Securing financial sources for anti-pandemic

VCN - Securing financial resources for pandemic prevention plays an important role in achieving Vietnam’s. dual targets. With a prudent and flexible fiscal policy, the mobilisation and assurance of financial resources for pandemic prevention have been implemented effectively.
The budget has been prioritized to arrange for Covid-19 infection prevention and control, ensuring people's lives.
The budget has been prioritized to arrange for Covid-19 infection prevention and control, ensuring people's lives.

The budget has spent VND 21.5 trillion on pandemic prevention

According to the Ministry of Finance, State budget expenditure has been strictly managed and been thoroughly thrifty, with both central budgets and local budgets prioritised to arrange for the prevention and control of the Covid-19 pandemic, ensuring people's lives, funding for the purchase, import and use of vaccines from the central and local budgets as well as mobilisation, contribution and sponsorship.

For the whole year of 2020 and the first six months of 2021, the State budget has spent VND 21.5 trillion (including VND 16.8 trillion in 2020) on pandemic prevention. Specifically, spending VND 8.4 trillion to buy vaccines, supplies, biological products, and medical equipment and spending on supporting competent forces involved in pandemic prevention (officials, medical staff, army and police forces, etc.), and supporting people in quarantine (VND 4 trillion in 2020 and VND 4.4 trillion in 2021). Besides that, the Prime Minister decided to add VND 7.65 trillion to the Ministry of Health to buy 31 million doses of Pfizer's vaccine and 30 million doses of the AstraZeneca vaccine of VNVC, of which VND 5.1 trillion from the savings of central budget expenditure in 2020 and VND 2.55 billion from the mobilisation of the Covid-19 Vaccine Fund.

Regarding supporting people facing difficulties due to the pandemic, based on expected funding needs to implement policies, the Government has submitted to the National Assembly Standing Committee to spend VND 20 trillion from the revenue increase and saving of the central budget in 2019 to support people facing difficulties due to Covid-19 pandemic. At the same time, it has issued Resolutions No. 42/2020/NQ-CP and Resolution No. 154/2020/ND-CP on solutions to support people facing difficulties due to Covid-19 pandemic. Accumulated to the end of June 2021, the total State budget that has been spent is VND 13.1 trillion, for about 13.2 million people (including VND 12.83 trillion in 2020 and VND 280 billion in 2021).

According to economist Le Dang Doanh, the Government and the Ministry of Finance have made great efforts to ensure financial resources for the import of vaccines and procurement of medical equipment for the prevention and control of the Covid-19 pandemic. However, in the context of limited budget resources, the Government has established a Covid-19 Vaccine Fund to mobilise domestic and foreign contributions, which has created a significant financial resource.

“Compared to low-income countries, Vietnam had made respectable efforts in pandemic prevention, ensuring financial resources for anti-pandemic work. With the current outbreak of the Covid-19 pandemic, Vietnam would have to make greater effort to be able to prevent the pandemic, so besides ensuring resources from the budget, mobilising resources in the society were very necessary, thereby contributing to quickly controlling the pandemic," expert Doan said. Regarding the Covid-19 Vaccine Fund, as of 5:00 PM on July 12, 2021, the mobilised amount is VND 8,082 billion.

Balance resources to buy vaccines and anti-pandemic activities

To ensure financial resources for pandemic prevention and control, from now until the end of the year, the Ministry of Finance said it will actively balance and ensure adequate State budget resources, mobilise sources form sonsorship and voluntary contributions from the businesses community, people at home and from abroad to buy vaccines and serve for Covid-19 infection prevention activities following the resolutions of the Party, the Government and the directives of the Prime Minister. Along with that, continue to save recurrent expenses, cut expenses that are not really necessary, ostentatious activities and formalities. At the same time, recovering regular funds that have been assigned to ministries, central and local authorities but have not been allocated by June 30or have been allocated but have not been implemented yet, and other recurrent expenses that are not really necessary to supplement reserve sources of the central and local budgets for Convid-19 infection prevention and control and for the vaccine strategy.

The Ministry of Finance issued Document No. 6299/BTC-NSNN dated June 11, 2021 guiding ministries, central authorities and localities to reduce recurrent expenditures and saving in 2021 under the Government's Resolution No. 58/NQ-CP. Up to now, through summary of reports on the implementation of reduction and saving of recurrent expenditures from the State budget in 2021, ministries, central authorities and localities, it is expected the reduction and saving of recurrent expenditures will be about VND 11-12 trillion, of which the central budget is about VND 7 trillion and the local budget is about VND 4-5 trillion.

