Vietnam Staff Report For The 2012 Article IV Consultation—Informational Annex

This 2012 Article IV Consultation focuses on the financial sector and macroeconomic situation in Vietnam. The authorities adopted a stabilization package in February 2011 in response to increasing pressures on prices and the exchange rate in late 2010. Executive Directors commended the tightening of macroeconomic policies in 2011, which contributed to declining inflation, stabilizing the exchange rate, and a rebuilding of international reserves. Directors also recommended that monetary policy give priority to reducing inflation and rebuilding reserves further.


This 2012 Article IV Consultation focuses on the financial sector and macroeconomic situation in Vietnam. The authorities adopted a stabilization package in February 2011 in response to increasing pressures on prices and the exchange rate in late 2010. Executive Directors commended the tightening of macroeconomic policies in 2011, which contributed to declining inflation, stabilizing the exchange rate, and a rebuilding of international reserves. Directors also recommended that monetary policy give priority to reducing inflation and rebuilding reserves further.

Annex I. Fund Relations

(As of March 31, 2012)

Membership Status

Joined: September 21, 1956; Article VIII

General Resources Account

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SDR Department

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Outstanding Purchases and Loans

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Latest Financial Arrangements

In millions of SDRs (mm/dd/yyyy)

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Projected Payments to Fund

In millions of SDRs (based on existing use of resources and present holdings of SDRs)

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Exchange Arrangement

The exchange rate arrangement is classified as “stabilized.” The de jure arrangement is floating. The State Bank of Vietnam (SBV) announced an 8.5 percent devaluation of the dong (VND) on February 11, 2011, and narrowed the trading band from ±3 percent to ±1 percent. The SBV has also indicated that the official rate will be set more flexibly in the future to align with market rates.

Vietnam maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions, except for those exchange restrictions imposed for security reasons of which Vietnam has notified the IMF pursuant to Executive Board Decision No. 144-(52/51), 8/14/52.

Article IV Consultations

Vietnam is on a 12-month consultation cycle. The last Article IV consultation was held in Hanoi during February 24–March 9, 2011, and was concluded by the Executive Board on April 29, 2011 (Public Information Notice No. 11/81).

Technical Assistance

Vietnam is receiving extensive technical assistance (TA) in the areas of tax policy and administration, public financial management, statistics, banking supervision, and AML/CFT. From December 2008 to January 2012, a resident advisor assisted the authorities in improving banking supervision. The authorities have informally indicated interest in TA in the areas of General Data Dissemination System. The authorities have requested an assessment under the IMF-World Bank Financial Sector Assessment Program.

Resident Representative

Mr. Sanjay Kalra assumed the Resident Representative post for Vietnam and Lao P.D.R., based in Hanoi, on October 16, 2011.

Annex II. Relations With The World Bank Group2

(As of March 2012)

A. Partnership in Vietnam’s Development Strategy

The World Bank Country Partnership Strategy (CPS) for Vietnam was presented to the Board of Directors in December 2011. The CPS is fully aligned with Vietnam’s Socio-Economic Development Strategy (SEDS) 2011–15 and sets out the World Bank’s planned support for Vietnam between FY12 and FY16. The CPS program will support investments and policies organized into a strategic framework of three pillars and three cross-cutting themes. The pillars are: (i) strengthening Vietnam’s competitiveness in the regional and global economy, (ii) increasing the sustainability of its development, and (iii) broadening access to opportunity. Key cross-cutting themes are (i) strengthening governance, (ii) supporting gender equity, and (iii) improving resilience in the face of external economic shocks, natural hazards, and the impact of climate change.

An underlying theme in the CPS is the importance of building on the country’s strong track record of growth and poverty reduction to partner with Vietnam in its effort to achieve success as a middle-income country (MIC). The CPS program will support reforms for Vietnam’s multiple transitions, notably, from an agrarian economy toward one that is more urban and industrialized; from a focus on quantity toward a greater focus on quality of production and service provision; and from a factor driven to an efficiency driven economy.

Competitiveness: Support in this area focuses on: (a) Vietnam’s vulnerability to macroeconomic instability, including structural weaknesses in financial and SOE sector as well as Public Finance Management; (b) the low quality of key infrastructure services due to inefficiencies in power distribution and transmission, and in the water and transport sectors; (c) low-value addition in Vietnamese production; and (d) weak innovation capacity and the related low skills base of the Vietnamese labor force. Accountability gaps exacerbated by decentralization are among the governance challenges addressed under this pillar.

