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World Bank Document Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: 39500 -VN INTERNATION L DEVE OPMENT ASSOCIATION PROGRAM DOCUMENT FOR Public Disclosure Authorized A PROPOSED CREDIT IN THE AMOUNT OF SDR 114.8 MILLION (US$175.0 MILLION EQUIVALENT) TO THE SOCIALIST REPUBLIC OF VIETNAM FOR A SIXTH POVERTY REDUCTION SUPPORT OPERATION Public Disclosure Authorized May 22,2007 Poverty Reduction and Economic Management Unit East Asia and Pacific Region Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its content may not otherwise be disclosed without World Bank authorization Government Fiscal Year January 1 to December 3 1 Currency Equivalents Currency unit = Dong One US$ = 16,015 Dong (May 2007) ACRONYMS AND ABBREVIATIONS ADB Asian Development Bank BOT B u ild-Operate-Transfer CFAA Country Financial Accountability Assessment CG Consultative Group CPAR Country Procurement Assessment Review CPIA Country Policy and Institutional Assessment CPRGS Comprehensive Poverty Reduction and Growth Strategy CPS Country Partnership Strategy DA Deposit Account DFID Department for International Development DSA Debt Sustainability Assessment EIA Environmental Impact Assessment FDI Foreign Direct Investment FSQL Fundamental School Quality Level GDP Gross Domestic Product GSO General Statistics Office IDA International Development Association IMF International Monetary Fund IOSCO International Organization of Securities Commissions IPPC International Plant Protection Convention JSAN Joint Staff Advisory Note LUC Land-Use Right Certificate MARD Ministry of Agriculture and Rural Development MDG Millennium Development Goals MOET Ministry of Education and Training MOF Ministry of Finance MOH Ministry of Health MOHA Ministry ofHome Affairs MOJ Ministry of Justice MOLISA Ministry of Labor, Invalids, and Social Affairs MONRE Ministry ofNatural Resources and the Environment MOT Ministry ofTrade MPI Ministry of Planning and Investment MTEF Medium-Term Expenditure Framework NGO Non-Governmental Organization NPL Non-Performing Loan NSC National Steering Committee ODA Official Development Assistance OOG Office of Government oss One-Stop Shop PCU Program Coordination Unit PEC Party’s Economic Commission PEFA Public Expenditure and Financial Accountability FOR OFFICIAL USE ONLY PER-IFA Public Expenditure Review-Integrated Fiduciary Assessment PRGF Poverty Reduction and Growth Facility PRSC Poverty Reduction Support Credit PWD People Living with Disabilities SAV State Audit of Vietnam SBV State Bank of Vietnam SCIC State Capital Investment Corporation SEA Strategic Environment Assessment SEDP Socio-Economic Development Plan SFE State Forestry Enterprise SOCB State-Owned Commercial Bank SOE State-Owned Enterprise SPS Sanitary and Phyto-Sanitary ssc State Securities Commission TABMIS Treasury and Budget Management Information System UNDP United Nations Development Program VASS Vietnam Academy of Social Sciences VBF Vietnam Business Forum VDB Vietnam Development Bank VDG Vietnam Development Goals VHLSS Vietnam Household Living Standards Survey vss Vietnam Social Security WTO World Trade Organization I Vice President - James W. Adams. EAPVP Country Director (acting) - Martin Rama, EASPR Chief Economist and Sector Director (acting) - Deepak Bhattasali, EASPR 1 Task Manager - Martin Rama, EASPR This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not be otherwise disclosed without World Bank authorization. SOCIALIST REPUBLIC OF VIETNAM SIXTH POVERTY REDUCTION SUPPORT CREDIT Table of Contents I. INTRODUCTION........................................................................................................................... 1 11. THE FIVE-YEAR PLAN 2006-2010............................................. ............................. 3 111. PROGRESS OVER THE PREVIOUS CYCLE ....................................................................... 7 A. OVERALL MACROECONOMIC PERFORMANCE.. ..... ...........7 B. ECONOMIC GROWTH AND POVERTY REDUCTION................................................ 8 C. OTHER DEVELOPMENT OUTCOMES ..................... ............................ 10 IV. THE CONTRIBUTION OF PRSCs ............................................................................................. 10 A. RESOURCES MOBILIZED.................................... ....................... 10 B. LESSONS LEARNED ........................................... ........................ 13 V. THE NEW PRSC CYCLE .......................................................................................................... 15 A. ANALYTICAL UNDERPINNINGS......................... B. STRATEGIC FOCUS .............................................................................. 17 C. MONITORING FRAMEWORK .................................................................. 19 VI. THE PROPOSED CREDIT .......................................................................................................... 19 A. BUSINESS DEVELOPMENT .................................................................... 20 B. SOCIAL INCLUSION......... ...................................... .............21 C. NATURAL RESOURCES............................................................................. 22 D. MODERN GOVERNANCE.................................................. ....................... 23 E. TRIGGERS FOR PRSC 7 ................................................................................................ 24 VII. OPERATION IMPLEMENTATION.......................................................................................... 28 A. POVERTY AND SOCIAL IMPACTS .......................................................... 28 B. ENVIRONMENTAL ASPECTS.. .. ....................................................... ..29 C. STEERING AND MONITORING ........................... .............30 D. ADMINISTRATION.............................................................................. 31 E. BENEFITS AND RISKS ............................................... ..32 VIII. COORDINATION WITH DONORS AND STAKEHOLDERS............................................... 33 A. THE IMF........................................................................................................................... 33 B. OTHER MULTILATERAL AND BILATERAL DONORS.. C. CIVIL SOCIETY ..................................................................... I ANNEXES Aiinex 1: IMF Letter ofAssessment . ..... .. .... .. ... ... ..... ......36 Annex 2: Policy Actioiis over the New PRSC Cycle.. ... ... ...37 Annex 3 : Monitoring Progress towards Development Outcomes. .47 Amex 4: Letter from the Government on the Reform Program.. ...56 Annex 5: Supporting Documentation for Prior Actions in PRSC 6.. .... ...58 Annex 6: Vietnam at a Glance ... ...... .. ......... ... ... ... ... ...... .. .. .. ... .. .. ... .. ...63 Annex 7: Map (IBRD 3351 1R) .... ... ... ...... ......... ......... ... .. .. .. .. .. .... .. ............ 65 TABLES IN TEXT TABLE1 : KEYECONOMIC INDICATORS. ..8 TABLE2: PROGRESS TOWARDS THE MILLENNIUMDEVELOPMENT GOALS.. ..... .11 TABLE3: GENERALBUDGET SUPPORT OVERTIME ...................................................... 12 TABLE4: GENERALBUDGET AND THE FINANCING GAP................................................ 13 TABLE5 : PROGRESS ACCOMPLISHED BY POLICY AREA... ... .14 TABLE 6: KEY PRIOR ACTIONS FOR PRSC .................................................................. TABLE7: AGREEDTRIGGERS FOR PRSC ................................................................. 25 TABLE8: DONORSUPPORTTO PRSC 6............... ..................................................... 34 FIGURES IN TEXT FIGURE 1 : VIETNAM’S PERFORMANCE IN REGIONAL PERSPECTIVE.. .9 FIGURE2: SUPPORTING THE IMPLEMENTATION OF THE SEDP 2006-20 lo.. .. .... .16 BOXES IN TEXT BOX 1 : GOODPRACTICE IN POLICY LENDINGOPERATIONS.. , . .....18 Task Team Core Team: Martin Rama (task manager), Vivek Suri (eo-task manager), Hoi-Chun Nguyen (senior legal counsel). Contributors: Noritaka Akamatsu, Maria DelJina Alcaide Garrido, Soren Baunsgaard, Dan Biller, Viet Tuan Dinh, Quang Hong Doan, Hoonae Kim, Severin Kodderitzsch, Samuel S Lieberman, Simon Lucas, Thanh Thi Mai, Robin Mearns, Dzung The Nguyen, Minh Van Nguyen, Nga Nguyet Nguyen, William D. 0. Paterson, Due Minh Pham, Cuong Hung Pham, Hoa Thi Mong Phani, Richard Spencer, Jennifer Thomson, Thang-Long Ton, Viet Quoc Trieu, Carolyn Turk, Binh Thanh Vu, Jeflrey Waite. Peer Reviewers: Satu Kristiina Kahkonen and Stefan G. Koeberle. Team Assistants: Hang Thu Nguyen and Dung Thi Ngoc Tran. .. 11 SOCIALIST REPUBLIC OF VIETNAM: SIXTH POVERTY REDUCTION SUPPORT CREDIT Credit and Program Summary Borrower: The Socialist Republic ofVietnam. Amount: SDRll4.8 million (US$175.0 million equivalent). Terms: Standard IDA terms: 40-year maturity with a 10-year grace period. Description: A sixth Poverty Reduction Support Credit (PRSC 6), as the first operation in a cycle aimed at implementing Vietnam’s Socio-Economic Development Plan (SEDP) 2006-20 10, approved in June 2006. Benefits: The present operation provides further support to Vietnam’s reform program. The current cycle of PRSCs is a vehicle for the World Bank, and the donor community more broadly, to stay engaged with a client that has delivered an outstanding performance in terms of economic growth and poverty reduction. It also recognizes the commitment of the government to pursue and
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