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The World Bank Implementation Status & Results ReportFinancial Sector Modernization and Information Management System (P088759)

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Public Disclosure Copy


Financial Sector Modernization and Information Management System (P088759)

EAST ASIA AND PACIFIC | Vietnam | Finance & Markets Global Practice | IBRD/IDA | Investment Project Financing | FY 2009 | Seq No: 15 | ARCHIVED on 08-Dec-2017 | ISR30628 |

Implementing Agencies: The State Bank of Vietnam, The Socialist Republic of Vietnam

Key Dates

Key Project Dates

Bank Approval Date:30-Oct-2008 Effectiveness Date:20-Jul-2009

Planned Mid Term Review Date:22-Apr-2013 Actual Mid-Term Review Date:17-May-2013

Original Closing Date:31-Dec-2014 Revised Closing Date:31-Dec-2017

Project Development Objectives

Project Development Objective (from Project Appraisal Document)The objective of the Project is to assist the State Bank of Vietnam, the Credit Information Center and the Deposit Insurance of Vietnam to improve the delivery of their main functions in accordance with relevant international standards for the banking sector, through (a) developing a centralized and integrated system of advanced business processes and a modern information technology architecture; and (b) strengthening their institutional capacity in carrying out their operations.

Has the Project Development Objective been changed since Board Approval of the Project Objective? No

PHRPDODEL

Components

NameSBV Component 1 - Functional Strengthening and Business Re-engineering:(Cost $7.89 M)

SBV Component 2 - ICT Platform Development:(Cost $34.56 M)

SBV Component 3 - Project Implementation Management:(Cost $2.48 M)

CIC Component 1 - Business Process Re-engineering:(Cost $0.47 M)

CIC Component 2 - ICT Platform Development:(Cost $6.74 M)

DIV Component 1 - Business Process Re-engineering:(Cost $1.50 M)

DIV Component 2 - ICT Platform Development:(Cost $14.52 M)

DIV Component 3 - Project Implementation Management:(Cost $0.80 M)

Overall Ratings

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Name Previous Rating Current Rating

Progress towards achievement of PDO Satisfactory Satisfactory

Overall Implementation Progress (IP) Satisfactory Satisfactory

Overall Risk Rating Substantial Moderate

Implementation Status and Key Decisions

The Project implementation has progressed well and it will close on December 31, 2017. The Project development objective will be achieved. All major IT system packages are operational and the users are already reporting several benefits, such as availability of more comprehensive, timely and accurate information, upgraded core functional capacity, improved work efficiency, etc. To date, the IDA credit has disbursed US$45.3 million, which is 83.6 percent of the Project’s US$ equivalent amount.


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Risks

Systematic Operations Risk-rating Tool

Risk Category Rating at Approval Previous Rating Current Rating


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Political and Governance -- Moderate Moderate

Macroeconomic -- Low Low

Sector Strategies and Policies -- Moderate Moderate

Technical Design of Project or Program -- Substantial ModerateInstitutional Capacity for Implementation and Sustainability -- Moderate Moderate

Fiduciary -- Moderate Moderate

Environment and Social -- Low Low

Stakeholders -- Moderate Moderate

Other -- -- --

Overall -- Substantial Moderate

Results

Project Development Objective IndicatorsPHINDPDOTBL

Strengthened main functions of SBV (Text, Custom)

Baseline Actual (Previous) Actual (Current) End Target

ValueLarge gaps between SBV practices and international practices

New reports/templates have been prepared and respective Circulas have been finalized. IT solutions developed and operational

Indicator is met - New reports/templates have been prepared and respective Circulas have been finalized. IT solutions developed and operational

Indicator is met as confirmed by the end targets of sub-indicators.

Date 01-Nov-2008 18-May-2017 15-Nov-2017 31-Dec-2017

PHINDPDOTBL

Strengthened SBV Accounting Function (Text, Custom Breakdown)


Value

Presentation of SBV financial statements without notes to financial statements. Difficulties in consolidating central banking operations and branch operations. No daily balance sheet and submission of monthly balance sheet to IMF with a 12-week lag.

