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SAPROF Study for SMEFP Phase III the Socialist Republic of Vietnam

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SAPROF Study for SMEFP Phase III the Socialist Republic of Vietnam SAPROF Study for SMEFP Phase III SAPROF Vietnam of The Socialist Republic SAPROF Study for SMEFP Phase III Final Report December 2008 December 2008 JAPAN INTERNATIONAL COOPERATION AGENCY SAPROF STUDY TEAM (NOMURA RESEARCH INSTITUTE, LTD.) Introduction ___________________________________________________________ 1 I. Overview of SME Finance and Assessment of Challenges _______________ 2 1. Overview of Reform Policy and Assistance Program for SME Promotion____________ 2 1-1. Development of SMEs in the Growing Vietnam Economy ____________________________ 2 1-2. Review and Perspective of Banking Sector Reform__________________________________ 7 1-3. Review and Perspective of Private Sector Reform __________________________________ 13 1-4. View of SME Promotion in the Context of Reform Policies __________________________ 17 2. SME Promotion Policy and Support for SME Finance __________________________ 19 2-1. Framework of SME Promotion Policy ___________________________________________ 19 2-2. Policy for Enhancement of SME Finance_________________________________________ 24 2-3. Importance of SME Development for Challenges of Vietnam Economy_________________ 31 3. Overview of Finance Needs and Challenges in SME Finance _____________________ 39 3-1. Overview of Financing Needs of SME___________________________________________ 39 3-2. Practice and Infrastructure of Security Property____________________________________ 41 3-3. Presentation Capacity of SME for Smoother Finance _______________________________ 43 3-4. Challenges of SME Finance in the Recent Economic Environment_____________________ 43 3-5. Case Study of SME Finance___________________________________________________ 44 4. Review of Financial Institutions Capacity of SME Finance_______________________ 49 4-1. Review of Fund Mobilization__________________________________________________ 49 4-2. Impact of Recent Monetary and Economic Environment_____________________________ 52 4-3. Review of SME Lending Capacity ______________________________________________ 54 4-4. Review of Marketing Capacity in SME Business___________________________________ 58 4-5. Critical Issues for Further Improvement of SME Finance Capacity_____________________ 59 4-6. Summary _________________________________________________________________ 59 5. Overview of Assistance Programs Provided by International Donors ______________ 60 5-1. Programs/Projects Providing Financial Supports to SMEs ______________________________ 60 5-2. Other Programs/Projects Providing Other Supports to SMEs ____________________________ 62 6. Conclusion ______________________________________________________________ 65 II. Assessment of SMEFP Phase I and II________________________________67 1. Achievements and Challenges of Ph I&II, Improvements for Phase III_____________ 67 1-1. Size of Project______________________________________________________________ 67 1-2. Schedule __________________________________________________________________ 67 1-3. Disbursement ______________________________________________________________ 67 1-4. Loan Scheme ______________________________________________________________ 68 1-5. Credit Assessment of PFI _____________________________________________________ 69 i 1-6. Management Information System (MIS) _________________________________________ 69 1-7. Training, Manual, PR ________________________________________________________ 70 1-8. Executing Framework________________________________________________________ 74 1-9. Monitoring Scheme _________________________________________________________ 74 1-10. Summary _________________________________________________________________ 75 2. Review of Loan Applications and Disbursements_______________________________ 76 2-1. OLL Disbursement and Repayment _____________________________________________ 76 2-2. Characteristics of SME Borrower_______________________________________________ 79 2-3. Geographic Distribution ______________________________________________________ 82 2-4. Distribution of Invested Industrial Sector_________________________________________ 84 2-5. Characteristics of Loan Product ________________________________________________ 89 3. Assessment of SMEFP II___________________________________________________ 93 3-1. Relevance _________________________________________________________________ 93 3-2. Effectiveness_______________________________________________________________ 94 3-3. Efficiency _________________________________________________________________ 95 3-4. Impact____________________________________________________________________ 95 3-5. Sustainability ______________________________________________________________ 97 3-6. Specific