The World Bank Implementation Status & Results Report Vietnam Solar Transition Accelerator (VISTA) (P172974) Vietnam Solar Transition Accelerator (VISTA) (P172974) EAST ASIA AND PACIFIC | Viet Nam | IBRD/IDA | Investment Project Financing (IPF) | FY 2021 | Seq No: 4 | Archived on 27- Sep-2024 | ISR01004 Implementing Agencies: Ministry of Industry and Trade (MOIT) 1. OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 12-Aug-2020) The Project Development Objective is to support the Government of Vietnam in piloting the implementation of a sustainable solar competitive bidding program to mobilize private investments Has the Development Objective been changed since Board Approval of the Project Objective? No 2. OVERALL RATINGS Name Previous Current Progress towards achievement of PDO Unsatisfactory Unsatisfactory Overall Implementation Progress (IP) Unsatisfactory Unsatisfactory Overall Risk Rating High High 3. KEY ISSUES & STATUS 3.1 Implementation Status and Key Decisions In June-July 2024, the parties re-confirmed their agreement to pursue grant cancellation. It was also re-confirmed that no activities under the project have commenced nor planned to be carried out prior to the closing date. Considering these discussions and consultations with its counterparts, as well as the absence of any pending procurement, environmental and social and fiduciary related activities, the Bank determined that the grant is no longer required for the project and that it will accordingly process grant cancellation. 4. SYSTEMATIC OPERATIONS RISK-RATING TOOL Sep 27, 2024 Page 1 of 6 The World Bank Implementation Status & Results Report Vietnam Solar Transition Accelerator (VISTA) (P172974) Rating at Approval Last Approved Rating Risk Category Approval Package - ISR Seq. 03 - 28 Jun Proposed Rating 13 Aug 2020 2023 Overall Moderate High High Sep 27, 2024 Page 2 of 6 The World Bank Implementation Status & Results Report Vietnam Solar Transition Accelerator (VISTA) (P172974) 6. RESULTS 6.1 PDO Indicators Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year No Jan/2020 No 06-Jun-2022 No 24-Jul-2024 Yes Feb/2025 Pilot solar competitive Comments on target will not be achieved due to cancellation of the project bidding completed (Yes/No) achieving targets Note on lessons learnt from No Jan/2020 No 06-Jun-2022 No 24-Jul-2024 Yes Feb/2025 the pilot tenders Comments on target will not be achieved due to cancellation of the project disseminated to key public achieving targets stakeholders (Yes/No) 0.00 Jan/2020 0.00 06-Jun-2022 0.00 24-Jul-2024 350,000,000.00 Feb/2025 Private investments mobilized Comments on target will not be achieved due to cancellation of the project (US$) (Amount(USD)) achieving targets 6.2 Intermediate Results Indicators Indicator Name Baseline Actual (Previous) Actual (Current) Closing Period Page 3 of 6 The World Bank Implementation Status & Results Report Vietnam Solar Transition Accelerator (VISTA) (P172974) Value Month/Year Value Date Value Date Value Month/Year Recruitment of transaction No Mar/2019 No 06-Jun-2022 No 24-Jul-2024 Yes Sep/2021 advisory firm with required Comments on target will not be achieved due to cancellation of the project legal, financial and technical achieving targets expertise for substation- based competitive bidding (Yes/No) Recruitment of transaction No Feb/2020 No 06-Jun-2022 No 24-Jul-2024 Yes Oct/2023 advisory firm with required Comments on target will not be achieved due to cancellation of the project legal, financial and technical achieving targets expertise for solar park competitive bidding (Yes/No) Page 4 of 6 The World Bank Implementation Status & Results Report Vietnam Solar Transition Accelerator (VISTA) (P172974) 6. DISBURSEMENTS 6.1 Cumulative Disbursements 6.2 Disbursements (by loan) Loan/Credit/TF Status Original Revised Cancelled Disbursed Undisbursed % Disbursed TF-B2332 Effective 1.50 1.50 0.00 0.00 1.50 0% 6.3 Key Dates (by loan) Loan/Credit/TF Status Approval Signing Effectiveness Orig. Closing Rev. Closing TF-B2332 Effective 13-Aug-2020 14-Oct-2020 14-Oct-2020 31-Mar-2025 31-Mar-2025 Sep 27, 2024 Page 5 of 6 The World Bank Implementation Status & Results Report Vietnam Solar Transition Accelerator (VISTA) (P172974) 7. RESTRUCTURING HISTORY 8. ASSOCIATED OPERATION(S) There are no associated operations Sep 27, 2024 Page 6 of 6