Presentation, consolidation and timeliness of SBV's financial statements in line with both Vietnam Accounting standards (VAS) and SBV management requirements. System is based on real-time settlements and financial statements are consolidated daily. Financial statements

Indicator is met: SBV’s new accounting system has been centralized. SBV’s daily activities is processed, monitored, and controlled directly in the system. The data can be accessed and summarized real time, trial balance of SBV can be consolidated daily. The business processes have been

Presentation, consolidation and timeliness of SBV’s financial statements in line with both Vietnam Accounting Standards (VAS) and SBV management requirements on the one


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are also in accordance with international practices and standards applicable to central banks.

integrated and connected with the accounting information system to form a closed process, making data interface effortless All accounting related business process is processed automatically, integrated and connected with other transactions. Each transaction need only be entered to the system once; data will be integrated between systems and controlled automatically according to the pre-defined rules. It reduces the paper works and time, minimizes errors in the business processes, increase the accuracy of data Monitoring units can access the system to control, compare data between business process of the controlling unit to guarantee the uniformity and correctness of accounting data between SBV’s unit and assuring the accuracy of consolidated data. Directly execute reports in the system, automatically consolidate data from other units, making accounting data of SBV true and fair. Consolidating daily trial balance of SBV (finishes on the next day). Monthly Trial balance of SBV is completed in the first week of next month. Budgeting Management is a module in ERP system. Forms and data for planning need to be standardized and computerized, integrated with other modules, making consolidating and analyzing data effortless. In the new

hand, and international practices and standards applicable to central banks on the other, in particular in terms of provision of consolidated financial statements in accordance with statutory requirements of Vietnam.


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system, yearly budget can be detailed for each month, tools for measure and evaluating of level of planning completion as well as warning system for the users. It integrates yearly budget and middle, long term budget automatically in the system (CIP and Enterprise). Fixed Asset module is also integrated with BG system, AP/AR module, GL module to ensure the accuracy of data and facilitate yearly purchasing plan and purchasing budget compliance control Financial Statement, Budget reports (Revenue and expense budget of next fiscal year …) is conducted according to the guidelines of SBV mention in the following section. These guidelines is written base on the suitable principles and requirements of Vietnam Accounting System (VAS), Accounting Law as well as management requirement of SBV.


PHINDPDOTBL

Strengthened SBV Supervision Function (Text, Custom Breakdown)


ValueMaterially noncompliant with the BCPs on offsite supervision.

BSA has conducted measures to improve supervision in line with international standards and characteristics of Credit Institutions in Vietnam, particularly:- SBV (BSA) issued the Circular 41/2016/TT-NHNN on 30/12/2016 regulating capital

Indicator is met: Based on the functional description following leading practice for each of the preliminarily proposed IT based functions of ST1 consultant contract under FSMIMS project including processes (i) Macro analysis system;

Compliance with BCP principles on offsite surveillance improved, in particular regarding regular offsite supervision reporting of


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adequacy for banks and branches of foreign banks from 2020 onwards. Accordingly, calculation of capital adequacy is complied with Basel II (accounted for operational risks and market risk, credit risk including counterparty credit risk). In the first stage, Credit Institutions will use standard method to measure risks.- During Quarter I- 2017, BSA coordinated with BRASS to organize training course in order to improve knowledge about risks (credit, market and operations) as well as SBV orientation in implementation of Basel II for Credit Institutions and branches of foreign banks.- BSA has continued implementing the project of Information System in support of off-site supervision following the Decision of SBV Governor from May 2017 in order to fulfill the information system in support to improved supervision.

