Slow implementation of the national fiscal and monetary initiative is expected to dent economic growth, with legislators urging the government to soon review the policy to provide further assistance for enterprises and people.
The tax payment extension, which is not expected to reduce state budget revenue, will help enterprises have capital for production and business.
Commenting about the mega economic stimulus package, economists said the money should not be delivered equally to everyone, but should go to the right addresses.
An economic recovery package worth VND350 trillion, the largest package so far, to be disbursed in 2022 and 2023, offers many supportive measures. Workers experiencing difficulties can borrow money to buy or rent social housing.
The COVID-19 pandemic has caused local firms to face an array of risks, with there being a large and possible long-lasting vulnerability for them.
Minister of Planning and Investment Nguyen Chi Dung talks about the key objectives and priorities of Vietnam socio-economic recovery programme for 2022.
A support package worth 6.6 trillion VND (290.4 million USD) will be spent on providing housing rental subsidies for labourers who are working in industrial parks (IPs), export processing zones (EPZs) and key economic regions.
The Government has issued a resolution on the overall socio-economic recovery programme worth VND350 trillion (US$15 billion) which was approved by the National Assembly a couple of weeks ago.
The investment capital of nearly VND350 trillion for the Socio-Economic Development and Recovery Program must be quickly disbursed, said Deputy Prime Minister Le Minh Khai.
The value added tax (VAT) will be reduced by 2 percentage points to 8 percent starting this February as part of measures helping taxpayers tackle difficulties.
Given the severe impact of COVID-19, the National Assembly’s recent approval of a VND350 trillion (US$15 billion) economic recovery package is considered by businesses and experts as an extremely important leverage and motivation moving forward.
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.
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.