SHIFT - Shifting Investment Flows Towards Green Transformation

SHIFT is a joint program of six organizations that aims to accelerate the deployment of green and climate friendly technologies and practices to support Viet Nam achieve net zero emissions by 2050. To this end, the program will enhance know-how and capacities of relevant public and private stakeholders in the areas of green finance and energy transition. The outcome of the program is to improve green policy and finance frameworks for enhanced climate action in Viet Nam, especially in the energy sector. It addresses both supply and demand aspects of green investment, creating a positive feedback loop that will drive the transition towards a green and climate friendly economy. Five outputs will support the green finance framework, improve policies for the energy transition, supply green financial products through financial institutions, trigger demand by the private sector, particularly SMEs, and disseminate knowledge and raise awareness of a broader set of stakeholders.

Project data

Countries: Viet Nam
IKI funding: 15,000,000.00 €
Duration: 10/2022 till 07/2028
Status: open
Implementing organisation: Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
Political Partner: Ministry of Finance - Viet Nam
Implementing Partner: Agora Energiewende Smart Energy for Europe Platform gGmbH*

International Finance Corporation (IFC)

SNV Netherlands Development Organisation - Viet Nam

United Nations Development Programme (UNDP)

Skip to Project data

State of implementation/results

The project held an official, high-level launch event in January 2026, marking the start of the project implementation. The operational plan for the year 2026 has been approved, building on the preparatory groundwork complete in 2025.
The Climate Action Club (CAC) for SMEs held its first training session on energy monitoring and conducted an energy audit in November 2025. Activities were supported by German energy providers to meet the members interest in better understanding international solutions and systems.
In the wake of the approved green finance taxonomy, the State Bank of Viet Nam (SBV) decided to collaborate with the project to produce a handbook focusing on green credit provision to the energy sector, including a survey of the current private sector practices and an assessment of the legal framework.
Moreover, SBV aims to improve climate finance related disclosure in the banking sector. Hence, SHIFT started to identify technical, contextualised solutions for improved reporting. Together with SBV’s credit department, this will be followed with the identification of potential pilot banks, capacity building and operational support.
To increase practical knowledge on sustainable finance and roll out sector wide trainings, the Banking Academy of Viet Nam (BAV) conducted a needs survey among banks and regulators. Based on their findings, they prepared a curriculum, including a training of trainers module. The draft curriculum has been reviewed by a technical expert committee, and the content will be finalized based on the feedback received.
The Ministry of Finance (MOF) continues its efforts on carbon market development and domestic emissions trading. The project deepened its assistance in supervision regulation resulting in analysis and recommendation on viable domestic ETX supervisory options for Viet Nam. Furthermore, market pricing mechanics are an important element of the upcoming pilot phase. SHIFT started to compare pricing regimes across different jurisdictions to distill possible, viable options in line with the national price law.
The Department of Finance Institutions (DFI) of Ministry of Finance (MOF) prepares the first issuing of sovereign green bond (SGB) in 2026. The MOF will continue its efforts to promote and set up guidelines on corporate green bonds (CGB). The project will begin to support the DFI to develop a general green bonds framework and a potential roadshow.
The Green Innovation Challenge Fund (GICF) has been termed locally as Green Innovation Grant Initiative (GIGI). The project widely marketed the initiative with potential small and medium sized enterprises (SME) through various networks. SNV has drafted an operational manual for potential applicants, outlining selection criteria and guiding through the full process of the grant program. In early March, SHIFT successfully launched its first call for proposals through an online webinar, accomplishing an important project milestone.

Latest Update:
05/2026