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Social and Legal Studios

Vol. 9, No. 1, 2026

Social and Legal Studios

ISSN 2617-4162

e-ISSN 2617-4170

Publisher: Lviv State University of Internal Affairs

Received 19.11.2025, Revised 12.02.2026, Accepted 25.03.2026 Published 01.04.2026
Pages 55-62
https://doi.org/10.32518/sals1.2026.55
Vol. 9, No. 1, 2026
Article

India’s green bond regulations and lessons learned for improving Vietnam’s green bond laws


Abstract

The rapid development of green bonds as a financing instrument for sustainable development underscores the need for robust legal frameworks across jurisdictions. This study aimed to analyse the green bond legal framework in India and to derive lessons for improving Vietnam’s green bond regulations. Using comparative legal analysis, key primary sources, such as the Securities and Exchange Board of India (SEBI) regulations and Vietnam’s Decree No. 153/2020/ND-CP, Decree No. 65/2022/ND-CP, and Decree No. 08/2023/ND-CP, were examined. The findings indicate that India’s green bond framework, which includes mandatory green bond principles, third-party certification, and reporting requirements, has resulted in over 10 billion USD in issuance by 2023, whereas Vietnam’s nascent regime, which lacks detailed verification mechanisms, has led to limited market penetration. Key lessons include the adoption of standardised classifications and the establishment of enforcement agencies to build investor confidence. The recommendations propose amendments to Vietnamese law, including the integration of India’s certification model and international standards such as the ICMA Green Bond Principles, to promote sustainable investment. Further insights from recent analyses highlight the role of fintech in risk mitigation and the potential of sovereign green bonds to catalyse market growth in emerging economies. Recent theoretical models emphasise structured incentives, such as tax rebates and concessional financing, to accelerate private sector participation, which could address Vietnam’s funding gaps in agriculture and renewable energy. Empirical evidence from India demonstrates that fintech integration has enhanced renewable energy output by 12-18%, offering a scalable model for Vietnam’s green transition


Keywords: green bonds; sustainable finance; legislation; greenwashing prevention; comparative legal analysis; third-party verification


Suggested citation

Phuong, N.P. (2026). India’s green bond regulations and lessons learned for improving Vietnam’s green bond laws. Social and Legal Studios, 9(1), 55-62. https://doi.org/10.32518/sals1.2026.55
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