidance is issued. 

Partner with FTK Global to assess how well your projects meet the green and circular criteria, and to build the dossier for applying the ESG framework under Decision 46/2026/QĐ-TTg. 

Sources (in Vietnamese): Dan Tri - Vietnam Has Its First Green Project Criteria: 4 Things Businesses Need to Know; Green Economy Business - From 1 November, Green and Circular Projects Will Be Identified Under New Criteria