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VND350 trillion for economic recovery must be disbursed soon

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.

 

Thuc day trien khai Chuong trinh phuc hoi kinh te anh 1

Deputy Prime Minister Le Minh Khai. Photo: VGP

 

On January 25, Deputy Prime Minister Le Minh Khai chaired a meeting with relevant ministries and agencies to collect comments on completing the Government's draft resolution on the program of socio-economic recovery and development.

At the last extraordinary session, the National Assembly voted to approve and the National Assembly Chairman signed and issued Resolution No. 43 on fiscal and monetary policies to support the program of socio-economic recovery and development.

Deputy Prime Minister Le Minh Khai said this is a very important resolution to implement economic recovery. On the basis of Resolution 43, the Government assigned the Ministry of Planning and Investment to develop a draft resolution to implement the program.

With a 2-year implementation and huge investment capital (nearly VND350 trillion), Khai noted that the program must be carried out as soon as possible.

Referring to the support policy of 2%/year for a credit program with interest rates above 6%/year, Deputy General Director of the Bank for Social Policies Bui Quang Vinh proposed mainly supporting loans in 2022-2023, with a total support interest rate of about VND 3,000 billion (VND 1,500 billion per year).

He also suggested that the Prime Minister approve the project soon to issue Government guaranteed bonds for the Bank for Social Policies, because all resources for the program are mobilized from bonds guaranteed by the Government.

Meanwhile, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha proposed continuing refinancing the Bank for Social Policies so that employers can borrow loans to pay wages for those who stop working, and wages to restore production to employees under the Government’s resolution.

Concluding the meeting, Deputy Prime Minister Le Minh Khai emphasized that this economic recovery program must be implemented fast in a transparent clear manner to ensure its effectiveness.

Resolution 43 of the National Assembly sets out the goal of recovering and rapidly developing production and business activities, promoting the growth engine, prioritizing a number of important industries and fields, striving to achieve the goals of the 2021-2025 period, such as average GDP growth rate of 6.5 - 7%/year, public debt below the warning level allowed by the National Assembly.

Deputy Minister of Planning and Investment Tran Quoc Phuong said that the draft resolution consists of four parts, identifying specific and detailed tasks and solutions of each ministry, agency and locality according to an appropriate roadmap, ensuring fast implementation, limiting the amendment, supplement or issuance of new legal documents. In case it is necessary to promulgate new legal documents, they shall follow the simplified order and procedures to promptly submit them to competent authorities for consideration and approval in the first quarter of 2022.

PV

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