Government implements economic recovery and development program

06:00 | 27/04/2022 Economy

(VEN) - Government ministries are implementing a series of fiscal and monetary policies supporting socioeconomic recovery and development, including tax reductions and housing assistance.

government implements economic recovery and development program
VAT has been reduced

Deputy Minister of Planning and Investment Tran Quoc Phuong said many mechanisms and policies have been issued and implemented since the approval of Resolution 43, such as a value-added tax (VAT) reduction from 10 to eight percent. According to preliminary reports, the amount of tax to be exempted and reduced amounts to VND9 trillion so far.

A number of additional policies will be put into practice in the near future, such as Decision 08/2022/QD-TTg dated March 28 on housing rental assistance for employees, and guidance by the Ministry of Natural Resources and Environment on mining mechanisms for use in national infrastructure projects, especially the North-South Expressway project.

government implements economic recovery and development program

Worker housing rental assistance will soon go into effect

Ministries and departments have also submitted to the government draft decrees on support for lending interest rates through commercial banks and on specific mechanisms for contractor appointments, and a draft decision on approving the bond issuance guarantee limit of the Vietnam Bank for Social Policies.

Guiding documents and circulars are also in the process of finalization and consultation, such as an amendment (of Circular 12/2016) on the use of the science and technology development fund in enterprises, a circular on equipping tablets under the “Waves and Computers for Children” program, and another on lending interest rates for preschools, universities and public educational institutions.

As for public investment, the Ministry of Planning and Investment is coordinating with other ministries and departments to gather additional socioeconomic recovery and development projects to report to the prime minister.

Phan Duc Hieu, standing member of the National Assembly’s Economic Committee, said many policies mentioned in Resolution 43 are waiting to be implemented, such as housing rental assistance policy for employees. These policies will have a huge socioeconomic impact if they are implemented immediately, Hieu emphasized.

According to economists, the recovery and development program plays an important role in business recovery. However, the program needs to be implemented faster, more drastically and with greater transparency and equality between localities in order to attain maximal effectiveness.

The prime minister requested ministries, departments, agencies and localities to focus on directing and implementing the tasks and solutions set out in Resolution 11/NQ-CP adopted in January 2022 on recovering production and business activities while promoting growth, with a view to stabilizing the economy and ensuring social security.

Nguyen Hoa