Growth, jobs and less poverty
In the mid-1980s, the Vietnamese government introduced a new state way of thinking entitled "Doi Moi", switching from a centrally planned economy to a market economy with a "socialist outlook". Since then, poverty in the country has fallen sharply. Vietnam's economy has flourished due to motivated workers and political stability. Since 2013, bilateral development cooperation with Vietnam has been based on the Vietnamese approach to promoting a sustainable growth strategy, the "Green Growth Strategy". KfW, on behalf of the German government, is supporting this economic change in various priority areas. For example, KfW is promoting renewable energies and higher energy efficiency in the energy sector. It is equipping vocational schools and investing in extensive reforestation projects and resource protection.