(ii) micro analysis system; (iii) CAMELS ranking system; (iv) Early warning system and (v) Supervision strategy, the Banking Supervision Agency (BSA) developed the user requirements for their Project on Information system supporting offsite supervision activities using by SBV’s fund.BSA completed and issued Offsite banking supervision manual with major content of risk based supervision. The application of this Manual into daily banking supervision works will help standardize supervision officers’ tasks as well as enhance the efficiency of the supervision over individual CIs and systemic risks.Basel’s core principals are improved related to outputs of ST1 contract’s deliverables and Input of data warehouse of SG4 contract under FSMIMS including: Core Principles number 16: Decree No. 41/2016/TT-NHNN dated 30/12/2016 of the SBV Governor stipulating capital adequacy ratio for foreign banks and their branches. In which, the capital adequacy ratio (CAR) is revised from 9% to 8%, supplementing requirement on capital for market risk and activity risk beside the requirement on credit risk which already applied under previous SBV circulars. Core Principles number 19: SBV applied macro analysis supervision method combined with micro

banks’ risk profiles


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supervision method; warning to CIs when recognizing signal of risks; issuing Decree on CI ranking (presently, the draft of Decree are sending to CIs for comments); data for supervision activities are centralized collected, stored, processed based on modern technology (standardized data warehouse ); beside this, SBV are implementing Information system supporting offsite supervision activities project that computerizing all processes of supervision and banking registration activities. Data warehouse of BSA will be developed by subjects and risk profile of each CI. Core Principles number 20: SBV step by step complete legal framework that moving from compliance supervision to combination of compliance supervision and banking activity risk supervision. Specifically, SBV issued Circular No. 36/2016/TT-NHNN stipulating procedures on banking inspection and Circular No. 08/2017/TT-NHNN stipulating procedures on banking supervision, in which closely combining the activities of inspection, supervision and registration.


PHINDPDOTBL

Strengthened SBV Policy Function (Text, Custom Breakdown)



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Value Lack of sectorization of bank credit and coverage of certain loans and financial leases in particular regarding state sector. Reports (6) submitted to IMF with a lag of 10-12 weeks. No regular publication of basic statistics and research results.

Accuracy of reports: The validation formulas of SG4 are also devised to automatically validate more reports which will contribute to the statistical report quality.Consistence: Improved+ Monetary balance sheet: SBV can provide key items on the monetary balance sheet to IMF with categorization in lower level i.e. items about outstanding credit, capital mobilization, bonds investment.+ Balance of Payments: at the present, BOP is made by SBV based on statistical report about borrowing, repayment of foreign loans; direct investment of Viet Nam to abroad and the direct oversea investment into Viet Nam; and statistical data on monetary balance sheets of SBV, credit institutions. Almost items on BOP are set by SBV following the guidance of BPM6 except the goods balance and service balance because these items are managed and collected by other Government agencies.- Providing monetary balance sheet: At reporting time, SBV continues providing to IMF monetary balance sheet of SBV, Credit institutions and overall banking industry on a monthly basis and BOP on quarterly basis.

Indicator is met: In relation to monetary and financial statistics of credit institutions, the SBV governor issued Circular No. 35/2015/TT-NHNN dated 31st December, 2015 regulating statistical report applicable to Credit institutions and branches of foreign banks . Accordingly, all statistical reports, financial statements and balance sheet reports are integrated in a reporting system and provide consistency for the data as well as minimize the burden on CIs. Specific regulations on the responsibilities of head offices of credit institutions to ensure the accuracy of data of the whole system as well as the regulations on hierarchical responsibilities of SBV departments and SBV provinces and cities in data validation have helped to ensure accurate data before data exploitation for the purpose of operating monetary policy, banking supervision and safety of the whole system; requirements on more detailed disaggregation for reporting template on credit balance, capital mobilization and bond investment help to ensure more consistency with IMF’s guidance. In addition, with the application of modern information technology in the reporting of monetary and financial statistics (SG4 contract under FSMIMS Project), data integrity and consistency are achieved through the installation of 4050 formulas in 394/595 report templates to

Statistics accuracy and consistency improved; monthly monetary survey submitted to IMF; and results of two research programs regularly published.


