Taking this year's Green project bond of the year award is AquaOne with Vietnam's first ever verified green project bond in the water sector. The bond is also the longest-tenor project bond issuance in Vietnam to date.

GuarantCo provided a VND1.2 billion ($47 million) guarantee to AquaOne's Hoa Binh-Xuan Mai Clean Water and Xuan Mai-Hanoi Clean Water Transmission, allowing the former to issue a landmark 20-year VND875.1 billion ($34.5 million) green bond to fund construction of water treatment and supply systems in Vietnam's Hoa Binh province.

The bond also acted as a market maker for a new asset class by making long-dated private sector local currency bonds available to help life insurance companies manage their liabilities. It was structured in alignment with the International Capital Markets Authority's Green Bond Principles and was provided a second-party opinion by Vietnamese credit rating agency FiinRatings.

Xuan Mai-Hanoi Clean Water Transmission is expected to issue a second bond of VND317.2 billion ($12.5 million) in Q2 2025.