What are principles of fiscal and monetary policies for supporting Socio-economic recovery and development program in Vietnam?

What are principles of fiscal and monetary policies for supporting Socio-economic recovery and development program in Vietnam?

Pursuant to Article 1 of the Resolution 43/2022/QH15 stipulating principles of fiscal and monetary policies for supporting Socio-economic recovery and development program in Vietnam as follows:

1. Adhere to policies and direction of the Communist Party, Resolutions of the National Assembly, maintain macroeconomic stability, improve capacity, quality, competitiveness, autonomy, resistance, adaptation, fulfillment of short-term and long-term demands, close connection with 5-year socio-economic development plan for the period of 2021 - 2025, Annual socio-economic development plan, Economic restructuring plan for the period of 2021 -2 025, 5-year national financial and public debt grant and repayment plan for the period of 2021 - 2025, Medium-term public investment plan for the period of 2021 - 2025, and COVID-19 epidemic control program.

2. Coordinate flexibly, cooperate closely and effectively in implementing fiscal and monetary policies and other macroeconomic policies; closely control inflation, ensure major balances of the economy; only increase state budget expenditure for investment in development and balancing of state budget when implementing tax exemption and/or tax reduction to finance Socio-economic recovery and development program (hereinafter referred to as “Program”).

3. Policies supporting the Program have adequate scale and resources and pose impacts on both supply and demand; have identified focus, priority, and support beneficiaries to settle pressing issues, avoid thinning and/or wasting resources assigned to organizations, individuals, heads, committee levels, and governments of all levels.

4. Supporting policies and measures must be feasible, timely, effective, implemented within 2022 and 2023 with appropriate roadmap in order to improve COVID-19 control capacity and socio-economic recovery and development; have presented resources which can be disbursed and utilized immediately.

5. Mobilize, distribute, and effectively manage resources; taking regions, provinces, fields, and priorities into heavy consideration; allow implementation, inspection, supervision, and assessment; prevent exploit, misconduct, or corruption of the policies for personal gains; ensure effectiveness, equality, transparency, and openness.

What are objectives of fiscal and monetary policies for supporting Socio-economic recovery and development program in Vietnam?

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

1. Rapidly recover and develop production and sale activities, promote growths, prioritize key sectors, and strive to achieve objectives of the period 2021 - 2025: average GDP growth of 6,5 - 7%/year, public debt is lower than the warning threshold permitted by the National Assembly under Resolution No. 23/2021/QH15, urban unemployment rate below 4%; stable macroeconomics, stable major balances in the medium term and the long term.

2. Reduce costs, assist cash flow, facilitate an active stand, create optimal conditions for enterprises, economic organizations, and the general public.

3. Prevent and control the COVID-19 effectively; guarantee social security and livelihood of the general public, especially workers, poor people, disadvantaged people, victims of the epidemic; ensure national defense, security, order, and societal safety.

Best regards!