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automatically check the accuracy of the data, or to standardize data in the Data Warehouse using the features of an international standard data warehouse. After 10 months of operations, basically the system is stable, meeting the time and speed of processing; system errors and user errors have decreased over time. Specific results from Go-live are as follows: Input data collection: By the end of October 2017, the system had collected 399,290 daily reports, 44,741 three –times- a- month reports, 938,937 monthly reports, 98,193 quarterly reports, 2,230 ad hoc reports and 4,007 semi-annual reports from credit institutions, branches of foreign banks and SBV branches accurately and confidentially. Reporting entities include: 123 CIs (with a total of 2362 branches), 1175 PCFs, 63 SBV provincial and city branches, 03 microfinance institutions, 08 administrative and non-profit organizations. Report exploitation: Departments, agencies and units of SBV have exploited data on the system on a daily basis to serve for the management and administration of the SBV through 638 fixed reports and use the OBIEE tool for analysis. In relation to the balance sheet of SBV, SBV Governor has issued Circular No. 19/2015 / TT-NHNN regulating the system of accounting accounts of the SBV from 2015.Currently, the SBV continues to provide a


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monthly balance sheet of the SBV, credit institutions and the entire banking sector for IMF. The figures in the Balance Sheet meet the requirements for accuracy and consistency.


PHINDPDOTBL

Improved credit information provided by CIC (Text, Custom)


Value

Information on credit and borrowers considered limited by users. No data reliability control mechanism in place. Rich data on general evolution of credit and total exposer by CI not utilized by SBV.

The credit information system is in compliance with OECD best practices

The credit information system is in compliance with OECD best practices. Sources of reporting information:- 121 CIs reporting information including Commercial Banks, non-bank CIs, Branches of Foreign Banks; 03 microeconomic CIs; (before there was no microeconomic CIs)- 30 voluntary organizations outside the banking sector (including Investment Fund, environmental protection Fund, Guarantee Fund, some financial services companies…)- Some sector ministries: Besides 4 unit participating before, add information from Business Registration Support Center - Ministry of Planning and Investment (Enterprise Information), Identification Information (ID card) from Ministry of Public Security. Products and Service(i) Ensure the coverage of all collected information on legality, outstanding balance, collateral and credit card

Credit information provided by CIC is comprehensive, covering repayment history, unpaid debts or credit outstanding by borrower andby contract.


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information, corporate finance information, corporate bonds investment contract of CIs, debt classification, legal entity/ natural person credit relationship, sector analysis, debt default analysis.(ii) Integrate multiple pieces of information into one product. For example a detailed credit relationship credit legal entity/ natural person product integrating all information on outstanding balance, collateral assets, card, credit contract including contract No., Date signed, expire date; integrate individual scoring into credit report information providing to borrowers.(iii) The quantity and quality of the supplied products are significantly improved:- In the first 6 months of 2017, the number of bulletin provided to CIs was over 4.2 million (legal entities and natural person), an increase of 43% over the same period of 2016. The time it takes to provide bulletin is within permitted ranges and the percentage of automatic responder is 84%. For registration and provision of credit report for borrower module, in the first 6 months of 2017, 314 individual borrowers successfully registered online account, increasing the total number to 1,519 online accounts.- Provide new products including: (i) Sector analysis report, (ii) default ability analysis report,(iii) Provide registration service and


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credit information deployment for individuals including individual credit need registration(iv) Periodical and irregular report to the Departments, Units of the SBV are provided on time, ensuring the quality of information.


PHINDPDOTBL

Enhanced risk management of DIV (Text, Custom)


Value

Current systems and capacity not tested for bank risk assessment and payouts for banks.

All systems operational. Financial Stability Forum, the International Work Group about Deposit Insurance issued the guidelines to develop an effective deposit insurance system. DIV will evaluate and demonstrate that the FSMIMS project implemented the guidelines in the independent completion report; the index of Project result will be shown in the project completion report.