Sustainability: In this pillar, the focus is on management of water resource and land; conservation of forests and biodiversity; pollution control and the related issue of low connectivity to sanitation systems; mitigation and adaptation measures in light of Vietnam’s high vulnerability to climate change; and disaster risk management in light of the country’s increasing exposure to risks posed by extreme weather events. The CPS program under this pillar addresses governance weaknesses such as unclear and conflicting jurisdiction which undermines enforcement of environmental regulation, and limited access to information which undermines accountability.

Opportunity: The World Bank supports the development and implementation of policies to ensure that more citizens can benefit from the country’s transition to MIC status. This involves efforts to address rising inequality, especially between ethnic minorities and the rest of Vietnam’s population, and between urban and rural households; policy reform and institutional strengthening for social insurance and social safety nets to reduce vulnerability at the household level; weaknesses in basic public service delivery and access; and gender equality, a special theme for IDA 16.

Governance: Mainstreaming governance is a priority cutting across the three CPS pillars. The approach to mainstreaming is based on the following three principles: (i) systematically leveraging the Bank’s lending and analytical activities to support improved governance in Vietnam; (ii) improving project performance by better understanding and addressing governance risks to the achievement of development outcomes; and (iii) sustaining the effort, including by making periodic adjustments if the approach is not working. This should lead to a more comprehensive approach to governance.

Gender: The Bank’s support to gender in the CPS has four key elements: (i) to support Government in improving the implementation of the Law on Gender Equality and the National Strategy on Gender Equality, in part by building gender awareness and capacity within relevant ministries; (ii) to support the development of a national gender data system by building on the recent National Gender Statistical Indicator System; (iii) to apply a gender lens to identify opportunities to integrate gender more systematically into Bank operations, as was done in e.g., the Third Rural Transport Project, including by making the systematic collection of data disaggregated by gender a guiding principle; and (iv) to help close the knowledge gap through quantitative and qualitative research on gender issues.

Vulnerability: The global economic crisis has heightened Vietnam’s vulnerability to external shocks at both the macroeconomic and household level, and there is increased awareness of risks posed by climate change. Resilience is, therefore, a third theme cutting across all three CPS pillars, in the context of the macroeconomic policy framework and financial sector soundness (engagement areas under Pillar 1—Competitiveness), climate change mitigation and adaptation (engagement areas under Pillar 2—Sustainability), and social protection and facilitation of livelihoods for the poor (engagement areas under Pillar 3—Opportunity).

B. World Bank Group Strategy and Lending

The World Bank Group uses a broad range of instruments, elaborated in the previous as well as the new CPS, to support the objectives laid out in the SEDP and other key strategies of the Government. These instruments include a broad range of development policy and investment operations, and analytical and advisory activities; the IFC’s equity, loan, and technical assistance (TA) participations and the Mekong Private Sector Development Facility (MPDF); Multilateral Investment Guarantee Agency (MIGA) activities; and donor partnerships and ODA coordination.

Scale of the World Bank Group program: In FY10, the World Bank (IBRD) processed its first two IBRD operations for Vietnam, totaling US$700 million. Vietnam’s IDA allocations depend on its performance relative to other eligible IDA recipients and on the overall IDA resource envelope. At more than US$2.1 billion equivalent for IDA and IBRD combined, the FY10 program significantly surpassed that of prior years, and Vietnam was the World Bank’s eighth largest borrower in FY10. Commitments increased further in FY11, totaling US$2.348 billion, of which US$1.268 billion was IDA and US$1.068 billion IBRD. In FY12, the first year of IDA 16, the eight planned World Bank operations are estimated to reach a total amount of US$1.15 billion, of which US$1.05 billion will be IDA. An indicative IDA 16 allocation3 of about SDR 2.8 billion (equivalent to US$4.2 billion) would be available to support Vietnam’s economic and social development in FY12–FY14. This would be the largest IDA allocation to Vietnam of any IDA Replenishment, reflecting Vietnam’s strong performance as well as the increase in overall IDA resources mobilized for IDA 16 compared with IDA 15. The share of DPOs in the FY12–FY14 IDA program is currently estimated at about 25 percent and could rise if policy reform momentum increases.

