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Project Information

The following provides prospective suppliers, contractors, consultants, and others with general information about the Project. Detailed information may be obtained from the Executing Agency indicated below. Particulars given with respect to "consultants" and "procurement" are based on present planning and may change in the course of Project Implementation.

Financial Sector Program

Country and Location

Socialist Republic of Viet Nam

Borrower

Socialist Republic of Viet Nam

Date of Approval

19 November 1996

The Proposal

(i) a loan to support a policy reform program for the financial sector (the Program); and

(ii) technical assistance for a pilot project to modernize the operations of a State-owned commercial bank (SOCB).

Loan Amount

US$90 million Loan US$850,000 Technical Assistance Grant

Terms

A loan for SDR 62,498,000 ($90 million equivalent) will be provided from the Bank's Special Funds resources. The loan will be amortized over 40 years including a grace period of 10 years. A service fee of 1 percent per annum will be charged on the loan.

Project Objectives

The Program seeks to develop a market-based system in the financial sector that will broaden participation, thereby increasing savings mobilization, and promote efficiency in resource allocation by fostering competition and encouraging a greater reliance on market mechanisms

Procurement

The proceeds of the loan will be used to finance a broad range of imports other than a limited number specified in a negative list. Contracts for eligible imports equivalent to or less than $5 million will be awarded either through normal commercial procurement practices and procedures of the private sector or the prescribed procurement procedures of the Government. Contracts for eligible imports exceeding $5 million will be awarded on the basis of international competitive bidding procedures consistent with the Bank's Guidelines for Procurement, except that for internationally traded commodities procurement procedures appropriate to the trade will be applicable. All goods to be financed out of the loan would be produced and procured from members of the Bank.

Executing Agency

State Bank of Viet Nam

Technical Assitance

Technical assistance (TA) will be provided in conjunction with the loan for the pilot modernization of a SOCB to build institutional capacity. Included is a component for assisting the Executing Agency in program implementation. The consultants for the TA are to be engaged in accordance with the Bank's Guidelines on the Use of Consultants and other arrangements satisfactory to the Bank