Public Disclosure Copy The World Bank Implementation Status & Results Report Vietnam Scaling Up Energy Efficiency Project (P164938) Vietnam Scaling Up Energy Efficiency Project (P164938) EAST ASIA AND PACIFIC | Vietnam | Energy & Extractives Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2019 | Seq No: 8 | ARCHIVED on 29-Aug-2023 | ISR54990 | Implementing Agencies: Department of Energy Efficiency and Sustainable Development , Ministry of Industry and Trade, SOCIALIST REPUBLIC OF VIETNAM Key Dates Key Project Dates Bank Approval Date: 27-Jun-2019 Effectiveness Date: 25-Feb-2022 Planned Mid Term Review Date: 18-Mar-2024 Actual Mid-Term Review Date: Original Closing Date: 26-Aug-2037 Revised Closing Date: 26-Aug-2037 Guarantee Expiration Date: Guarantee Information Deli Coverage: [✓] Loan Guarantee [ ] Payment guarantee Type of Implementing entity: Public Guarantee beneficiary: Local financial institutions Includes Payment Guarantee Yes Guarantee fees: UpFront Are guarantee fees current? Guarantee fees payment due dates: pdoTable Project Development Objectives Project Development Objective (PDO) Project Development Objective (from Project Appraisal Document) The Project Development Objective is to improve energy efficiency in Vietnam's industrial sector. HRPDODELs Components Table 8/29/2023 Page 1 of 7 Public Disclosure Copy The World Bank Implementation Status & Results Report Vietnam Scaling Up Energy Efficiency Project (P164938) Name Risk Sharing Facility:(Cost $78.00 M) Technical Assistance and Capacity Building:(Cost $8.30 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions The Project has achieved remarkable progress resulting from efforts made by Ministry of Industry and Trade (MOIT) and Sai Gon- Hanoi Bank (SHB) acting as Program Implementing Entity (PIE). On Risk Sharing Facility Component: The Master Guarantee Agreement (MGA) was signed and a technical training was conducted for participating financial institutions (PFIs). In addition, MOIT is in process of recruiting additional PFIs to increase client base for energy efficiency investment financing. On Technical Assistance Component: An international technical advisor has been on board to advise MOIT on technical technical and regulatory aspects. Project marketing and capacity building are being implemented by MOIT. Guarantee Conditions Precedent Description Status Execution, delivery and effectiveness of the GCF Financing Complied with Agreement Execution and effectiveness of the Implementation Agreement in form and substance satisfactory to the Guarantor, and receipt by the Complied with Guarantor of a certified copy thereof duly executed by all parties thereto; Finalization and adoption by the Beneficiary of the Operations Manual in form and substance satisfactory to the Guarantor, and receipt by the Complied with Guarantor of a certified copy thereof; An original legal opinion, addressed to the Guarantor and in form and substance satisfactory to it, from counsel to the Beneficiary relating to Complied with the due authorization and execution, validity and enforceability of this GCF Guarantee Agreement and the Implementation Agreement; An original legal opinion, addressed to the Guarantor and in form and substance satisfactory to it, from counsel to MOIT relating to the due Complied with authorization and execution, validity and enforceability of the Implementation Agreement; Documentary evidence of the authority of each person (other than the Complied with Guarantor) who has signed this GCF Guarantee Agreement; Copies of each Safeguard Instrument and other environmental documentation (including any action plan) required to be in effect on or Complied with prior to the Effective Date; and 8/29/2023 Page 2 of 7 Public Disclosure Copy The World Bank Implementation Status & Results Report Vietnam Scaling Up Energy Efficiency Project (P164938) Confirmation satisfactory to the Guarantor that the Loss Reserve Term Account has been funded with that portion of the proceeds of the Seed Complied with Capital Grant intended for the initial capitalization of the RSF, in accordance with the terms of the Transaction Documents. Signing Master Guarantee Agreement Complied with Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Low Low Macroeconomic Substantial Low Low Sector Strategies and Policies Moderate Low Low Technical Design of Project or Program Moderate Low Low Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Substantial Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Moderate Moderate Moderate Other Moderate Moderate Moderate Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes Energy efficiency in the industrial sector improved IN01250990 ►Projected energy or fuel savings (Mega Joules (MJ), Corporate) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 577,000,000,000.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 IN01251016 Projected lifetime fuel savings (Mega Joules (MJ), Corporate Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 398,000,000,000.00 8/29/2023 Page 3 of 7 Public Disclosure Copy The World Bank Implementation Status & Results Report Vietnam Scaling Up Energy Efficiency Project (P164938) Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 IN01251017 Projected electricity generation savings (Mega Joules (MJ), Corporate Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 179,000,000,000.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 IN01251018 ►Net greenhouse gas emissions (Tons/year, Corporate) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6,900,000.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 Overall Comments PDO No physical subproject investment has been made yet. Some pipeline subprojects are being discussed between PIE and PFIs. Intermediate Results Indicators by Components Risk Sharing Facility IN01251019 ►Number of PFIs providing RSF guaranteed loan (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 Number of participating financial institutions providing loans guaranteed by RSF for energy efficiency Comments: investment in industrial sector IN01251021 ►Commercial financing mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 251,000,000.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 Commercial financing mobilized from PFIs and IEs/ESCOs for energy efficiency Sub-Projects by providing Comments: RSF Guarantees IN01251024 Commercial financing mobilized from PFIs (Amount(USD), Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 201,000,000.00 8/29/2023 Page 4 of 7 Public Disclosure Copy The World Bank Implementation Status & Results Report Vietnam Scaling Up Energy Efficiency Project (P164938) Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 IN01251025 ►Number of bankable energy efficiency projects developed (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 Comments: Number of energy efficiency Sub-Project financed by PFIs and supported by the RSF IN01251027 ►Number of IEs adopting improved energy efficiency technologies (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 Number of IEs that have invested in energy efficiency Sub-Projects financed by PFIs and supported by Comments: the RSF Technical Assistance and Capacity Building IN01251020 ►Number of PFI loan officers trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 25.00 50.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 Comments: Number of PFI loan officers who have received training provided by MoIT under Component 2 IN01251022 ►Number of IEs/ESCOs participating in workshops/trainings (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 150.00 200.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 Number of IEs and ESCOs that have participated in workshops and trainings provided by MoIT under Comments: Component 2 IN01251023 ►Number of IEs certified for ISO 50001/EMS (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 45.00 45.00 45.00 90.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 Number of IEs adopting ISO 50001 Energy Management Systems through capacity building offered under Comments: Component 2 IN01251026 8/29/2023 Page 5 of 7 Public Disclosure Copy The World Bank Implementation Status & Results Report Vietnam Scaling Up Energy Efficiency Project (P164938) ►Number of training courses offered to women-owned/led SMEs to become clean energy entrepreneurs with the capacity to deliver energy efficiency-related goods and services (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 31-May-2019 05-Jan-2023 15-Aug-2023 31-Jan-2026 Number of training courses offered under Component 2 to SMEs owned or led by women to become clean energy entrepreneurs with the capacity to deliver energy efficiency-related goods and services. This Comments: course specifically targeting female entrepreneurs to address such a gender gap will be offered annually throughout project implementation. Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P164938 TF-B4389 Effective USD 11.30 11.30 0.00 2.22 9.08 20% P164938 TF-B4446 Effective USD 75.00 75.00 0.00 0.00 75.00 0%% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P164938 TF-B4389 Effective 27-Jun-2019 05-Mar-2021 25-Feb-2022 31-Jan-2026 31-Jan-2026 P164938 TF-B4446 Effective 27-Jun-2019 02-Dec-2021 26-Aug-2022 26-Aug-2037 26-Aug-2037 Guarantee Amount 8/29/2023 Page 6 of 7 Public Disclosure Copy The World Bank Implementation Status & Results Report Vietnam Scaling Up Energy Efficiency Project (P164938) Project Guarantee No. Status Currency Original Revised Cancelled Current Amount Guarantee Dates Orig. Guarantee Rev. Guarantee Project Guarantee No Status Approval Date Signing Date Effectiveness Date Expiration Date Expiration Date Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) P164909-Vietnam Scaling Up Energy Efficiency Guarantee 8/29/2023 Page 7 of 7