Proposed FY12–FY14 IBRD commitments total US$770 million, of which around US$280 million is planned for two Development Policy Operations, and the balance for investment lending. Most of these resources would likely support infrastructure development. There are currently 49 active IDA/IBRD operations, totaling US$7.9 billion. IFC commitments totaled US$1,800 million over the five-year period of FY07–FY11, including commitments through their asset management business, and both IFC and MIGA programs are expected to grow in the coming years.

Lending program: The World Bank has a comprehensive investment lending program cutting across a broad range of sectors. Roughly two-thirds of the program is dedicated to infrastructure investments and it is expected that in the future, infrastructure will continue to dominate the lending program, especially Vietnam’s IBRD borrowing. In infrastructure, the program includes lending operations in rural energy, energy transmission and distribution, hydropower, various types of transport projects, water supply and sanitation, urban upgrading and natural disaster risk management. In agriculture, the program includes lending for agricultural competitiveness, livestock competitiveness, northern mountains poverty reduction, avian and human influence control and forest sector development. In human development, operations cover various health support projects, hospital waste management, school education quality assurance, and support for higher education. The World Bank furthermore has investment lending in the areas of public financial investment, tax administration and financial sector modernization.

The Poverty Reduction Support Credits (PRSCs 1–10) have been the centerpiece of the World Bank’s policy lending program during the last 10 years, supporting reforms in a broad range of areas. The PRSC series will be followed by a new DPO series of Economic Management and Competitiveness Credits (EMCC). Like the PRSCs, the EMCCs will be multi-year, multi-donor operations starting in FY12 with a five-year time horizon. The series will focus on critical reforms to enhance competitiveness, central to sustained growth and poverty reduction in Vietnam. Strategic and analytical underpinnings for the EMCCs will be drawn from the SEDS 2011–20, the Competitiveness Pillar of the CPS, the National Competitiveness Report, and recent Vietnam Development Reports (VDRs). Competitiveness is a function of many factors, but one of the lessons from the PRSC series is the importance of a focused reform agenda under one series of budget support operations. The EMCCs will, therefore, focus on reforms to strengthen (i) macroeconomic stability and (ii) institutions for public sector governance and private sector development. In addition, policy lending has also included support for the government’s poverty reduction program (P-135), higher education reform, power sector reform, and a series of DPOs supporting climate change mitigation and adaptation. Vietnam’s first IBRD operation, approved in FY10, furthermore launched a development policy loan series supporting public investment reforms—partly as a response to the global economic crisis—with a second operation approved in FY11.

Knowledge program: The World Bank supports the Government’s efforts to strengthen institutional capacity through its knowledge program of analytical and advisory services. While financing is still an important part of the partnership between the Vietnamese government and the World Bank, Vietnam’s new status as an MIC highlights the important role the Bank can and does play in generating knowledge and sharing global experiences and best practice. The annual Vietnam Development Reports (VDRs), written in coordination with a large number of donors and submitted to the annual year-end Consultative Group meeting, summarize the accumulated knowledge in a specific policy area of Vietnam’s reform agenda. Recent VDRs have focused on thematic areas such as social protection (2008), business development (2009), modern institutions (2010), natural resource management (2011) and Vietnam’s transition to a market economy (2012). The next VDR will focus on Skills Development.

Other reports during this period included Infrastructure Finance, Higher Education and Skills for Growth, Country Financial Accountability Assessment, Health Financing, Gender Assessment, Financial Sector Strategy, a series on Vietnam’s Infrastructure Challenges, High Quality Basic Education, and an Urbanization Review. Forthcoming reports include: Financial Inclusion and Access to Finance, Poverty Assessment, Agriculture Public Expenditure Review, Poverty and Social Impact Assessment for Climate Change and Poverty in the Central Highlands. In addition, the World Bank continues to provide technical assistance in areas such as governance, social protection, renewable energy, climate change adaptation, financial sector reform and public financial management reform.

C. IMF-World Bank Collaboration in Vietnam

Specific Areas

Since the expiration of the PRGF in April 2004, the two institutions have closely collaborated on monitoring the macroeconomic situation, and in discussions of PRSC triggers and benchmarks in the policy areas that used to be covered by the PRGF agreement. The IMF has provided Letters of Assessment in support of PRSC operations. The collaboration will continue with the EMCC. In the area of public financial management, the World Bank has an investment credit to support the introduction of a modern Treasury and Budget Management Information System, and coordinates technical inputs on a large multi-donor trust fund for public financial management reform. It also has an investment loan for Tax Administration Modernization. The World Bank has started a Programmatic Public Finance Review (PPFR) and will be collaborating closely on this with the IMF, including on a review of Budget Transparency. There is close cooperation between the IMF’s Regional PFM Advisor and the Bank team in Hanoi.

