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Lesson
The government’s internal approval processes need to be carefully considered when designing and implementing a policy reform program. In Viet Nam, the consensus-building approach to policymaking requires significant time and coordination, particularly for policies that would entail changes to the legal framework. The process for amending laws is a significant constraint, as the lawmaking cycle usually takes 5 years. Inadequate consideration of these features of policymaking and lawmaking in Viet Nam could lead to unrealistic program schedules.

Project Number: 49331-001
Project Name: Financial Sector Development and Inclusion Program
Report Date:
Lesson
The importance of a comprehensive strategic framework that broadens and deepens financial inclusion based on robust diagnostics and analytical work. The rationale for reform and policy actions are to be drawn from these diagnostics, and actions are prioritized and sequenced in addressing the constraints and bottlenecks. Regulatory constraints, institutional capacity limitations, deficiencies in technology infrastructure, and extent of financial literacy need to be clearly identified and assessed based on the analytical work.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
It is problematic to use a country's overall position in the Doing Business report to monitor progress in improving the business environment and overall competitiveness. The report has been subject to criticism and methodological problems have been identified. Its usefulness for monitoring progress in similar programs lies more in monitoring the country's performance over time - particularly in indicators that are not sensitive to the representative case used by the World Bank team - rather than measuring progress against other economies.

Project Number: 41544-022
Project Name: Investment Climate Improvement Program
Report Date: