National Assembly discuss economic recovery measures
The National Assembly's second session opened on Wednesday morning. — VNA/VNS Photo
As Việt Nam slowly lifts COVID-19 restrictions, the economic recovery is only just beginning. With third-quarter GDP in deep decline, the government aims to launch stimulus packages to boost recovery.
The National Assembly discussed recovery programmes and financial sources to fund those programmes at a meeting on October 22.
Trịnh Xuân An, a member of the Committee for National Defence and Security, said that untapped financial sources were still enormous, despite the State budget having spent a lot on the fight against COVID-19. If the equitisation of state-owned enterprises could be carried out on schedule and tax arrears resolved, more money would be available for the prevention of COVID-19 and economic recovery.
Some members argued that the Government should conduct well-coordinated monetary and fiscal policies to create additional money to turn the economy for the better. This opinion was also expressed in the 2021-2022 budget report by the Committee for Financial and Budgetary Affairs.
In the report, the finance and budget committee said economic recovery and creating financial sources to ensure social security are matters of great urgency.
In response, Vương Đình Huệ, Chairman of National Assembly, insisted that socio-economic recovery programmes were currently under development by the Government and National Assembly. The implementation of those programmes would require smooth coordination between monetary and fiscal policies, and careful allocation of financial sources as well. As both aggregate demand and supply were weak, quick recovery seemed difficult to achieve.
Experts suggest the monetary and fiscal packages need to be on large scale, aimed at stimulating both aggregate demand and supply. They expect those packages to be spread out over the next two years (2022-2023). Before any new packages are set in motion, the Government should speed up public investment disbursement and ensure existing packages work out well, experts say.
So far, the total of supportive packages has reached over VNĐ100 trillion and proved to be helpful.
On October 20, the Committee for Financial and Budgetary Affairs agreed on a proposal to allocate budget funds reserved for wage reforms to anti-pandemic efforts. — VNS
Related News

Tax policies drive strong economic recovery and growth
07:55 | 31/12/2024 Finance

National Assembly’s Law Committee works with Ho Chi Minh City Customs Department
10:15 | 09/12/2024 Customs

National Assembly approves appointment of new Minister of Finance Nguyen Van Thang
11:02 | 29/11/2024 Headlines

Agree to continue reducing VAT by 2%
11:02 | 29/11/2024 Finance
Latest News

15th National Assembly concludes ninth extraordinary session
16:21 | 19/02/2025 Headlines

Party chief requests priority for sci-tech development, digital transformation
07:48 | 17/02/2025 Headlines

Monetary policy is a key factor for economic stability and growth
16:30 | 15/02/2025 Headlines

Việt Nam commits to being safe, attractive destination for investors
09:47 | 13/02/2025 Headlines
More News

Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector
14:41 | 10/02/2025 Headlines

Positive economy growth forecast in 2025, but caution remains
08:24 | 10/02/2025 Headlines

Labour market to see changes in key industries
15:31 | 07/02/2025 Headlines

Prime Minister warns of possible global trade war, pushes for preparation
14:13 | 06/02/2025 Headlines

Positive economic indicators recorded in early 2025: Gov't spokesperson
14:10 | 06/02/2025 Headlines

General Secretary urges immediate return to work after Tết
14:07 | 05/02/2025 Headlines

Government holds gathering to celebrate Party’s 95th anniversary, Lunar New Year
07:54 | 04/02/2025 Headlines

Việt Nam’s manufacturing PMI slips into contraction in January
14:29 | 03/02/2025 Headlines

Party’s 95-year journey: Capitalising on great solidarity in era of nation’s rise
14:26 | 03/02/2025 Headlines
Your care

15th National Assembly concludes ninth extraordinary session
16:21 | 19/02/2025 Headlines

Party chief requests priority for sci-tech development, digital transformation
07:48 | 17/02/2025 Headlines

Monetary policy is a key factor for economic stability and growth
16:30 | 15/02/2025 Headlines

Việt Nam commits to being safe, attractive destination for investors
09:47 | 13/02/2025 Headlines

Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector
14:41 | 10/02/2025 Headlines