Vietnam’s National Assembly Standing Committee has decided to allocate over VND92 trillion (US$3.9 billion) from the central budget for the 2021-2025 period to localities implementing three national target programs.

Three national target programs include a program for socio-economic development in ethnic minority and mountainous areas, one for new rural area construction, and another for sustainable poverty reduction. 

Some US$3.9 billion will be allocated to three national target programs. Photo: Quochoi.vn

Under Resolution No.517 signed by Chairman of the National Assembly Vuong Dinh Hue on May 22, over VND47 trillion (around $2 billion) will be allocated to the implementation of the national target program for socio-economic development in ethnic and mountainous areas.

Meanwhile, VND18 trillion ($777 million) will be spent on the national target program for sustainable poverty reduction and VND27 trillion (nearly $1.2 billion) will be allocated to the national target program for building new-style rural areas.  

The Government will urgently implement solutions to accelerate the above-mentioned programs in accordance with the Resolution of the National Assembly, ensuring the efficient management and use of the funds following Vietnam's law.

Through the implementation of national target programs, a huge resource has been spent on the construction and maintenance of infrastructure works, providing loans to support production and social security policies, making an important contribution to the country's socio-economic development plan.

In the field of building new rural areas, in the past five years, 5,350 communes have been upgraded to reach new rural standards, marking 60.23% of the total communes nationwide.

Meanwhile, the sustainable poverty reduction program has helped to lower the poverty rate nationwide to around 2.75%, with an average reduction of around 1.43 % per annum; that of poor households in poor districts to about 24%, with an average reduction of 5.65% per year.