The Unemployment Insurance Fund plans to pay out 1.15 trillion VND (49.15 million USD) to support labourers affected by the COVID-19 pandemic, according to a resolution issued by the National Assembly (NA) Standing Committee.
Businesses that have borne the brunt of the COVID-19 pandemic for the past two years expect they will get easy access to the recently approved US$15 billion bailout package to stay afloat.
Vietnam will soon disburse at least 50 percent of the VND350 trillion economic recovery package, the largest in its history, aiming to reboot the country’s economy after a long period of social and mobility restrictions due to the COVID-19 pandemic.
The year 2022 will not only be the time to live with but overcome the Covid-19 pandemic with a proactive attitude.
Though businesses need the Government’s economic recovery packages to rebound from the pandemic, the Government should consider limiting the participation of commercial banks in the packages to help them avoid bad debt risks, experts suggest.
The Government needs to carefully monitor and outline economic stimulus packages to assist businesses affected by the pandemic to quickly recover the national economy, according to experts.
Without solutions to support the economy, the average growth rate in the 2021-2025 period is forecast to only reach 5.4%/year, lower than the target set from 6.5-7%/year.
The Government has issued Resolution No. 01/NQ-CP on the main tasks and solutions for implementing the socio-economic development and State budget plans for 2022.
The Government has submitted to the National Assembly for approval of an economic recovery and development program worth nearly VND350 trillion (US$ 15 billion) for the 2022-2023 period.
The State Bank of Vietnam (SBV) and the State Treasury of Vietnam have injected hundreds of trillions of Vietnamese dong into the market through foreign currency purchases from commercial banks.
Many businesses are disappointed with the move of private joint stock commercial banks, which cite a fear of a sharp drop in profits.
Vietnam's fiscal support package needs to contain the pandemic and minimise health and economic impacts, so it will be necessary to give priority to spending on health, social security and support for the business sector.
HCM City to provide low-interest loans to landlords to help them upgrade boarding houses for workers
The HCM City Department of Construction has suggested that the city offer financial assistance to landlords to help them repair or upgrade their boarding houses where hundreds of thousands of workers live in the city.
The current challenges require an unprecedented consensus to overcome it, said former Director of the Central Institute for Economic Management Nguyen Dinh Cung.
Sixteen banks in Vietnam reduced a total of VND12.23 trillion ($536.2 million) in interest rates for borrowers affected by the COVID-19 pandemic from July 15 to September 30, equivalent to 59.36% of their commitments.
The banking sector will provide enough credit to businesses at supportive interest rates this quarter to help revive them, according to the State Bank of Vietnam’s Ho Chi Minh City branch.