page_title: Vietnam and the World Bank
section_title: Poverty reduction
hierarchical_section_title: Vietnam and the World Bank / Significant projects / Poverty reduction
caption_attribution_description: English: Road construction works in Lai Châu Province, Vietnam.Русский: Укрепление склона; дорожные работы в провинции Лайчау, Вьетнам.
context_page_description: Vietnam joined the World Bank Group on 21 September 1956. Before the mid-1980s, Vietnam was one of the world's least developed countries. A series of economic and political reforms launched in 1986, known as Đổi Mới, caused Vietnam to experience rapid economic growth and development, becoming a lower middle-income country. The World Bank has maintained a development partnership with Vietnam since 1993. As of 25 March 2019, it has committed a total of US$24 billion in loans, credits, and grants to Vietnam through 165 operations and projects, 44 of which are active as of 2019 and comprise US$9 billion. With an estimated extreme poverty rate below 3% and a GDP growth rate of 7.1% in 2018, Vietnam's economy continues to show fundamental strength and is supported by robust domestic demand and export-oriented manufacturing.
context_section_description: A series of projects have been implemented to reduce poverty and improve living conditions in Vietnam. Launched in 2001, the First Northern Mountains Poverty Reduction Project aimed to improve infrastructure and rural services, covering broad sectors such as rural roads, irrigation systems, water supply, education, and health systems. The project, alongside the Second Project launched in 2010 with similar goals, resulted in a 15% increase in per-capita income among project beneficiaries in the poorest region of Vietnam. 
  Other projects, including ten Poverty Reduction Support Credit (PRSC) projects starting from 2001 and three Rural Financial Projects, also benefited rural private enterprises and households through improved access to finance. The percentage of people living under the national poverty line decreased from nearly 60% in 1993 to 13.5% in 2014. During the implementation of the PRSC projects, problems—including inadequate local knowledge and inefficient cooperation—delayed the project's operations and raised concerns about the program's quality; both the overall project and Vietnam's performance were rated unsatisfactory by the Project Performance Assessment Report.
caption: Rural roads in Lai Chau Province were improved.
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