The World Bank Implementation Status & Results Report Vietnam Energy Efficiency for Industrial Enterprises(VEEIE) (P151086) Vietnam Energy Efficiency for Industrial Enterprises(VEEIE) (P151086) EAST ASIA AND PACIFIC | Vietnam | Energy & Extractives Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 5 | ARCHIVED on 15-Nov-2019 | ISR39242 | Implementing Agencies: Ministry of Industry and Trade, The Social Republic of Vietnam, State Bank of Vietnam Key Dates Key Project Dates Bank Approval Date: 14-Apr-2017 Effectiveness Date: 29-Dec-2017 Planned Mid Term Review Date: 22-Jun-2020 Actual Mid-Term Review Date: Original Closing Date: 31-Jul-2022 Revised Closing Date: 31-Jul-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to improve energy efficiency in Vietnam's industrial sector. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Energy Efficiency Investment Lending:(Cost $156.30 M) Project Implementation Support:(Cost $1.70 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions The Project Management Board (PMB) of the MoIT and Participating Financial Institutions (PFI) have made efforts to move the project forward, with three subprojects already approved and implemented, and additional three subprojects under review. Total project disbursement by October 31, 2019 is US$13.3 million. However, the project’s disbursements remain below expected levels due to financing constraints, including high interest rates, medium and long term credit growth limits imposed to PFIs, and the low capacity of the PFIs to identify and appraise EE investment loans. To improve project performance for achieving project development objective, it is necessary that the government considers relevant actions including removing credit growth caps for Vietcombank and BIDV, allowing lending US dollar to relevant enterprises ( those who have US dollar revenues and can manage foreign exchange risk), and adding more PFI for on-lending of the project credit line. Also, technical trainings on subproject identification, energy saving calculation, appraisal, and monitoring/verification should be provided to PFI, and branches offices. 11/18/2019 Page 1 of 4 The World Bank Implementation Status & Results Report Vietnam Energy Efficiency for Industrial Enterprises(VEEIE) (P151086) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Substantial Moderate Moderate Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Sustainability Substantial Moderate Moderate Fiduciary Substantial Substantial Substantial Environment and Social Moderate Moderate Moderate Stakeholders Moderate Moderate Moderate Other Moderate Moderate Moderate Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Improve energy efficiency in Vietnam industrial sector IN00764789 ►Projected lifetime energy savings (Megawatt hour(MWh), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 39,034.00 157,557.00 4,639,000.00 Date 20-Mar-2017 29-Apr-2019 31-Oct-2019 31-Jul-2022 IN00764790 ►Number of IEs adopting improved EE technologies (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 3.00 25.00 Date 20-Mar-2017 29-Apr-2019 31-Oct-2019 31-Jul-2022 Intermediate Results Indicators by Components 11/18/2019 Page 2 of 4 The World Bank Implementation Status & Results Report Vietnam Energy Efficiency for Industrial Enterprises(VEEIE) (P151086) Energy Efficiency Investment Lending IN00764871 ►Direct project beneficiaries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 1,062.00 37,822.00 Date 20-Mar-2017 23-Oct-2018 31-Oct-2019 31-Jul-2022 IN00764873 Female beneficiaries (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 23.60 30.00 IN00764874 ►Annual GHG emissions avoided in IEs (tons of CO2 equivalent) (Tones/year, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 32,830.00 61,799.00 5,027,000.00 Date 20-Mar-2017 29-Apr-2019 31-Oct-2019 31-Jul-2022 Project Implementation Support IN00764872 ►Number of EE bankable projects developed (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 5.00 60.00 Date 20-Mar-2017 29-Apr-2019 31-Oct-2019 31-Jul-2022 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P151086 IBRD-87390 Effective USD 100.00 100.00 0.00 13.30 86.70 13% P151086 IDA-60110 Effective USD 1.70 1.70 0.00 0.10 1.68 5.9% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P151086 IBRD-87390 Effective 14-Apr-2017 18-Aug-2017 29-Dec-2017 31-Jul-2022 31-Jul-2022 11/18/2019 Page 3 of 4 The World Bank Implementation Status & Results Report Vietnam Energy Efficiency for Industrial Enterprises(VEEIE) (P151086) P151086 IDA-60110 Effective 14-Apr-2017 18-Aug-2017 29-Dec-2017 31-Jul-2022 31-Jul-2022 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) P161202-Vietnam Energy Efficiency Carbon Crediting Program (VE2C2) 11/18/2019 Page 4 of 4