Impact Indicators for SMEFP II _________________________________________ 98 3-7. Specific Impact Indicators on Socio-Economic Status _______________________________ 99 3-8. Specific Impact Indicators on Japan ____________________________________________ 106 3-9. Recommendations for the Evaluation and Analysis of Phase III Project Effects __________ 107 4. Conclusion _____________________________________________________________ 108 III. Execution Plan of SMEFP Phase III ________________________________109 1. Scope of SMEFP Phase III ________________________________________________ 109 1-1. Target and Objective of SMEFP III _______________________________________________ 109 1-2. Loan Scheme ________________________________________________________________ 120 1-3. Training, TA, and Promotion and Manuals _________________________________________ 128 1-4. Overview of Scope of SMEFP III ________________________________________________ 131 2. Plan of Cost and Funding _________________________________________________ 132 2-1. Size of Fund_________________________________________________________________ 132 2-2. Cost of Loan Component_______________________________________________________ 139 2-3. Cost of Technical Assistance Component __________________________________________ 141 2-4. Total Cost of SMEFP III _______________________________________________________ 143 3. Schedule _______________________________________________________________ 144 3-1. Estimated Disbursement _______________________________________________________ 144 3-2. Selection of Consultant ________________________________________________________ 145 ii 3-3. Schedule of Loan Component ___________________________________________________ 145 3-4. Schedule of Technical Assistance Component_______________________________________ 146 4. Framework of Operation and Management of Phase III________________________ 147 4-1. Executing Agency:____________________________________________________________ 147 4-2. Fund Allocation ______________________________________________________________ 152 4-3. Approval Procedures of sub-Project including Environmental Impacts ___________________ 154 4-4. Monitoring and Reporting Scheme based on MIS: ___________________________________ 158 4-5. Monitoring of PFI Performance__________________________________________________ 163 4-6. Monitoring for Environmental Impacts ____________________________________________ 164 4-7. RFA Management ____________________________________________________________ 166 5. Monitoring Indicators____________________________________________________ 169 5-1. Expected Impacts on Various Challenges __________________________________________ 169 5-2. Operation and Effect Indicators __________________________________________________ 169 6. Expected Types of sub-Projects to be Conducted within 6 Months from L/A _______ 171 6-1. Typical Needs and Challenges ___________________________________________________ 171 6-2. List of Expected sub-Projects ___________________________________________________ 172 6-3. Tier I Enterprises: ____________________________________________________________ 173 7. Cooperation Schemes Enhancing Vietnam SMEs’ Business with Japan ___________ 177 7-1. Achievements and Lessons from Phase II __________________________________________ 177 7-2. Assumed Scheme _____________________________________________________________ 177 7-3. Role of PFIs _________________________________________________________________ 180 Annex I-1 List of Banks in Vietnam Annex I-2 Summary on SME Support Programs/Projects Funded by Other Donors Annex I-3-a SME Promotion Policy Documents Annex 1-2-b Members of the SME Development Promotion Council Annex I-4-a List of Projects Entitled to Investment Credit Loans Annex I-4-b List of Good Items Entitled to Export Credit Loans Annex III-1 Scoring Formula for Selection of PFIs Annex III-2 Tentative Result of Scoring of PFIs Annex III-3 Estimation of MIS Cost Annex III-4 The List of Legislations on the Environmental Protection of Vietnam Annex III-5 Screening Form iii Annex III-6 Comparison of JBIC’s Guideline and the Law on Environmental Protection in Vietnam for Projects that Environmental Impact Assessment Report Must Be Prepared Annex III-7 List of Projects for which Environmental Impact Assessment Report Must Be Prepared Annex III-8 Sample Approval Decision of an Environmental Impact Assessment Report Annex III-9 Form for Certifying Register Paper of Environmental Protection Annex III-10 Tentative List of New Functions of MIS Annex III-11 Reporting Form for Environmental Monitoring Summary of Report (in English) Summary of Report (in Japanese) iv Abbreviation ACB Asia Commercial Bank AFTA ASEAN Free Trade Agreement APEC Asia Pacific Economic Cooperation ASEAN Association of South East Asian Nations ASMED Agency for SME Development BIDV Bank for Investment
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