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    Viet Nam: Financial Sector Assessment, Strategy, and Road Map
    Viet Nam: Financial Sector Assessment, Strategy, and Road Map
    Viet Nam: Financial Sector Assessment, Strategy, and Road Map
    Ebook176 pages1 hour

    Viet Nam: Financial Sector Assessment, Strategy, and Road Map

    By Asian Development Bank

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    About this ebook

    This sector assessment, strategy, and road map highlights the Government of Viet Nam's plans and strategies for addressing priority needs for the financial sector and identifies possible preliminary areas of international assistance. It assesses key sector development needs by analyzing strengths, constraints and weaknesses, various risks, potential threats, as well as opportunities. This knowledge product serves as a basis for further dialogue on how the Asian Development Bank and the government can work together to tackle the challenges of managing financial sector development in Viet Nam in the coming years.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateJul 1, 2014
    ISBN9789292545697
    Viet Nam: Financial Sector Assessment, Strategy, and Road Map

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      Book preview

      Viet Nam - Asian Development Bank

      VIET NAM

      FINANCIAL SECTOR ASSESSMENT, STRATEGY, AND ROAD MAP

      July 2014

      © 2014 Asian Development Bank

      All rights reserved. Published in 2014.

      Printed in the Philippines.

      ISBN 978-92-9254-568-0 (Print), 978-92-9254-569-7 (e-ISBN)

      Publication Stock No. RPT146520

      Cataloging-in-Publication Data

      Asian Development Bank.

      Viet Nam: Financial sector assessment, strategy, and road map.

      Mandaluyong City, Philippines: Asian Development Bank, 2014.

      1. Financial institutions. 2. Banking. 3. Bonds. 4. Viet Nam. I. Asian Development Bank.

      The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

      ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.

      By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

      ADB encourages printing or copying information exclusively for personal and noncommercial use with proper acknowledgment of ADB. Users are restricted from reselling, redistributing, or creating derivative works for commercial purposes without the express, written consent of ADB.

      Note:

      In this publication, $ refers to US dollars.

      6 ADB Avenue, Mandaluyong City

      1550 Metro Manila, Philippines

      Tel +63 2 632 4444

      Fax +63 2 636 2444

      www.adb.org

      For orders, please contact:

      Public Information Center

      Fax +63 2 636 2584

      adbpub@adb.org

      Contents

      Tables, Figures, and Boxes

      Tables

      Figures

      Boxes

      Currency Equivalents

      (as of 1 April 2014)

      Acknowledgments

      This report was prepared by Mark Bezemer, results management specialist, Results Management Unit, Strategy and Policy Department; and Stephen R. Schuster, senior financial sector specialist, Public Management, Financial Sector, and Trade Division, Southeast Asia Department (SERD).

      Useful input and comments were received from Noritaka Akamatsu, deputy head, Office of Regional Economic Integration and chair of the Financial Sector Development Community of Practice; Hiroyuki Aoki, senior financial sector specialist, SERD; Juan Luis Gomez, senior public management specialist, SERD; Mohd Sani Mohd Ismail, financial sector economist, SERD; Eiichi Sasaki, senior financial sector specialist, SERD; Dominic Mellor, country economist, Viet Nam Resident Mission (VRM); Chu Thi Hong Minh, senior financial sector officer, VRM; and Sophie Nguyen, consultant. Guidance and support was provided by Tomoyuki Kimura, country director, VRM; and SERD management: Director General James Nugent, Director Shigeko Hattori (Public Management, Financial Sector, and Trade Division), Neeraj Jain (senior advisor, Office of the Director General), and Richard Bolt (country director, Philippines Country Office).

      The team wishes to thank the following staff for their support in preparing and editing the report: Marie Parra, operations assistant, SERD; May Santos, senior programs officer, SERD; and the Publishing Team of the Department of External Relations.

      Abbreviations

      I Introduction

      1. The Southeast Asia Department of the Asian Development Bank (ADB) is systematically updating its sector assessment, strategy, and road maps (ASRs) to better harmonize project planning and programming with developing member countries and development partners. The previous financial sector ASR was linked to ADB’s country partnership strategy (CPS) for Viet Nam, 2012–2015.¹ This updated ASR documents ADB’s current assessment of Viet Nam’s financial sector and outlines strategic investment and reform priorities of the government and ADB.

      2. The ASR highlights sector performance, development constraints, government plans and strategies, past ADB operations and experience, other development partner support, and the strategy for future ADB support. It is based on the specific needs of Viet Nam, and drawn from a review of available studies, other documents, and websites, as well as regular policy dialogue with officials of the Government of Viet Nam, development partners, and other stakeholders. Given a lack of comprehensive in-depth reporting on Viet Nam‘s financial subsectors, an absence of current statistics in some areas, and a rapidly progressing reform agenda, this assessment is based on the best information available at the time of writing.

      3. This ASR will help provide sector background information for future program, investment, and technical assistance (TA) operations. The ASR also forms a basis for further dialogue between the government and ADB in financial sector programming and coordination with development partners. The sector road map and results framework appears in Appendix 1. The problem tree is in Appendix 2.

      II Sector Assessment: Context and Strategic Issues

      A. Overall Sector Context

      4. Viet Nam has made significant progress in transitioning from a centrally planned economy to a market-oriented system. Political and economic reforms (doi moi) initiated in 1986 when Viet Nam’s per capita income was only $437, helped the country achieve a lower middle-income status and reach a per capita income of $1,755 in 2013. As a result, the population living in absolute poverty—defined as less than $1.25 a day—has fallen sharply to 16.9% in 2008 from 63.7% in 1993. Good progress has also been made toward achieving the Millennium Development Goals.

      5. The government aspires to reach higher middle-income country status, with a per capita income of at least $3,000 and significant improvements in human development and poverty reduction by 2020. Specifically, the government aims at an average annual reduction in the number of poor households by 2%–3%. To meet these objectives, the Socio-Economic Development Plan (SEDP) 2011–2020 provides a road map to transform the country into a modern, productive, and equitable market economy.

      6. Viet Nam will need to fundamentally reshape its financial sector to support these long-term socioeconomic goals by more efficiently and effectively directing its high national savings—30.7% of gross domestic product (GDP) in 2012—toward productive investment.² This is particularly important as it has become increasingly hard to sustain high economic growth rates. Average GDP growth per year exceeded 7% during 2004–2007, but fell below 6% during 2008–2013 in the wake of the global financial crisis.

      7. First and foremost, there is a need to recapitalize and further reform the

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