Noting the Ministry of Finance's efforts to save from recurrent expenditure to have more financial resources for pandemic prevention, Doanh suggested that financial spending should be made more public and transparent to make recurrent expenditures more transparent and more economical, thereby ensuring additional financial resources for Covid-19 infection prevention and control. At the same time, it is necessary to pay attention to ensuring financial resources for preventive health work, not just medical treatment. Consultation with medical experts on disease prevention will help to control the disease from the beginning, saving financial resources.

By Hoài Anh/Thanh Thuy

Related News

State earns nearly VND1,200 trillion in first seven months

State earns nearly VND1,200 trillion in first seven months

VCN - According to the General Statistics Office, state budget revenue in the first seven months of 2024 is estimated to increase by 14.6% year-on-year. State budget spending is estimated to increase by 0.6% year-on-year, meeting the needs of socio-economic development, national defense, security, state management, payment of due debts as well as timely payments for beneficiaries.
Reduce 5% of recurrent expenditure estimate from beginning of year

Reduce 5% of recurrent expenditure estimate from beginning of year

VCN – The Prime Minister has issued a Directive directing the management of state budget expenditure estimates to save recurrent expenditure and cut unnecessary expenditures to dedicate resources for socio-economic recovery and development.
Very frugal in recurrent expenditures, Ministry of Finance

Very frugal in recurrent expenditures, Ministry of Finance

VCN - Explaining and clarifying the opinions of National Assembly delegates at the session on issues related to finance, budget, and public investment on the morning of November 2, Minister of Finance Ho Duc Phoc stated that a strong finance must be based on a developed economy.
Tan Thanh border gate (Lang Son) maintains two clearance options

Tan Thanh border gate (Lang Son) maintains two clearance options

VCN - Since January 8, the Chinese authority decided to restore clearance activities at the border gates, however, due to infrastructure conditions, the People's Committee of Lang Son province decided to maintain two clearance methods at the Tan Thanh border gate area and Pingxiang town, Guangxi (China).

Latest News

Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3.92%.
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

VCN - Discussing in groups about the project "1 law amending 7 laws" in the financial sector according to the program of the 8th Session on October 29, 2024, National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.

More News

State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
Rush to finalize draft decree on public asset restructuring

Rush to finalize draft decree on public asset restructuring

VCN - According to the Ministry of Finance, the draft Decree regulating the rearrangement and handling of public assets is being urgently completed by the Ministry of Finance to submit to the Government for promulgation.
Inspection report on gold trading activities being complied: SBV

Inspection report on gold trading activities being complied: SBV

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

VCN -The Government estimates that state budget revenue in 2024 will exceed VND 172.3 trillion, up 10.1% over the estimate, of which tax and fee revenue will reach 13.1% of GDP.
Ensure timely and effective management and use of public asset

Ensure timely and effective management and use of public asset

VCN – In order to promptly and effectively implement public asset management and use, ensuring compliance with legal regulations, the Ministry of Finance has just issued an official dispatch requesting ministries, branches and localities to comply with regulations in the Government’s Decree No. 114/2024/ND-CP dated September 15, 2024.
Accelerating decentralization in public asset management

Accelerating decentralization in public asset management

VCN - Amending the Law on Management and Use of Public Assets aims to improve regulations on accelerating decentralization and improving efficiency in management and use of public assets, and promoting financial resources, ensuring that the unified application the Law on Management and Use of Public Assets and other legal documents.
Difficulty in finding banks eligible to receive compulsory transfers

Difficulty in finding banks eligible to receive compulsory transfers

VCN - Reporting to the National Assembly, the State Bank of Vietnam (SBV) said that one of the difficulties in restructuring the credit institution system is the long process of finding and negotiating banks eligible to receive compulsory transfers.
Businesses can choose a suitable electronic invoice model generated from the cash register

Businesses can choose a suitable electronic invoice model generated from the cash register

VCN - The Ministry of Finance said that individual business households can choose a suitable model to apply electronic invoice solutions from cash registers, depending on the number of invoices used in the year, in the month and the current status of software solutions and technical infrastructure.
Read More

Your care

Latest Most read
Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigne
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

According to the report of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Mobile Version