In recent years, joint work has been under way in support of the establishment of a modern central bank, with the IMF providing technical assistance (TA) on monetary policy and operations, and both the World Bank and IMF providing TA on banking supervision. The World Bank has also set up investment credits to support development of an integrated system of advanced business processes and modern information technology at the SBV (including for the Deposit Insurance Agency and Credit Information Center) to improve its capacity to make more informed and timely policy decisions. The World Bank and IMF are working closely together toward fielding an FSAP, at the request of the authorities. A World Bank-IMF joint FSAP information seminar was held in September 2010, which has been followed up with joint meetings with the SBV. The IMF further fielded a mission on stress testing during the second half of 2011.

Since 2005, the World Bank and the IMF have jointly prepared an annual Debt Sustainability Assessment. The Asian Development Bank has joined since 2009. There are plans to jointly conduct training on debt management in the coming months. The IMF and the World Bank also collaborate in the development and timely dissemination of reliable economic and financial statistics. The IMF focuses on improving balance of payments, national accounts, and price statistics, while the World Bank provides assistance on issues related to the production of high-quality household and enterprise surveys. Through PRSC10 and specific TA, the World Bank and development partners have supported the SBV to formulate a regulation that would improve timeliness and availability of monetary and banking sector information. The two institutions consult during Article IV consultation in order to share information and help coordinate policies.

Table 1.

Lending Commitments, FY 2011–12

(In millions of U.S. dollars)

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Source: World Bank.

Annex III. Relations With The Asian Development Bank

(As of March 2012)

The Asian Development Bank (AsDB) resumed its operations in Vietnam in October 1993. The Country Strategy and Program (CSP) 2007–10 was endorsed in October 2006 and was fully aligned with and designed to support implementation of the Government’s Socio-Economic Development Plan (SEDP) 2006–10. The goals of the CSP were to help the Government reduce poverty, achieve the Millennium Development Goals/Vietnam Development Goals, and exit from low-income country status. Recognizing Vietnam has actually achieved poverty reduction through rapid economic growth, the CSP was also growth-oriented with focuses on: (i) business-led, pro-poor economic growth: AsDB support aimed to help the Government develop the foundations for increased private sector investment and employment; (ii) social equity and balanced development: in addition to supporting education, health, targeted poverty reduction, and rural infrastructure, the CSP addressed communicable diseases such as avian influenza and HIV/AIDS; gender and other equity issues were main-streamed in AsDB projects; (iii) environment: the CSP supported natural resources management, emphasizing the link between resources depletion and persistent poverty, through assistance on biodiversity, water, and coastal resources management and livelihood improvement. Governance has been addressed through all AsDB operations and regional cooperation has also been strongly supported through a number of projects. As Vietnam has prepared the new Socio-Economic Development Strategy for 2011–20 and Socio-Economic Development Plan 2011–15, the AsDB is also preparing a new CPS for 2012–15 to further support Vietnam’s continuing rapid growth as a new middle-income country in line with AsDB’s Strategy 2020. Important features of Vietnam CPS 2011–15 are: (i) fully aligned with SEDP 2011–15; (ii) consistent with the AsDB’s Strategy 2020 for strategic directions and operational priorities; (iii) Results-based with monitorable and time-bound performance (outcome and output) indicators; (iv) formulated on the basis of sector assessment, strategy, and roadmap; and (v) more selective approach in order to maximize development effectiveness and minimize trans-action costs. The new CPS is expected to be approved by the AsDB Board in the second half of 2012.

From October 1993 until December 31, 2011, the AsDB approved 114 sovereign loans totaling US10.443 billion, comprising US$5.449 billion from highly concessional Asian Development Fund (ADF) and US$4.994 billion from less concessional Ordinary Capital Resources (OCR). The contract awards achievement in 2011 was US$1,353.45 million compared with US$610.21 million in 2010 and US$1,781.77 million in 2009. Disbursement in 2011 attained US$791.84 million compared with US$406.69 million in 2010 and US$1,093.4 million in 2009. The AsDB has also extended technical assistance grants amounting to US$242.2 million for 261 projects and other 26 grant projects totaling US$150.1 million. In addition to public sector operations, the AsDB has also approved eight nonsovereign loans, two political risk guarantees, and one B-loan totaling US$280.0 million. Vietnam also receives substantial support under the Greater Mekong Subregion initiatives, involving Cambodia, China, Lao P.D.R., Myanmar, Thailand, and Vietnam.

