Market-based sustainable finance initiatives led by members of the Sustainable Banking Network (SBN) have made significant progress in directing the financial sector toward sustainability. The SBN Global Progress Report is based on a unique measurement framework, the first of its kind to assess sustainable finance initiatives across emerging markets. In response to the National Green Growth Strategy and the National Action Plan on Green Growth Vietnam's sustainable banking journey began in 2015 with the issuance of the Directive on Promoting Green Credit Growth and Environmental and Social Risks Management in Credit Granting Activities (the Directive) by the State Bank of Vietnam (SBV). The Directive seeks to promote green economy and encourages all credit institutions to incorporate environmental and social (E&S) risks into their transactions. It includes a reporting template that requires credit institutions to quarterly report quantitative data to the SBV. This reporting covers both E&S risk management of lending activities and green finance flows. As Vietnam's banking sector is still emerging, the country could further promote its sustainable finance agenda by developing more practical guidance and encouraging local banks to learn from international good practices with regard to E&S risk management. The SBV has been actively developing many initiatives to support green finance flows, including financial incentives, a catalogue of green assets or products, and green credit reporting guidelines.