From now until 2016, Switzerland will focus on financially assisting Vietnam in economic development instead of reducing poverty, according to the newly reached cooperation plan between the two countries.

Under the plan announced by the Swiss Embassy in Vietnam and the country’s Ministry of Planning and Investment on Wednesday, the European country will provide Vietnam with a total non-refundable aid of 123 million Swiss francs (roughly US $134.8 million and VND 2.8 trillion) from now until 2016.

Vietnam News Agency quoted Swiss ambassador to Vietnam Andrej Motyl as saying that this sum represents an increase of roughly 50 percent from the budget for the previous four years.

Through its cooperative projects, Switzerland will focus on helping Vietnam increase the value-added of its products and services by improving the business environment for small and medium-sized enterprises.

The projects will also seek to restructure administrative procedure, as well as optimize energy consumption and waste treatment.

Since 1992, Switzerland has earmarked some $360 million to socio-economic development and reform projects in Vietnam.