There should be no delay in the implementation of the upcoming socio-economic recovery program worth VND350 trillion (US$15.4 billion).

Deputy Prime Minister Le Minh Khai at the meeting. Photo: Tran Manh

Deputy Prime Minister Le Minh Khai stressed the view during a Government meeting today [January 25], discussing a draft resolution on the action plan for the program.

According to Khai, the National Assembly during its irregular session in early 2022 ratified a resolution No.43/2022/QH15 on monetary and fiscal policies to aid the socio-economic recovery program.

Under resolution No.43, the Government has instructed the Ministry of Planning and Investment (MPI) to draft a Government resolution to put the program into practice.

“The MPI is tasked with soon finalizing the draft resolution and submit to the Government for effective and timely implementation, to meet the expectation of the people and business community,” Khai added.

Resolution No.43 of the National Assembly details a set of objectives to nurture key growth drivers and economic fields to help Vietnam realize the GDP growth target in the 2021-2025 period of 6.5-7%; public debt below the threshold of 65% of the GDP; the unemployment rate in urban areas below 4%; stable macro-economic fundamentals in the mid and long-term.

The resolution urges the Government to ensure effective Covid-19 response and avoid disruption to economic activities while focusing on social welfare and living conditions of the people, especially workers, the poor, and vulnerable groups affected by the pandemic.

To realize these goals, the resolution consists of fiscal policies (waiving and freezing payments of taxes; policies to promote the development of healthcare, social welfare, job creation, business support, and infrastructure development) and monetary policies (restructuring debt payments for customers affected by the pandemic, offering credit support package with preferential rates).