Viet Nam will need over VND75 trillion (US$3.25 billion) to implement its national target program on sustainable poverty reduction for the 2021- 2025 period, said Minister of Labor, Invalids, and Social Affairs Dao Ngoc Dung.  

The program targets to cut poverty rate by 1-1.5% annually; 4-5% in poor districts, and over 3% in ethnic minority groups in line with the multi-dimensional poverty approach. 

The rate of trained labor in poor and disadvantaged areas is expected to increase to 60%, according to the program.

The program comprises six projects and 11 sub-projects, requiring total funding of  VND 75 trillion, of which VND 48 trillion would be sourced from the national budget, VND12.6 trillion from localities' budgets, and the rest of VND 14.3 trillion from other sources.

Direct beneficiaries of the program include poor families and near-poor families, with a focus on children, the handicapped, women, and ethnic minority people, people who live in poor districts and extremely disadvantageous communes in coastal and island areas.

After five-year implementation of the national target program on sustainable poverty reduction for the 20216-2020, the country’s average poverty rate dropped from 9% in 2015 to only 2.75% in 2020.

Noticeably, the poverty rate among ethnic minority groups dipped by 4% and over 8 million people escaped from poverty over the past five years. 

Viet Nam was one of the first 30 countries in the world to adopt multi-dimensional poverty approach and has achieved the UN Millennium Development Goal on poverty ahead of schedule. 

However, it is estimated that over 4.4 million families or 17.447 million people in Viet Nam will still be living below the multi-dimensional poverty line by January next year. 

Poor people in Viet Nam are defined as those earning less than VND1.5 million a month in rural areas, and VND2 million in urban areas.