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Package of VND350,000 billion must reach right beneficiaries

20:18 | 29/01/2022

VCN - The largest monetary and fiscal policy package ever with nearly VND350 trillion will be an important "push" for Vietnam to achieve the target of 6.5-7% average growth/year in the 2021-2025 period.

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Support must reach the right beneficiaries

Speaking at the Annual Vietnam Economic Scenario Forum 2022, Deputy Head of the Party Central Committee's Economic Commission Nguyen Hong Son said Vietnam in 2022 not only must overcome short-term difficulties and challenges, but also create a foundation for social-economic development in the medium and long term and achieving the goals set out in the Resolution of the Party Congress XIII; the 10-year socio-economic development strategy from 2021 to 2030 and the five-year socio-economic development plan from 2021 to 2025.

Therefore, the extraordinary session of the 15th National Assembly recently approved a resolution to support socio-economic recovery and development with the largest fiscal and monetary policy package ever of nearly VND350 trillion. The package aims to restore and develop production and business activities, promote growth driving forces, prioritize important industries and fields, and strive to achieve the target of an average growth rate of 6.5-7%/year in the 2021-2025 period.

To meet the requirements and needs of socio-economic recovery after the severe and prolonged impacts of the Covid-19 pandemic, the socio-economic recovery program, especially the economic stimulus package of nearly VND350 trillion, is considered an important "push" to help businesses boost production and business, towards higher growth goals in 2022.

Standing member of the Economic Commission Mr. Phan Duc Hieu said that the National Assembly has approved the fiscal and monetary policies. Thus, the Government should specify these policies and issue a detailed program of economic recovery and development.

“The package of nearly VND350 trillion will support targeted beneficiaries. It is asked why does this package not support large businesses, but we must understand that this package only focuses on businesses that are seriously affected by Covid-19," Hieu said.

According to Phan Duc Hieu, the most important thing is that the program has a deadline, is extra support but replaces any other programs or resolutions. The implementation period is two years with an average growth target of 6.5-7.0% from 2021 to 2025.

The program consists of five key content groups: investment in improving capacity for pandemic prevention and control about VND60,000 billion; ensuring social security to support jobs of about VND48,500 billion; supporting business recovery of VND110,000 billion; infrastructure development of VND113,550 billion; and others costing VND10,000 billion.

In 2022, Vietnam must not only overcome short-term difficulties and challenges but also build a foundation for socio-economic development in the medium and long term. Photo: Thu Diu.
In 2022, Vietnam must not only overcome short-term difficulties and challenges but also build a foundation for socio-economic development in the medium and long term. Photo: Thu Diu.

To speed up development and recovery

According to Mr. Dang Quyet Tien, Director of the Corporate Finance Department (Ministry of Finance), the economic recovery package is the government's support to speed up development and recovery.

"This package is extra support to help us speed up development and recovery. Regarding state management, we think this is a test to see the State's service responsibility to businesses and society. We don't have time to review and assess the implementation of this package. This is a challenge but also an opportunity to improve management capacity.

“Notably, in this policy package, there are not only policies for recovery but also other policies such as taking advantage of hedge funds to create a wave of start-ups and ecosystems in large corporations. Currently, we have not exploited hedge funds worth trillions of dong, so it is very wasteful. We are focusing on advising the Government in the first quarter," said Dang Quyet Tien.

The Director of the Department of Corporate Finance said the Ministry of Finance is coordinating with authorities to draft the concretization of the resolution and try to complete this in January. They will have a message for businesses to know and approach the package if they are eligible.

In addition, one of the important issues to carry out this support package is administrative procedure reform.

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Moreover, supervision and inspection of implementation is also important, which ensures the support package will reach the right beneficiaries and be efficient as stated by the National Assembly. It is hoped that from 2022 to 2023, along with the breakthrough and acceleration of the support package, the businesses that do not benefit will restructure to have appropriate solutions to develop as soon as the economy recovers.

By Xuan Thao/ Huyen Trang