Indicator is met -- all systems operational. The project has supported DIV to develop a risk monitoring system covering core businesses: (i) certificate granting and revoking; (ii) risk analysis; (iii) Deposit Insurer rating; (iv) On-site examination; (v) Premium rate calculation; (vi) Helpdesk; (vii) Additional monitoring information collection. The newly developed ICT system has met all requirements of DIV, supported DIV’s operation in compliance with Law on Deposit Insurance and in line with core principles for Effective Deposit Insurance system, and promoted DIV’s role in examining and monitoring the operating of Credit Institutions (CIs). Specifically, with the change in approach from compliance monitoring to compliance-monitoring integrated with risk-based monitoring, DIV will be able to detect CIs’ frauds and errors

Indicator is met as confirmed by the end targets of sub-indicators.


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off-site, provide early warning to CIs and report to SBV and related agencies, therefore enhancing the stable development and preventing any failures that may corrupt the system. The risk monitoring system supports DIV to conduct analyzing, assessing, risk rating for CIs and provide monitoring reports with high reliability and accuracy. The new ICT system of DIV has been developed to meet all recommendations of the Core principles for Effective Deposit Insurance system. Specifically:(i) Group of Principles on Governance, Roles, Mandate and Powers: The new ICT system supports DIV to complete its functions and operation in compliance with Regulations, and in line with recommendations on Governance through systems such as Human resource management, Enterprise Resources and Planning, Document and Reporting Management and others core businesses system of DIV.(ii) Group of Principles on Relationships with other safety-net participants and Cross-border issues: Information management module (IM) has been developed to support DIV on sharing information with SBV, CIC and collecting information from Insured Institutions. This information sharing function will guarantee that information with be accurate, on-time and secured. Risk monitoring


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module support DIV conduct analyzing, assessing and risk ranking for CIs. Therefore, DIV will be able to share/ report to other related agencies in the financial safety-net to provide actions/interventions in time to maintain the stability of financial system. To conclude, the new ICT system supports DIV to meet the requirements of this group of principles.(iii) Group of Principles on Insured Institutions and Coverage: Insured Institutions management function, insured deposit information management function of RM module, and calculating coverage limit function of Financial Management (FM) module has supported DIV to conduct in line with the group of Principles on Insured Institutions and Coverage, and in compliance with Law of Deposit Insurance of Vietnam.(iv) Group of Principles on sources and use of funds: The new ICT system has developed Financial Management module to support DIV to conduct businesses related to Finance, manage and use of Fund. Collecting premium function of Resolution module (RL) support DIV to calculate and collect premium. These mentioned functions guarantee the availability of capital and target fund for any potential payout of DIV.(v) Principle of public awareness: The new ICT system has developed Helpdesk function of RM module. This function develops a


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communication channel to sharing information between depositors and DIV on issues related to deposit insurance policy, public interests on Insured Institution and financial system. Also, this sharing of information will always be secured; especially for information which may risk the safety of the system.(vi) Principle of early detect and timely intervention, payout for depositors and recoveries: Risk analysis, and Insured Institutions rating function of RM module has supported DIV to monitor and provide early warning to other organizations in the financial safety net such as SBV, Headquarters of National Financial Supervision to give timely intervention. In additional, RL module has developed functions such as Special examination, Payout, Liquidation on the new ICT system to support DIV resolute and payout for depositors in the event of failures timely.


PHINDPDOTBL

Coverage of risk exposure assessment (Text, Custom Breakdown)


Value

Coverage of risk exposure assessment is insufficient and is not aligned with global good practices

The whole operational system went live in October, 2016.

The whole operational system went live in October, 2016.

Coverage of risk exposure assessment improved in line with the recommendations of the International Working Group on Deposit


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Insurance under the Financial Stability Forum


PHINDPDOTBL

Risk assessment reports (Text, Custom Breakdown)


Value

Risk assessment reports are materially short in covering all aspects of DIV exposures, due to lack of information resources

Software applications now operational.

