FiinRatings issues SPO for Miza Nghi Son's Green Finance Framework

According to the Second-Party Opinion (SPO) Report released by FiinRatings on September 30, 2025, Miza Nghi Son Co., Ltd.'s Green Finance Framework is evaluated in accordance with the Green Bond Principles (ICMA), ASEAN Green Bond Standards and Green Lending Principles (LMA/APLMA). This is the basis for businesses to mobilize capital through green bonds and/or green loans for sustainability-oriented investment items.

Enterprises producing packaging paper from recycled materials in Nghi Son Economic Zone

Miza Nghi Son is located in Nghi Son Economic Zone (Thanh Hoa), focusing on the production of packaging paper and dry pulp from recycled paper. The factory covers an area of 88,700 m², operating since 2021, and its main products include Medium, Testliner, Kraftliner and recycled pulp.

According to investment phases:

• Phase I: Packaging paper line No. 1, capacity 150,000 tons/year.

• Phase II (expected to be completed in the fourth quarter of 2025): investing in a virgin pulp milling system to improve the quality of line No. 1; investing in packaging paper line No. 2, with a capacity of 100,000 tons/year, bringing the total capacity to 220,000 tons/year; at the same time, deploying rooftop solar power with a capacity of 950 kWp/year and developing a new product - whitetop-liner paper.

Green Finance Framework: eligible project groups and capital allocation deadlines

In the Green Finance Framework, Miza Nghi Son commits to use all capital mobilized from the issuance of green bonds to invest in new/expand collection-sorting centers, recycling plants, paper production, belonging to green project groups:

1. Sustainable management of living natural resources and land use

2. Circular economy adaptation products/technologies/processes and/or certified resource-saving products

3. Sustainable management of water and wastewater

4. Energy Efficiency

5. Renewable Energy

The enterprise commits to allocate capital within 36 months from the date of issuance. The eligible project group is also oriented in accordance with the Government's Green Classification List according to Decision 21, and notes that specific technical criteria need to be added when applying.

Governance, management of capital sources and post-issuance reporting

According to the SPO, Miza Nghi Son has established the main implementation components of the Framework, including:

• Establish a Green Finance Committee (key personnel of the management and related departments) to advise, develop the Framework, assess eligibility criteria and manage project/green asset risks.

• Commit to maintain a separate bank account to receive the issuance money; The unallocated capital is expected to be invested in short-term certificates of deposit and/or other money market instruments according to financial policies.

• Commit to report on annual capital allocation until it is fully allocated (or when there are material changes), and at the same time make efforts to publish socio-environmental impact reports according to technical indicators in the Framework.

Typical project: Phase II – 100,000 tons/year line

The Phase II Investment Project – packaging paper line with a capacity of 100,000 tons/year is considered a qualified project, with some highlights:

• Using an additional 100,000 tons/year of recovered paper (domestic and imported), of which domestic sources are expected to be 70%; contributing to promoting paper recovery and recycling (the document states that only about 34% of the recovered paper in Vietnam is recycled).

• Optimizing technology in the direction of environmental friendliness (for example, energy-saving turbine vacuum pumping systems, light waste sand screening, fluidized bed boilers using low-calorific fuel, etc.).

• Wastewater treatment system with a capacity of 4,000 m³/day, wastewater meets QCVN 12-MT:2015/BTNMT; reuse about 20% of treated wastewater; emissions must comply with QCVN 30:2012/BTNMT for industrial waste incinerators.

• The rooftop solar power plan of 950 kWp/year provides part of the plant's electricity needs.

• Social factors: with the current 230 employees, the business plans to expand by 70 positions in phase II.