The National Assembly on January 11 voted to adopt a Government-proposed socio-economic recovery programme worth nearly VND350 trillion (approximately US$15 billion) over the next two years.

The Government has just submitted a support package of VND350 trillion (US$15.43 billion) for socio-economic recovery and development to the National Assembly.

Input cost increases have forced manufacturers to increase selling prices. However, purchasing power is weak, which is a warning about a tough year ahead.

The Government has proposed a package of fiscal solutions worth 291 trillion VND (nearly 12.8 billion USD) in total to support socio-economic recovery and development.

The Government has proposed cutting value added tax (VAT) from the current 10% down to 8% for services and goods that are subject to a 10% VAT, 

Two months have elapsed since the issuance of Resolution128 which said Vietnam needs to ‘live together with the pandemic’. Production has gradually resumed and positive signs in the economy are reappearing.

Statistics from the Ministry of Labour, Invalids and Social Affairs showed that 28.2 million people across the country have been affected by COVID-19, including 4.7 people losing jobs, accounting for 16.5 percent.

A programme on economic recovery and development is scheduled to be submitted to the National Assembly's extraordinary session in late 2021, heard the Government’s regular press conference on December 2.

A gigantic economic recovery and development programme worth nearly $35 billion is expected to drive the economy to a higher level of growth.

There is still room for Vietnam to implement bailout packages and restore the economy, but there is not much time left.

The bailout in 2008-2009 pushed the national economy to a high inflation rate in following years, once climbing to 18 percent.

Economic expert Pham Chi Lan said that financial solutions to support pandemic-affected businesses this year have not yet learned from the irrationalities of 2020. 

The Ministry of Finance has advised the Government to launch a demand stimulus package through an interest-rate subsidy, worth VND20 trillion a year and VND40 trillion for two years.

The Ministry of Planning and Investment has proposed a post-pandemic economic recovery and development program costing some VND800 trillion, 3.5 times higher than the Government’s package in 2021. 

The Government and relevant ministries are working on stimulus packages to support businesses and stimulate economic development.

The latest Resolution 406/NQ-UBTVQH15, issued by the National Assembly on October 19, is regarded as a correct and timely policy, and was well received by enterprises.

After the pandemic is gradually put under control in many provinces, local authorities and businesses are striving to get the economy back to normal. However, for businesses, to resume operation, capital for production 

National Assembly (NA) Chairman Vuong Dinh Hue has signed for issuance a resolution of the NA Standing Committee on a number of solutions to support businesses and people affected by the COVID-19 pandemic. 

In a bid to help the country recover after the economy grew at a very low level in the third quarter, a huge financial support package is to be offered to enterprises whose performance is a backbone of economic growth.

Minister of Planning and Investment Nguyen Chi Dung has been assigned a difficult task – drafting a program on recovering and developing the economy in association with improving economic autonomy in 2022-2023.