Sustainable disclosure and greenwashing control in international financial centers
Published: July 20, 2026
Abstract
This study analyzes legal regulations on sustainable disclosure and greenwashing control in the context of developing international financial centers in Vietnam. Based on an examination of securities law, environmental law, green taxonomy, and specific mechanisms for international financial centers, the study indicates that Vietnam has established an initial legal foundation but still lacks a unified regulatory framework for sustainable disclosure standards, identification of green financial products, and control of misleading information. The study proposes directions for improving the legal framework to protect investors, control greenwashing risks, and enhance the competitiveness of international financial centers in Vietnam.
Keywords
sustainable disclosuregreenwashinggreen financeinternational financial centerVietnamese law
References
1.
Bộ Tài chính, (2020), Thông tư số 96/2020/TT-BTC ngày 16/11/2020 hướng dẫn công bố thông tin trên thị trường chứng khoán.
2.
Chính phủ, (2022), Nghị định số 08/2022/NĐ-CP ngày 1001/2022 quy định chi tiết một số điều của Luật Bảo vệ môi trường.
3.
Quốc hội, (2019), Luật Chứng khoán số 54/2019/QH14, ngày 26/11/2019.
4.
Quốc hội, (2020), Luật Bảo vệ môi trường số 72/2020/QH14 ngày 17/11/2020.
5.
Quốc hội, (2025), Nghị quyết số 222/2025/QH15 về Trung tâm tài chính quốc tế tại Việt Nam.
6.
Dumrose, M., Rink, S., and Eckert, J., (2022), Disaggregating confusion? The EU Taxonomy and its relation to ESG rating, Finance Research Letters, 48, 102928, https://doi.org/10.1016/j.frl.2022.102928.
European Securities and Markets Authority, (2024), Final Report on Greenwashing, ESMA36-287652198-2699, https://www.esma.europa.eu/sites/default/files/2024-06/ESMA36-287652198-2699_Final_Report_on_Greenwashing.pdf.
8.
IFRS Foundation, (2023), IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s1-general-requirements/.
9.
International Monetary Fund, (2000), Offshore Financial Centers: IMF Background Paper, https://www.imf.org/external/np/mae/oshore/2000/eng/back.htm.
10.
International Organization of Securities Commissions, (2021a), Report on Sustainability-related Issuer Disclosures, FR04/2021, https://www.iosco.org/library/pubdocs/pdf/IOSCOPD678.pdf.
11.
International Organization of Securities Commissions, (2021b), Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management, FR08/2021, https://www.iosco.org/library/pubdocs/pdf/IOSCOPD688.pdf.
12.
International Organization of Securities Commissions, (2021c), Environmental, Social and Governance Ratings and Data Products Providers, FR09/2021, https://www.iosco.org/library/pubdocs/pdf/IOSCOPD690.pdf.
13.
International Organization of Securities Commissions, (2023), Supervisory Practices to Address Greenwashing, IOSCOPD750, https://www.iosco.org/library/pubdocs/pdf/IOSCOPD750.pdf.
14.
Wardle, M., and Mills, S., (2018), Transparency and disclosure: Do policy frameworks enhance financial centre reputation?, Journal of Sustainable Finance & Investment, 8(4), 323-328, https://doi.org/10.1080/20430795.2018.1485380.