All software applications operational.

Risk assessment reports cover all material aspects of DIV exposures


Overall Comments

Intermediate Results IndicatorsPHINDIRITBL

Functions strengthened and business processes re-engineered (Text, Custom)


Value

Pachwork of regulations and operational directives more suited to administrative control Lack of polcies and procedures to guide and evaluate operation No basic central bank research program Ad hoc training without comprehensive medium-ter perspective

New business processes have been designed and developed and outputs have been delivered.

New business processes have been designed and developed and outputs have been delivered.

Main functions strengthened as evidence in improved quality of 2-3 important work program outputs, and main business processes re-engineered”. Important work program outputs and main business processes includes: Open Market Operation; Inflation


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Targeting and Forecasting; New Accounting and Finance Blueprint; New chart of account.


PHINDIRITBL

Medium-term training program implemented by SBV (Text, Custom Breakdown)


Value

Ad hoc staff training without comprehensive medium-term program based on solid skills gap analysis.

Training program on new operational processes was conducted by ST1 consultant and all training courses were completed in 2013.

Training program on new operational processes was conducted by ST1 consultant and all training courses were completed in 2013.

Medium-term training program implemented by SBV


PHINDIRITBL

Research program adopted by SBV (Text, Custom Breakdown)


Value Limited research and statistic capacity.

SBV continues with implementation of the inflation forecasting research program in Vietnam (lead by FSD) and risk contagion research program on interbank market (lead by CBD). The FSD complies with the 8-step process of inflation forecasting as recommended by E&Y Consultant. The forecasting results included in monthly, quarterly and annual publications.

SBV continues with implementation of the inflation forecasting research program in Vietnam (lead by FSD) and risk contagion research program on interbank market (lead by CBD). The FSD complies with the 8-step process of inflation forecasting as recommended by E&Y Consultant. The forecasting results included in monthly, quarterly and annual publications.

Research program on 02 topics implemented: (i) Inflation forecasting in Vietnam and (ii) Assessing level of risk contagion in the interbank market in Vietnam through matrix of funding relationships between CIs, branches of foreign banks - SBV”.



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PHINDIRITBL

New/revised regulations and operational policies and procedures implemented (Text, Custom Breakdown)


Value

Patchwork of existing regulations and operational policies/procedures mainly as responses to administrative requirements. New practices/products adopted without opeqartional guidelines.

SBV has issued Circular no. 19/2015/TT-NHNN on the chart of accounts and is gathering contributions of relating units on the accounting document circulation procedures, instructions on data migration, financial statement development. Issuance of legal documents completed.New circular replacing Circular 31/2013/TT-NHNN regulating statistical reports applied for SBV branches, CIs, branches of foreign-owned banks has been issued.CIC has issued 3 new operating procedures (i) complaint dealing process, (ii) registration and provision of clients’ credit reports integrated with client rating, (iii) procedure of debt overdue information provision in compliance with Circular 02.

SBV has issued Circular no. 19/2015/TT-NHNN on the chart of accounts and is gathering contributions of relating units on the accounting document circulation procedures, instructions on data migration, financial statement development. Issuance of legal documents completed.New circular replacing Circular 31/2013/TT-NHNN regulating statistical reports applied for SBV branches, CIs, branches of foreign-owned banks has been issued.CIC has issued 3 new operating procedures (i) complaint dealing process, (ii) registration and provision of clients’ credit reports integrated with client rating, (iii) procedure of debt overdue information provision in compliance with Circular 02.

New/revised regulations and operational policies and procedures implemented by SBV, CIC and DIV


PHINDIRITBL

Centralized ICT platform established (Text, Custom)


Value

Dispersed and semi-automatic systems led to inefficiency and weak risk control

Centralized IT platform become operational in January, 2017 and is functioning smoothly.

Centralized IT platform become operational in January, 2017 and is functioning smoothly.

