ADB to Fund Vietnam $70M to Improve Vocational Training

The Asian Development Bank (ADB) will lend Vietnam $70 million to further improve its workers’ skills, the Dat Viet newspaper reported July 19. The loan sourced from ADB concessional Asian Development Fund will go to the Vietnam Skills Enhancement Project which is designed to offer quality training programs in priority industries, including automotive technology, electrical and mechanical manufacturing, hospitality and tourism and IT. Around 24,000 people are expected to benefit from the program, of whom 25% are women and members of ethnic minority groups. The Ministry of Labor, Invalids and Social Affairs will be the executing agency for the project scheduled for completion by August 2015. Though Vietnam has posted impressive gains in growth and poverty reduction over the past 20 years, just 13% of its employable workforce has vocational qualifications, added the ADB.