Prime Minister Nguyen Xuan Phuc on Tuesday agreed with the proposal of the Ministry of Labor, Invalids and Social Affairs to issue a Decree on new benchmark for multidimensional poverty for 2021-2025 period. 

Poverty rate in Viet Nam declines sharply from over 70% to below 6%

The new benchmark will serve as basis for identification of poor households and near-poor households and other beneficiaries of the Government’s poverty reduction programs and policies in the next five years.

It will also serve as basis for designing poverty reduction targets as well as policies and solutions for multidimensional, inclusive and sustainable poverty reduction in the coming years.

Viet Nam’s development over the past 30 years have been remarkable thanks to the introduction of economic and political reform under Doi Moi launched in 1986, according to the World Bank.

Doi Moi, or Reform process has spurred rapid economic growth, transformed what was then one of the world’s poorest nations into a low middle-income country.

Between 2002 and 2018, GDP per capita increased by 2.7 times, reaching over US$2,700 in 2019 and more than 45 million people were lifted out of poverty.

The country’s poverty rate declined sharply from over 70% to below 6%./.