Centralized ICT platform established in line with the adopted conceptual designs of the ICT architecture by SBV, CIC and


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DIV.


PHINDIRITBL

System implementation verified by a 3rd party consultant (Text, Custom Breakdown)


Value

Contract implementation for system supply and installation subject to 3rd party verification before any system is accepteb by SBV, CIC and DIV.

SBV has employed ST3 consultant to verify ICT systems under SBV and CIC components. DIV has chosen 3rd party (PWC) to implement validation of the system deployment result. ST3 has verified the 2 completely go-live systems (CG1 and SG1.1). The DIV component has been verified and also advised on the cyber-security aspects.

SBV has employed ST3 consultant to verify ICT systems under SBV and CIC components. DIV has chosen 3rd party (PWC) to implement validation of the system deployment result. ST3 has verified the 2 completely go-live systems (CG1 and SG1.1). The DIV component has been verified and also advised on the cyber-security aspects.

System implementation verified by a 3rd party consultant.


PHINDIRITBL

Automated and operational procedures in place (Text, Custom Breakdown)


Value

Centralized overall system architecture accepted but particular attention to transitional arrangements needed in detailed system design.

Systems within project scope under SBV and DIV components are installed, administered and exploited in centralized systems of software and hardware and ICT platform is established in compliance with the adopted conceptual designs. All systems except SG3.2 have reached the "Go-live" milestones. Both the

Systems within project scope under SBV and DIV components are installed, administered and exploited in centralized systems of software and hardware and ICT platform is established in compliance with the adopted conceptual designs. All systems have reached the "Go-live" milestones. Both the CIC and DIV

Automated and operational procedures in place to detect inconsistencies or errors in information provision and transmission for SBV, DIV and CIC.


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CIC and DIV component have become operational.

component have become operational.


PHINDIRITBL

Management and staff trained in new practices, processes and products (Text, Custom)


Value

Management and staff unfamiliar with international practices of data management and related IT

At functional strengthening phase, SBV, CIC and DIV staff participated in training courses on new operational processes by ST1 consultant (under SBV, CIC component) and DT1 consultant (under DIV component). All training courses were completed in 2013.In addition, under ST7 Contract, KDi Asia delivered several training courses in 2015 for SBV and Credit Institutions.Contractors continue deliveing training courses for professional staff and technical staff of SBV departments at headquarters and branches on the new systems, and do the technology transfer for users.

At functional strengthening phase, SBV, CIC and DIV staff participated in training courses on new operational processes by ST1 consultant (under SBV, CIC component) and DT1 consultant (under DIV component). All training courses were completed in 2013.In addition, under ST7 Contract, KDi Asia delivered several training courses in 2015 for SBV and Credit Institutions.Contractors have continued deliveing training courses for professional staff and technical staff of SBV departments at headquarters and branches on the new systems, and do the technology transfer for users.The WB has signed contract with KDI to further support communication efforts on the project benefits and results.

Management and staff trained in new regulations, operational policies, application tools, and IT skills related to new data management system. All related professional and IT training activities completed.


Overall Comments


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Data on Financial Performance

Disbursements (by loan)

Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed

P088759 IDA-45050 Effective USD 60.00 60.00 0.00 46.06 8.80 77%

P088759 TF-93085 Closed USD 0.83 0.83 0.00 0.83 0.00 100%

Key Dates (by loan)

Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date

P088759 IDA-45050 Effective 30-Oct-2008 21-Apr-2009 20-Jul-2009 31-Dec-2014 31-Dec-2017

P088759 TF-93085 Closed 21-Apr-2009 21-Apr-2009 21-Apr-2009 31-Dec-2014 31-Dec-2014

Cumulative Disbursements

Restructuring History


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Level Approved on 23-Aug-2010 ,Level 2 Approved on 22-Dec-2014 ,Level 2 Approved on 29-Dec-2016

Related Project(s)

There are no related projects.

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