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Lesson
When a reform requires adoption of international standards, then both ADB and the government should communicate with the relevant international body responsible for the adoption of those standards. Where possible, a program specifically for Viet Nam can be designed and agreed. An example of this is the adoption of international financial reporting standards in close coordination with the international accounting standards board. [Main text, para. 43(x)]

Project Number: 37577-013
Project Name: Third Financial Sector Program Loan
Report Date:
Lesson
For capacity building, technical assistance grants are likely to be insufficient. An ad hoc approach to training is insufficient and can be counterproductive. Instead, ADB and the government should discuss the possibility of either a project loan to support capacity building or of Ministry of Finance earmarking a portion of the program loan to fund the capacity building initiatives of a structured medium-term program through the government budget process. Given its importance, this can be considered as a policy action in the policy matrix. [Main text, para. 43(ix)]

Project Number: 37577-013
Project Name: Third Financial Sector Program Loan
Report Date:
Lesson
Financial sector reforms must be supported by sufficient technical assistance (TA) resources. The design of financial sector TA should be undertaken in close coordination with the relevant executing and implementing agencies and aligned to their work plan. TA projects should be focused, and targeted particularly at reforms that have been substantially delayed. [Main text, para. 43(viii)]

Project Number: 37577-013
Project Name: Third Financial Sector Program Loan
Report Date:
Lesson
There needs to be a balance between flexibility and achievement of results. A program cluster modality has in-built flexibility, particularly when designing indicative actions such as for subprogram 2. However, this flexibility is not a carte blanche for changes and should not be used to substitute uncompleted reforms just because they are difficult to implement. When making revisions or substituting policy actions, a careful assessment should be made as to how these revisions or substitutions will affect the achievement of outputs and ultimately the outcome of the program.

Project Number: 37577-013
Project Name: Third Financial Sector Program Loan
Report Date:
Lesson
Program loans should be focused and consist of targeted high impact policy actions in a few selected areas, which cumulatively lead to the desired outcome. This will increase government ownership of the program and thus avoid delays in implementation of the reforms. [Main text, para. 43(vi)]

Project Number: 37577-013
Project Name: Third Financial Sector Program Loan
Report Date:
Lesson
ADB and the government need to recognize that financial sector reforms are complex, have a medium- to long-term gestation period, and require proper sequencing that follows a step-by-step approach. This is especially important when new institutions, legal and regulatory frameworks, or standards are being introduced. Such a focused and phased approach may better accommodate capacity constraints, avoid delays, and enable a more accurate measurement of outcome and impact. [Main text, para. 43(v)]

Project Number: 37577-013
Project Name: Third Financial Sector Program Loan
Report Date:
Lesson
Given the challenges of coordination in Viet Nam and the financial sector generally, when a policy action requires coordination between two or more agencies, ADB and the government must first ensure that the coordination mechanism and institutional infrastructure have been established and areworking as envisioned. In the initial stage, ADB staff, including those from the Resident Mission, should participate in meetings and discussions. This is to prevent the existence of a coordination mechanism only on paper. [Main text, para. 43(iv)]

Project Number: 37577-013
Project Name: Third Financial Sector Program Loan
Report Date:
Lesson
These indicators should be linked to the policy matrix, as reforms should contribute to the achievement of these indicators. When a particular reform is delayed, then additional technical assistance resources will need to be provided to address the problem.

Project Number: 37577-013
Project Name: Third Financial Sector Program Loan
Report Date:
Lesson
The design and monitoring framework should consist of indicators agreed between ADB and the government from the outset. These indicators should either already be present in the government's strategy or blueprint or, if they are not, then they should be included and approved by the highest level of authority of a particular organization. This would strengthen government ownership and accountability. These indicators then should be measured by both ADB and the government at the end of each year of the program.

Project Number: 37577-013
Project Name: Third Financial Sector Program Loan
Report Date:
Lesson
Assessment of a program's success should be based on quantitative indicators and tangible results rather than whether policy actions have been met. While approval of legislation and regulations can be considered a reform in the initial phase of a program, particularly subprogram 1, subsequent programs should assess the result of the implementation of the legislation and regulations.

Project Number: 37577-013
Project Name: Third Financial Sector Program Loan
Report Date:
Lesson
Conduct adequate due diligence. ADB's policy framework was based largely on the recommendations of the high-level task force. Given the task force's expertise, there is merit to using such a report as the basis for ADB's program. Yet, ADB still needs to conduct adequate due diligence - specifically, how to implement and monitor the task force's recommendations and how to mitigate the facility's risks.Include systems for data collection. The program design could have benefited from a greater focus on data collection.

Project Number: 36343-013
Project Name: Rural Cooperative Credit Restructuring and Development Program: Program Completion Report
Report Date:
Lesson
Early proactive engagement with project stakeholders could have been done for readiness in critical areas. Although the project largely achieved its intended outcome and outputs and had significant impact on the capital market and insurance sector of the country, implementation began much later than scheduled because of delayed recruitment of consultants. _x005F_x000D__x005F_x000D_Training component could be spread over the implementation period.

Project Number: 36197-013
Project Name: Improvement of Capital Market and Insurance Governance TA Loan
Report Date:
Lesson
More detailed understanding of legal requirements for and better supervision of arrangements for the establishment and operation of project-financed assets by private- sector entities is necessary to remove the risk that such assets may not operate effectively or operate in ways not intended._x005F_x000D__x005F_x000D_Expecting farmer organizations to want to operate such facilities as seed cleaning plants, as the proposal of the major change in scope and implementation arrangements did, was overly optimistic.

Project Number: 38603-013
Project Name: Sustainable Cotton Subsector Project
Report Date: