The Government has set up a steering committee to implement the upcoming socio-economic recovery package worth VND350 trillion (US$15.4 billion).

Deputy Prime Minister Le Minh Khai. Source: VGP

The committee is led by Deputy Prime Minister Le Minh Khai, while Minister of Planning and Investment Nguyen Chi Dung, Vice Minister of Finance Vo Thanh Hung, and Vice Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha will serve as deputy heads.

Other members of the committee include senior officials from ministries and Government agencies.

The committee’s objective is to assist the Prime Minister in researching and solving critical issues related to the implementation of the socio-economic recovery package.

The National Assembly in an irregular session in January ratified a resolution on a stimulus package worth VND350 trillion. However, at the NA’s third session held in June, many deputies voiced concern over the delay in disbursing the package, urging the Government to concentrate efforts on providing substantial support to businesses and individuals in the post-pandemic period.

In a NA discussion session on June 2, Deputy Prime Minister Le Minh Khai said the large size of the recovery program means the preparation process should be conducted thoroughly to avoid possible mishaps during the implementation.

The program, scheduled to take place during the 2022-2023 period, would include an economic reopening initiative along with improvements in preventive healthcare capabilities worth VND60 trillion ($2.64 billion); social welfare, and job creation support (VND53.15 trillion or $2.34 billion); businesses, cooperative and households recovery support (VND110 trillion or $4.84 billion); infrastructure development (VND113.85 trillion or $5 billion); administrative reform and improvements of the business environment.