Hanoi (VNA) – The European Commission (EC) will double its budget for Vietnam to 20 million Euro (31 million USD) to support the country in implementing social policy reform.

The Ambassador and Head of the EC Delegation in Vietnam, Sean Doyle, signed the financing agreement with Vietnamese Deputy Minister of Planning and Investment Cao Viet Sinh in Hanoi on June 19.

The EC’s grant is part of 88.5 million Euro contributed by the EC and several European Union member countries to finance the 230-million Euro World Bank’s Poverty Reduction Support Credit (PRSC6).

The bank’s sixth PRSC aims to support Vietnamese government’s policy reform agenda through budget support and policy dialogue and has a strong focus on social inclusion, health and education to foster growth and reduce poverty in Vietnam.

The commission says that by supporting the PRSC it is delivering on its commitments to the Hanoi Core Statement on Aid Effectiveness Agenda and contributes to a fruitful dialogue and coordination between the donor community and the Vietnamese Government on the broad policy reform agenda.