What is the poverty rate in Vietnam?
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A series of projects have been implemented to reduce poverty and improve the living conditions of the poor in Vietnam, which contributed to the Vietnam's transition to a middle-income country. The First Northern Mountains Poverty Reduction Project (launched in 2001), which aimed at improving infrastructure and rural services and covered broad sectors such as rural roads, irrigation systems, water supply, education and health systems, coupled with the Second project launched in 2010 with similar but further goal of building up the local capacity of project managing, resulted in an at least increase of 15 percent in per capita income among project beneficiaries in the poorest region of the country. Other series of projects, including 10 Poverty Reduction Support Credit (PRSC) projects starting from 2001 and 3 Rural Financial Projects and so on, also had benefited rural private enterprises and households through increasing their access to finance. The population in Vietnam living under the national policy line decreased from nearly 60% in 1993 to 13.5% in 2014. But during the implementation of PRSC 10, problems such as a lack of strong local knowledge and inefficient cooperation, were also seen to cause a delay of the project operation and raise concern about program quality, and the borrower performance of the project was rated as unsatisfactory.
Vietnam and the World Bank
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Based on a report from the Asian Development Bank, Vietnam has a total population of 91.70 million as of 2015, about one million people more compared to the previous year. 8.4% of the population lived below the national poverty line. There were 76.2% of the population aged 15 years and above who were employed in 2013.
Poverty in Vietnam
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As in many other developing countries, hunger and poverty in Vietnam has existed for a significant amount of time. Until the 1980s, most of the Vietnamese population still lived under the poverty line. However, thanks to the political and economic reform in 1986 and the government's commitment, the status of poverty and hunger in Vietnam has been significantly improved. From one of the poorest countries in the World with per capita income below US$100 per year, Vietnam is now a lower-middle income country with per capita income of US$1,910 by the end of 2013. Thereby, the poverty rate decreases gradually from 58 percent in 1993 to 28.9 percent in 2002, 14.5 percent in 2008 and 12 percent in 2011. About 28 million people are estimated to have been lifted out of poverty over approximately two decades. The 2014 Global Hunger Index (GHI) Report ranked Vietnam 15th amongst 81 nations suffering from hunger, with a GHI of 7.5 compared with 27.7 in 1990 (country with extremely alarming (GHI ≥ 30), alarming (GHI between 20.0 and 29.9) or serious (GHI between 10.0 and 19.9) hunger situation. Achievements in poverty reduction and hunger eradication have been highly appreciated by the international community and viewed overall as successful in furthering economic development. However, Vietnam still has many tasks ahead in fighting against poverty and hunger, particularly for vulnerable groups such as ethnic minorities, and the disabled.
Poverty in Vietnam
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Child poverty declined from 65.2% in the 1993 to 26.7% in 2004. The Survey on Household Living Standards data set from 2008 showed that 1 in 3 children in Vietnam is poor. Despite the drop, child poverty remains much higher than the national poverty rate. Many children lack access to the basic necessities of food, water, education and sanitation. This is especially so in rural areas.
Social issues in Vietnam
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There are broad regional variations in the distribution of poverty. The regions with the highest relative poverty rates include the north-west, north-central, central highlands, central coast and north-east. But in terms of absolute numbers, more poor people live in the north-central and north-east regions, in the Mekong Delta and central coastal regions, which are home to seven out of 10 of Vietnam's poor people.
IFAD Vietnam
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The Philippines has a slow poverty declination rate in comparison to countries such as China, Vietnam and Indonesia. While China is declining at a rate of 2.4 percent per year, the Philippines is declining at 0.9 percent per year. Impacts of natural disasters, the gap of income and wealth, and slow growth and pace are just some of the factors that have contributed to that statistic. Declination of poverty is slower in the Philippines because urbanization and industrialization is progressing faster elsewhere. This advancement allows people to leave their agricultural-based work to a factory job with a higher paying income. The country has made movement out of the labor-intensive work in populous regions, such as Manila, however the country as a whole has made slower improvements. In addition to slow progress, natural disasters in the Philippines, like stated previously, is one of the biggest conductors of poverty. While other countries are able to develop without consistent disturbances, the Philippines is forced to start from the ground up after every single occurrence. The Economist, state that low growth of annual GDP is one of the main reasons for persistent poverty compared to Vietnam, China, and Thailand. Because the growth is concentrated in Manila, other provinces in the country are forgotten and hardly progress.
Poverty in the Philippines
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Since 2012, the Vietnamese dong closely tied to the U.S. dollar. Every year or two Vietnam undergoes a cycle staff report based off Article IV Consultation and hold discussions of their economic developments. As of July 2016, Vietnam has found some promising progress as they have decreased their poverty rate by one percent and managed to lower their inflation. Their main source of exports are crude oil, electronics, coffee, rice, and rubber, while their key export buyers are the US, Japan, and the developing members of ASEAN.
Vietnam and the International Monetary Fund
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By the late 1990s, the success of the business and agricultural reforms ushered in under Doi Moi was evident. More than 30,000 private businesses had been created, and the economy was growing at an annual rate of more than 7 percent. From the early 1990s to 2005, poverty declined from about 50 percent to 29 percent of the population. However, progress varied geographically, with most prosperity concentrated in urban areas, particularly in and around Ho Chi Minh City. In general, rural areas also made progress, as rural households living in poverty declined from 66 percent of the total in 1993 to 36 percent in 2002. By contrast, concentrations of poverty remained in certain rural areas, particularly the northwest, north-central coast, and central highlands.
Economic history of Vietnam
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The ordinance of the poverty line applied for the period of 2011 – 2015 provided that.
With the new poverty line, Vietnam's percentage of households was estimated 12 percent at the end of 2011.
Poverty in Vietnam
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Reduction in poverty is only successful if all parties from the Government to civil society and donors, from central to local Government and people themselves involve in the process. However, it is essential that the roles and responsibilities of the various stakeholders are assigned clearly and specifically. Greater clarity of their roles will result in a more effective and greater coherence between them. The Vietnam Development Report (2001) suggests a way of addressing this by making a clear division of responsibility between central and local Government, the role of poverty reduction staff at local levels, and of related stakeholders, for the management and delivery of poverty reduction activities.
Poverty in Vietnam
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Estimates of poverty by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) and Luis Pedro España, a sociologist at the Universidad Católica Andrés Bello, show an increase of poverty in Venezuela. ECLAC showed a 2013 poverty rate of 32% while Pedro España calculated a 2015 rate of 48% with a poverty rate of 70% possible by the end of 2015. According to Venezuelan NGO PROVEA, by the end of 2015, there would be the same number of Venezuelans living in poverty as there was in 2000, reversing the advancements against poverty by Hugo Chávez. By November 2015, a multi university study found that about 73% of households and 76% of Venezuelans were living in poverty.
Economic policy of the Nicolás Maduro administration