Vietnam, ADB to Negotiate Loan for Poverty Reduction Project

Vietnam and the Asian Development Bank (ADB) will discuss an agreement on a credit supporting the Implementation of the Poverty Reduction Program V (Program Cluster) - Subprogram 3, the Government Office said. The Vietnamese inter-ministerial delegation to the discussion will include representatives from the President’s Office, the Government Office, the State Bank of Vietnam (SBV), and the ministries of Planning and Investment, Finance, Foreign Affairs, and Justice. Earlier on October 20, 2009, PM Nguyen Tan Dung entrusted the SBV Governor to sign with the ADB a credit agreement worth $100 million for the subprogram 2 that was completed on May 31, 2010. The program is aimed to help the Vietnamese government to realize the social-economic development plans in order to boost economic growth and poverty reduction. Vietnam reports 3.05 million poor households and 1.61 million near-poor ones, accounting for 14.2% and 7.53% of its total 87-million population, the ministry said.
This year, the Southeast Asian country will spend nearly VND1.81 trillion ($86.6 million) on a sustainable poverty reduction program and targets to cut the poverty rate to between 4%-5% by 2020 from 9.45% in 2010. (baodientu.chinhphu.vn Oct 20)