Viet Nam: Training in Monetary Policy and Exchange Rate Management

Sovereign Project | 43272-012

Summary

In response to the request from the Government of Viet Nam, in 2009 the ADB Management approved a technical assistance of US$225,000 to Viet Nam for training in monetary policy and exchange rate management. The TA would help improve the macroeconomic management, which is essential to attaining greater macro-economic stability.

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Project Name Training in Monetary Policy and Exchange Rate Management
Project Number 43272-012
Country Viet Nam
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 7372-VIE: Training in Monetary Policy and Exchange Rate Management
Technical Assistance Special Fund US$ 225,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Sector / Subsector Finance - Finance sector development
Gender Equity and Mainstreaming No gender elements
Description In response to the request from the Government of Viet Nam, in 2009 the ADB Management approved a technical assistance of US$225,000 to Viet Nam for training in monetary policy and exchange rate management. The TA would help improve the macroeconomic management, which is essential to attaining greater macro-economic stability.
Project Rationale and Linkage to Country/Regional Strategy The strategic objective of ADB's country strategy and program (2007-2010) for Viet Nam is to help the Government reduce the poverty rate to 10-11%. To this end, the country strategy and program aims to improve governance and promote economic growth.
Impact Greater macroeconomic stability
Project Outcome
Description of Outcome Improved macroeconomic management
Progress Toward Outcome
Implementation Progress
Description of Project Outputs Enhanced capacity of the staff of the State Bank of Viet Nam to formulate and implement market-based monetary and exchange rate policies.
Status of Implementation Progress (Outputs, Activities, and Issues)

(i) A workshop on International Experience in Monetary Policy and Exchange Rate Management will be held in Ha Long Bay, Viet Nam in January 2010;

(ii) A workshop on Early Warning System was organized in March 2010 in Ha Noi, Viet Nam ;

(iiI) Study tours to Central Banks of Indonesia, Philippines, Malaysia and Thailand were conducted from September to December 2010

(iv) Secondment programs to Bank Negara of Malaysia and to Bank Indonesia were organised from 10 to 23 July 2011 and from 17 October to 12 November 2011 for the State Bank of Viet Nam's staff;

(v) Workshop on Monetary policy in Challenging Macroeconomic Environment was organized on 18 November 2011 in Ha Noi, Viet Nam to (i) review the role of the monetary policy, it's coordination with other macroeconomic policies in maintaining macroeconomic stability, (ii) conduct analytical work on the current Viet Nam's monetary policy to find its achievements and shortcomings, and the challenges in maintaining macroeconomic stability; (iii) learn international experiences with using monetary policy in coordination with other macroeconomic policies for stabilizing the macro economy, and implications for Viet Nam, and (iv) provide an opportunity for exchanging views and recommendations on further improvements of monetary policy, as well as other structural reforms needed for maintaining macro-economy.

(vi) The secondment to Bangko Sentral ng Pilipinas for State Bank of Viet Nam (SBV)staff was organized from 30 January to 10 February 2012; Support the organization of on- the job training for SBV staff in developing models for currency and banking crisis in February 2012;

(vii) A number of workshops were organized to develop the capacity of SBV staff and other concerned agencies. These included:

- Training workshop on Assessing Financial Vulnarabilities and Appplication of Early Warning System (EWS) from 13 to 17 August 2012; Support the organization of follow up on-the job training for State Bank of Viet Nam's responsible staff in developing models for EWS from 20-22 August 2012;

- Workshop on International Experiences of Early Warning System from 17 to 18 September 2012;

- Workshop on Foreign Exchange Management on 5 October 2012;

- Workshop on Short-term External Debt Management on 15 and 16 October 2012;

- Workshop on Basel Core Principles for Effective Banking Supervision on 25 and 26 October 2012

The TA was physically completed on 31 October 2012. Around 95% of the project fund was disbursed.

The TA Completion Report is being prepared and will be released by June 2013.

Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design Consultations with the central and provincial governments, project owners/executing agencies, development partners.
During Project Implementation Individual consultants, workshops, study tours and training programs as appropriate
Responsible ADB Officer Chu Thi Hong Minh
Responsible ADB Department Southeast Asia Department
Responsible ADB Division Viet Nam Resident Mission
Executing Agencies
State Bank of Vietnam47-49 Ly Thai To Street
Ha Noi, Viet Nam
Timetable
Concept Clearance 10 Mar 2009
Fact Finding 15 Dec 2008 to 18 Dec 2008
MRM -
Approval 26 Oct 2009
Last Review Mission -
PDS Creation Date 20 Jan 2010
Last PDS Update 29 Mar 2013

TA 7372-VIE

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
26 Oct 2009 - 26 Oct 2009 28 Feb 2011 31 Oct 2012 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
225,000.00 0.00 50,000.00 0.00 0.00 0.00 275,000.00 26 Oct 2009 198,571.62

Safeguard Documents

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Evaluation Documents

See also: Independent Evaluation

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