Support for policy and structural reforms to improve public sector efficiency and to encourage the development of the private sector is a vital component of AsDB operations in Vietnam. So far, the AsDB has approved 26 program loans in the agricultural sector, the financial sector, SOE reform and corporate governance, public administration reform, SME development, secondary education, health and in support of the multi-donor supported Poverty Reduction Support Credit (PRSC). The AsDB’s policy dialogue included support for increased efficiency of state-owned utilities through reforming their rate structure and other measures to increase cost recovery and to strengthen financial management, policy analysis, and planning. The AsDB is also the key supporter of public administration reform, particularly through civil service reform.

Following a reorganization of the AsDB’s regional departments in May 2006, Vietnam is covered by the Southeast Asia Department, along with Cambodia, Brunei Darussalam, Lao P.D.R., Myanmar, Thailand, Malaysia, Philippines, Indonesia, and Singapore. The resident mission has been gradually strengthened and is responsible for country economic monitoring, programming, and donor coordination functions, in addition to administration of 31 percent of the ongoing loan portfolio. The resident mission has helped the Government prepare the results-based SEDP 2006–10 through a broad, consultative process, including preparing the results framework for monitoring SEDP outcomes, and such efforts are continuing for the development of SEDP 2011–15. To implement the principles of the Paris Declaration on Aid Effectiveness, the resident mission actively participates in the Partnership Group on Aid Effectiveness with the Government and other development partners (which was reorganized to be the Aid Effectiveness Forum in 2010), taking a lead in harmonizing social safeguard policies and procurement rules and procedures between the Government and donors. The AsDB also actively participates in the “Six Banks Initiative,” with Agence Française de Développement (AfD), KfW Development Bank, Korea Eximbank, Japan International Cooperation Agency, and the World Bank, to harmonize project preparation, implementation, monitoring and evaluation practices, and improve the quality and effectiveness of investment projects.

The AsDB and IMF staff work closely together to support the process of economic reforms in Vietnam. The AsDB staff interacts with IMF missions, exchange information, and regularly consult on policy matters. The resident missions of the two institutions cooperate closely. For the first time in 2008, the AsDB took part in the Vietnam debt sustainability analysis with the IMF and the World Bank. As of 2011, at the invitation of the authorities, the AsDB attended some meetings during IMF Article IV missions.

Table 1.

Public Sector Lending by Sector, 1993–2011

(In millions of U.S. dollars)

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Source: Asian Development Bank.
Table 2.

Technical Assistance by Sector, 1993–2011

(In millions of U.S. dollars)

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Source: Asian Development Bank.
Table 3.

Grants by Sector, 1993–2011

(In millions of U.S. dollars)

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Source: Asian Development Bank.
Table 4.

Sovereign Loan Approvals and Disbursement, 1998–2011

(In millions of U.S. dollars)

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Source: Asian Development Bank.

Includes loan component of regional project in Vietnam.

Excludes regional technical assistance, but includes confinancing.

Lending excludes a guarantee of $325 million for Electricity Vietnam.

TA amount includes US$26 million confinancing from AusAID.

Annex IV. Statistical Issues

(As of March 27, 2012)

Assessment of Data Adequacy for Surveillance

General: Data provision has some shortcomings, but is broadly adequate for surveillance. Most affected areas are: national accounts, government finance, external sector, and financial sector statistics.

National accounts: The General Statistics Office provides quarterly (cumulative) and annual data on GDP by type of economic activity and annual data by expenditure (both in current and constant prices), and monthly and annual data on external trade, industrial output, retail sales, and prices. The annual constant price GDP estimates have 1994 as the base year and are in need of updating. While the national accounts methodologies are broadly consistent with the SNA93, the compilation process suffers from poor data collection practices and a lack of coordination and communication between data collection agencies. The 2010 National Accounts Statistics mission outlined the following outstanding data issues: (i) compiling quarterly GDP by expenditure approach; (ii) accounting for the non-observed economy; (iii) conducting a quarterly survey on capital formation; (iv) use of price deflators rather than quantity valuation approach for estimating output of manufacturing at constant prices; and (v) development of real estate statistics, wage rate index for construction industry employees, construction price index, estimation of consumption of fixed capital (CFC), and capital stock.

