What are other fiscal policies assisting the Socio-economic recovery and development program in Vietnam?

What are other fiscal policies for assisting the Socio-economic recovery and development program in Vietnam?

Pursuant to Clause 1.3 Article 3 of the Resolution 43/2022/QH15 stipulating other fiscal policies for assisting the Socio-economic recovery and development program in Vietnam as follows:

a) Support for rent of workers having labor relations, living in rental apartments, working in industrial parks, export-processing zones, and key economic zones (use approximately VND 6,6 thousand billion from increased central budget income and deceased central budget expenditure in 2021);

b) Increase the limit on sovereign guarantee for domestically issued bonds for VBSP by up to VND 38,4 thousand billion to grant loan in order to settle jobs; students; non-public preschools and primary schools; individuals taking loans for purchase or lease purchase of social houses, constructing new, renovating, or repair houses in accordance with policies on social houses; implement National target program regarding socio-economic development in ethnic minority regions and mountainous regions of the period of 2021 - 2030.

What are monetary policies for assisting the Socio-economic recovery and development program in Vietnam?

Pursuant to Clause 2 Article 3 of the Resolution 43/2022/QH15 stipulating monetary policies for assisting the Socio-economic recovery and development program in Vietnam as follows:

a) Consistently and flexibly coordinate monetary policy tools to maintain macroeconomic stability, control inflation, ensure safety of credit institution system, and provide positive assistance for socio-economic recovery and development; conduct research to maintain stability of percentage of maximum short-term capital for medium-term and long-term loans, calculate reserve ratio, implement open market operation, refinancing, direct credit institutions to continue to reduce operational costs to reduce loan interest by 0,5% - 1% in 2022 and 2023, especially in priority sectors;

b) Continue to restructure debt repayment period and maintain debt category, exempt and reduce interest for debtors affected by COVID-19 epidemic, monitor economic and monetary market development in order to implement measures to support enterprises and the general public accordingly while guaranteeing safety in operation of credit institution system;

c) Regulate liquidity accordingly, facilitate promotion of disbursement progress for beneficiaries of preferential interest rate;

d) Circulate money reasonably, closely cooperate with fiscal policies, and facilitate the issuance of Government bonds and investment made via Government bonds of credit institutions;

dd) Utilize up to VND 46 thousand billion from other legal financial sources to import vaccines, medicine, and medical equipment, facilities serving COVID-19 control when necessary;

e) Continue to refinance for VBSP in order to allow employers to pay furlough and production restoration wages, guarantee feasibility, and organize immediate implementation in practice. Balance between monetary measures for supporting the Program and overall measures for restructuring financial institutions under special control.

What are other prolicies for assisting the Socio-economic recovery and development program in Vietnam?

Pursuant to Clause 3 Article 3 of the Resolution 43/2022/QH15 stipulating other prolicies for assisting the Socio-economic recovery and development program in Vietnam as follows:

Adopt other policies to focus on implementing the Program in 2022 and 2023, including:

a) Utilize approximately VND 5 thousand billion from the Vietnam Public-utility Telecommunication Service Fund to develop telecommunication and internet infrastructure, in which, utilize VND 1 thousand VND to equip tablets for the implementation of “Wave and computer for children” Program;

b) Settle difficulties in regulations on expenditure and management of Science and Technology Development Fund of enterprises; utilize approximately VND 5 thousand billion to renovate technology, incubate technology, incubate science and technology businesses, commercialize science and technology research results; decode technology; purchase equipment, machinery, and materials serving technology renovation, production, and business activities of enterprises.

Best regards!