The proposed TA will help MOF in strengthening the institutional process and the policy framework to sustain SOE reforms, and help it in preparing candidate SOEs to implement their individual restructuring plans, as each is different and unique from the other with regard to its mandate and business lines.
|Project Name||Strengthening Support for State-Owned Enterprise Reform and Corporate Governance Facilitation Program|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Governance and capacity development
Private sector development
|Sector / Subsector||
Public sector management / Economic affairs management
|Gender Equity and Mainstreaming|
|Description||The proposed TA will help MOF in strengthening the institutional process and the policy framework to sustain SOE reforms, and help it in preparing candidate SOEs to implement their individual restructuring plans, as each is different and unique from the other with regard to its mandate and business lines.|
|Project Rationale and Linkage to Country/Regional Strategy||SOE reform is an inherently complex process, requiring holistic financial and corporate restructuring. First, this is a novel approach for Viet Nam, formulated with the help of the ADB MFF project. Such expertise is not available within SOEs and MOF, and it takes external support to carry out the due diligence process and in the process strengthening if required, of already developed restructuring plans. Second, MOF has developed (in consultation with ADB) a set of criteria for shortlisting selected SOEs for restructuring support under the MFF's PFR2 and PFR3, which will enable MOF to assess and rank candidates with the highest potential to meet the reform objective. Selection criteria were discussed by MOF in a workshop with all relevant stakeholders and disseminated through the MOF website. Selected SOEs will be considered for participation in the second phase of the project and will undergo rigorous due diligence by the MOF team, given that the loan is guaranteed by the government. ADB is committed to supporting capacity development of MOF, and in turn of the SOEs, in this process. Third, PFR1 implementation has underscored the need for sustained technical support to participating SOEs, and also the lack of required technical capacity at MOF. MOF has been assigned by the government to take the lead in the development and implementation of an SOE restructuring program, which takes into account and builds on lessons and experience gained from the implementation of the pilot restructurings under the MFF.|
|Impact||Improved profitability of restructured SOEs and management of state managed investments.|
|Description of Outcome||Improved capacity of MOF to ensure that selected SOEs are transformed into financially viable and efficiently managed enterprises.|
|Progress Toward Outcome||In progress|
|Description of Project Outputs||
1. Support MOF in conducting due diligence of selected SOEs
2. Finalizing the restructuring and implementation plans of selected SOEs
3. Developing Knowledge products for future SOE reforms in Vietnam
|Status of Implementation Progress (Outputs, Activities, and Issues)||The consulting firm engaged under the TA has completed the major deliverable under the contract. EA has confirmed its acceptance of the due diligence report. TA completion date was extended to 31 Dec 2015 to provide time for MOF to review the final report of the firm and complete the remaining tasks of the national experts. A wrap up workshop is scheduled tentatively in October 2015.|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design||Consultations were held with Ministry of Finance, State Owned Enterprises and relevant stakeholders on the methodology and approach to short-list and selct State Owned Enterprises for particpation in the SOE refrom program supported by ADB.|
|During Project Implementation||TA is now effective. The recruitment of the consulting firm has been concluded in Manila on 18 March 2014. The consulting firm will undertake the tasks under the TA and will commence its services by mid May 2014.|
1. International Consultants
a. State-Owned Enterprise Reform and Corporate Governance Specialist Team Leader (international, 5 person-months, intermittent)
b. Corporate Restructuring Specialist (international, 4.5 person-months, intermittent)
c. Financial Restructuring Specialist (international, 4.5 person-months, intermittent)
d. SOE Legal and Regulatory Expert (international, 2 person-months, intermittent)
e. Social Safeguard Specialist (international, 2.5 person-months, intermittent)
2. National Consultants
a. SOE Reform and Corporate Restructuring Specialist (national, 12 person-months, intermittent)
b. Financial Specialist (national, 12 person-months, intermittent)
c. SOE Legal and Regulatory Expert (national, 6 person-months, intermittent)
d. Poverty and Social Development Specialist (national, 3 person-months, intermittent)
e. Gender Specialist (national, 2 person-months, intermittent)
f. Social Safeguard Specialist (national, 2.5 person-months, intermittent)
g. Translator and Editor (national, 5 person-months, intermittent)
|Responsible ADB Officer||Aoki, Hiroyuki|
|Responsible ADB Department||Southeast Asia Department|
|Responsible ADB Division||Public Management, Financial Sector and Trade Division, SERD|
|Concept Clearance||26 Apr 2013|
|Fact Finding||02 May 2013 to 09 May 2013|
|Approval||19 Jun 2013|
|Last Review Mission||-|
|Last PDS Update||23 Sep 2015|
|Approval||Signing Date||Effectivity Date||Closing|
|19 Jun 2013||13 Feb 2014||13 Feb 2014||31 Dec 2014||31 Dec 2015||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|800,000.00||0.00||100,000.00||0.00||0.00||0.00||900,000.00||19 Jun 2013||781,349.12|
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|Title||Document Type||Document Date|
|Strengthening Support for State-Owned Enterprise Reform and Corporate Governance Facilitation Program||Technical Assistance Reports||Jun 2013|
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