Prices statistics: The CPI methodology is largely in line with international standards. However, there is only a notional inclusion of owner-occupied and rental housing. Also, there is a need to adopt a geometric mean of price relatives at the lower level of aggregation, instead of the upward biased arithmetic mean. Trade price indices are also compiled, but not used in the national accounts.

Government finance statistics: Government operations data reflect the consolidated operations of the state budget, which cover all four levels of government (central, provincial, district, and commune). However, data exclude off-budget investment expenditure, onlending, quasi fiscal activities of the central bank (and state-owned enterprises (SOEs)), and extra-budgetary funds, among which are the Social Security Fund, Enterprise Restructuring Fund, Development Assistance Fund, Export Support Fund, local development funds, and the Sinking Fund (for repayment of on-lent funds), for which data are not compiled/disseminated on a regular basis. Compilation is on a cash basis for final annual data, but varies for provisional data depending on their source. As a result, government financing data, in particular domestic bank financing, cannot be reconciled as reported in the fiscal and monetary accounts. The World Bank and the IMF have recommended improving the coverage of fiscal data and aligning definitions with the GFSM 2001. A new budget law, expected to become effective in 2013, is likely to significantly enhance the quality of fiscal reporting. Vietnam tentatively confirmed participation in the three-year GFS technical assistance (TA) project for Asia and Pacific Island countries, funded by the Japanese Government. Participation in this project, launched recently by STA, could enhance further the quality of fiscal data.

Monetary statistics: A key shortcoming is insufficient sectorization of bank credit. The IMF’s Statistics Department (STA) has encouraged the State Bank of Vietnam (SBV) to develop a reporting scheme for a comprehensive break-down of banks’ credit to the economy by borrowing sectors and subsectors. In addition, STA has recommended that: (a) a list of SOEs that have been privatized and, therefore, should be classified as private enterprises should be distributed to banks in order to guide their data reporting on enterprises; (b) funds for on-lending should be reclassified out of banks’ “unclassified liabilities” to “other deposits.” Further cooperation from the authorities is needed to resolve data discrepancies involving credit data for a state-owned bank. These discrepancies may reflect possible non-coverage and/or omission of certain loans and financial leases, offset by lower deposits and other liabilities.

External sector statistics: Balance of payments statistics rely on limited source data, resulting in gaps in all areas of the external accounts (current, capital, and financial). The authorities are working on improving data on tourism revenue (travel) and workers’ remittances, supported by IMF’s STA TA. Regarding foreign direct investment, the 2009 STA mission noted that direct investment statistics are incomplete because the legal definition of foreign investor as used by the State Securities Commission does not accord with statistical guidelines; as a result, branches of foreign banks in Vietnam and 100 percent foreign–owned enterprises resident in Vietnam are considered as nonresidents. Data on portfolio investment assets do not identify sector and instrument breakdowns; and the scope of the data on the liabilities side appears limited. International investment position (IIP) data are not compiled. The authorities are working on improving external sector statistics with assistance from STA.

Financial sector statistics: Financial sector data remain largely unavailable, even on financial soundness indicators.

Data Standards and Quality

Participant in the General Data Dissemination System (GDDS) since September 2003.

No data ROSC are available.

Reporting to STA

Currently, no government finance statistics (GFS) are reported for publication in the IMF’s Government Finance Statistics Yearbook (GFSY) or International Financial Statistics (IFS). Annual GFS data through 2004, excluding extra-budgetary funds and social security funds, based on the 1986 GFS format, have been reported for publication in the GFSY. No sub-annual fiscal data have been reported for publication in IFS since 2001.

Table of Common Indicators Required for Surveillance

As of March 27, 2012

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Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); and Not Available (N/A).

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency, but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra-budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Services data available on an annual basis.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.


Extended Credit Facility (ECF), formerly PRGF.


Questions may be referred to Ms. Williams (202–473–6997).


For IDA16 allocations, only FY12 allocation is firm, and allocations in FY13–14 are indicative and can change depending on total IDA resources available in FY13 and 14, the IDA resource allocation process, and exchange rate changes between the SDR and the U.S. dollar.