Poverty Rate Drops – and It Could Stay That Way!

The poverty rate in Vietnam has significantly reduced between 2010 and 2020, and measures are now expected to be taken to ensure the population continues to prosper and stay well above the poverty line.

10 million people were lifted out of poverty following a big drop in poverty rate over the past decade – from 16.8% down to 5%. And within chronically poorer groups, the poverty rate was reduced by at least half between 2010 and 2020!

13.6 million people are no longer in the poor category, but that does not mean they are economically secure or middle class, so strategies have been proposed by the World Bank’s Last Mile challenge to help the population prosper. Among those strategies is improving education – high education and the business environment – and enforcing economic policies to prevent families from falling back into poverty. In addition, with a better fiscal policy, inequalities could be reduced. Both the country and its workers could be more productive and become higher earners through the modernization of agriculture, improved skills, and higher-quality education.