Economic recovery program remains a necessity in the new situation

VCN – Facing global fluctuations, the socio-economic recovery and development program for the 2022 -2023 period under Resolution 11 dated January 30, 2022 of the Government and Resolution 43/2022/QH15 of the National Assembly on monetary and fiscal policies (hereinafter referred to as the Program) are not only not outdated but also proved necessary, said Phan Duc Hieu, Standing Member of the National Assembly’s Economic Committee.
Improve capacity to create momentum for economic recovery after Covid-19 Improve capacity to create momentum for economic recovery after Covid-19
Preparing financial resources for Economic Recovery Program Preparing financial resources for Economic Recovery Program
Advising on the issuance of Government bonds and mobilizing capital for the economic recovery program Advising on the issuance of Government bonds and mobilizing capital for the economic recovery program
Mr. Phan Duc Hieu
Mr. Phan Duc Hieu

Facing global changes, the country’s economy changed a lot compared to the time when Vietnam issued support and recovery policies (nearly three months ago), from the perspective of the issuing agency of the policies, is this program outdated?

This is a very important question. When we built the Program, we took into account other risk factors besides the impacts of the Covid-19 pandemic. The management agency has foreseen solutions, one of which is a harmonious combination of fiscal and monetary policies to cope with macroeconomic fluctuations.

The biggest impact on economic recovery that we have not yet counted is the Russia – Ukraine conflict, which causes supply chain disruptions and raises input production costs, threatening macroeconomic stability. This will impact Vietnam's economic recovery.

In that context, I think that the Program is not only not outdated but proves its necessity. Because the program is developed to help businesses that are affected by supply chain disruptions and increasing production costs, as well as labor difficulties. Therefore, the program has value and significance.

Should we adjust policies or issue support policies to cope with the new situation?

In my opinion, the content of the program does not need to be adjusted in the immediate future; the most important thing is implementation. What needs to be adjusted here is to harmonize monetary policies.

The Prime Minister is also drastic in the implementation of the program. Twenty days after the National Assembly adopted Resolution 43/2022/QH15 on fiscal and monetary policies, the Government issued a detailed program on economic recovery. And in the past two months, the Government has twice sent an urgent telegram to request the implementation.

Accordingly, some policies were implemented very early such as the policy on Value Added Tax (VAT).

In contrast, many current policies are still underway and waiting to be applied in practice.

The timely implementation of these policies greatly affects the progress and effectiveness of the economic recovery program and the resilience of businesses. Because for some policies, if some are not implemented in time, they will reduce or even lose their objectives.

For example, the policy on rental fee support for employees. This policy is developed to share difficulties for employees and encourage them to return work. If this policy is immediately implemented, it may bring huge benefits but if it is carried out late, it may share difficulties for employees but not attract them to return to work.

Or the computers and network program is as an example, if the program is not implemented quickly, it will reduce the efficiency of the program because the context has changed.

Besides, we should closely monitor the implementation of the policies to have timely adjustments. For example, the policy on VAT reduction is currently having a very good effect because it not only stimulates consumption but also reduces costs for businesses.

In addition, some businesses are worried about socio-economic recovery programs. They are afraid of wrongdoings, leading to a penalty. This is imposing pressure on businesses. Thus, it can be seen that when the policy is issued, the information, guidance and answering questions and method of implementation are very important.

Another point worth noting here is that the policy implementation must be fair, because if access is not equal among localities it will create a "distortion" in accessing resources, or a "distortion" in production activities.

Therefore, in the future, in addition to issuing policies, the actual implementation of these policies should be transparent, fair and accessible to meet the needs in the current context.

Some say that improving institutions and reducing conditions for accessing support packages are even more important and meaningful for businesses. What is your opinion on this matter?

We already have good policies, good infrastructure, but if the institution is bad (slow, difficult to access, unfair, etc.), it will have a great impact on efficiency. I hope that competent agencies will quickly conduct wide consultation to get opinions and prepare plans in order to avoid policy mistakes.

The implementation should have the participation of state agencies and social organizations and business associations at the same time.

Online seminar held on Online seminar held on "Inflation Control and Economic recovery and development"

VCN - On the afternoon of March 9, 2022, Customs News will organize an online seminar on ...

In addition, there should be a consensus of all levels, agencies and localities in program implementation to help businesses easily access support packages.

Thank you Sir!

By Xuan Thao/ Huyen Trang

Related News

Fiscal policy needs to return to normal state in new period

Fiscal policy needs to return to normal state in new period

VCN - To recover the economy during and after the Covid-19 pandemic, fiscal policy has been flexibly and promptly managed, becoming a solid foundation to help businesses and the economy gradually overcome difficulties. After nearly 5 years, although there are still difficulties, the economy is gradually returning to a high growth trajectory. In that context, it is necessary to let fiscal policy return to normal state.
Quang Ninh Customs: Innovation in developing Customs-Business partnership

Quang Ninh Customs: Innovation in developing Customs-Business partnership

VCN - Quang Ninh Customs Department is determined to improve the quality of Customs-Business partnership, with practical actions in supporting and accompanying businesses.
Ministry of Finance proposes to choose the option of reducing land rent by 30% in 2024

Ministry of Finance proposes to choose the option of reducing land rent by 30% in 2024

VCN - The Ministry of Finance has just completed the draft Decree of the Government regulating the reduction of land rent in 2024. Accordingly, in the latest Draft, the Ministry of Finance directly proposed to choose the reduction level according to option 2 of 30%.
Propose a 15-30% reduction in land rents in 2024 for people affected by typhoon Yagi

Propose a 15-30% reduction in land rents in 2024 for people affected by typhoon Yagi

VCN - To support people and businesses with more resources to cope with difficulties and challenges in production and business due to the impact of typhoon No. 3 (Yagi), the Ministry of Finance proposed a 15-30% reduction in land rents in 2024.

Latest News

Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - Although the import and export turnover of goods slowed down in September 2024, in general, import and export activities, especially exports, still grew positively in the first 9 months of 2024. It is expected that import and export of goods in 2024 will reach a record of 800 billion USD.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

VCN - According to the Ministry of Agriculture and Rural Development, Vietnam's capacity to export over 50 billion USD worth of agricultural products annually, coupled with established supply chains, provides a significant advantage for Vietnamese agricultural and aquatic products to penetrate the Halal market.

More News

Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Vietnam and UAE trade sees billion-dollar growth

Vietnam and UAE trade sees billion-dollar growth

VCN - According to General Department of Vietnam Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) reached nearly US$5 billion, an increase of more than US$1.4 billion over the same period last year.
Sharing responsibility for ensuring security and safety of the supply chain

Sharing responsibility for ensuring security and safety of the supply chain

VCN – Post - clearance audit is carried out in a planned, focused and key manner, avoiding widespread and ineffective inspections, thereby creating convenience for the business community and improving the effectiveness of state management of customs.
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Read More

Your care

Latest Most read
Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - At the regular Government meeting in September 2024, Minister of Industry and Trade Nguyen Hong Dien assessed: import and export continued to be a bright spot, recording a positive recovery compared to the same period last year.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

According to the Ministry of Agriculture and Rural Development, Vietnamese agricultural and aquatic products could penetrate the Halal market.
Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Mobile Version