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DNV performs Second Party Opinion for the first green bond to be issued in Cambodia

Green building

DNV has performed the Second Party Opinion (SPO) for the first green bond to be issued in Cambodia by Golden Tree Co., Ltd.

DNV has performed the Second Party Opinion (SPO) for the first green bond to be issued in Cambodia by Golden Tree Co., Ltd. Golden Tree owns VTrust Tower, a 12-story building located in the centre of Phnom Penh, Cambodia, providing high quality office space and sophisticated structure and security controls. The construction of VTrust Tower commenced in 2010 and was substantially completed in 2015.


Golden Tree will issue a green bond to raise funds to finance the improvement cost, refinance a bank loan for the existing green building and to finance new green building businesses. In line with this green bond issuance, it will be the first green bond to support the development of positive impact bonds in Cambodia.


DNV assessed that the proposed bond would meet the terms of the ASEAN Green Bond Principles and the Green Bond Principles to permit it to be described as a ‘green bond’. DNV supports the sustainable financing activities of its customers by providing Second Party Opinions, giving an independent assessment of a bond, loan, or framework’s alignment to accepted market principles that in turn, drives investing practices/portfolio decision making.


In 2022, Environmental Finance ranked DNV as 1st in Climate Bonds and 2nd in Green, Social and Sustainability Bond Markets for market share as an external reviewer in the ESG debt markets for deals conducted during 2021.


Thomas Leonard, Senior Assessor – Sustainability at DNV Supply Chain & Product Assurance, said, “We are very pleased to be supporting green finance and the developing of energy efficient buildings in the Kingdom of Cambodia and across ASEAN. Our global sustainable finance expertise positions us as a trusted assurance provider to the public and private sector when it comes to ESG investing, and we are delighted to support businesses like Golden Tree with their sustainability goals.” 

For more on DNV’s sustainable finance services, see here.

About DNV Supply Chain & Product Assurance

DNV is an independent assurance and risk management provider, operating in more than 100 countries. Through assessment and digital assurance solutions, DNV helps companies build trust and transparency around products, assets, supply chains and ecosystems.  

Whether certifying products, sharing claims or optimizing and decarbonizing supply chains, DNV helps companies manage risks and realize their long-term strategic goals, improving ESG performance and generating lasting, sustainable results.

Combining sustainability, supply chain and digital expertise, DNV works to create new assurance models enabling interaction and transaction transparency across value chains. Drawing on our wide technical and industry expertise, we work with companies worldwide to bridge trust gaps among consumers, producers and suppliers.

Driven by its purpose, to safeguard life, property, and the environment, DNV helps tackle the challenges and global transformations facing its customers and the world today and is a trusted voice for many of the world’s most successful and forward-thinking companies.