Improving the Legal Framework for Green Finance in Vietnam. A Comparison with Selected ASEAN Countries

Green finance is becoming a global trend towards sustainable growth, reducing greenhouse gas emissions, and adapting to climate change. This study analyzes the legal framework for green finance in Vietnam and compares it with the experiences of three ASEAN countries with similar conditions: Thailand, the Philippines, and Brunei. Through a comparative analysis of laws and practical situations, the article points out shortcomings in the current legal system, such as the lack of a specialized legal framework, lack of national taxonomy, mandatory Environmental, Social and Governance (ESG) disclosure obligations and lack of effective monitoring mechanisms. On that basis, the article proposes a comprehensive and feasible system of solutions to improve green finance laws in Vietnam, thereby improving the ability to mobilize green capital and integrate into the global sustainable financial ecosystem.