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Wednesday, September 28, 2022

Budget overspending must not exceed VND240 trillion in 2022-2023: Govt

The Saigon Times

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HCMC – The Government has set the budget overspending cap in 2022-2023 at 1%-1.2% of the country’s gross domestic product (GDP), not exceeding VND240 trillion.

The Government Office has issued a statement on Deputy Prime Minister Le Minh Khai’s conclusions at a meeting to review funding sources for the socioeconomic recovery and development program, said local news reports.

For fiscal policy, a maximum of VND176 trillion will go to the healthcare sector, the pandemic response, social welfare, support for enterprises and household businesses, infrastructure development and support for workers in paying home rentals.

Monetary policy should be geared toward cutting interest rates by at least 0.5-1 percentage point to make more loans available in the economy. For businesses affected by Covid, their loans should be extended and interest rate cuts should be offered to them.

More capital will be provided to the Vietnam Bank for Social Policies so that employers can borrow from the bank to pay salaries to their employees.

The Government allowed the use of some VND5 trillion from the Vietnam Public-Utility Telecommunication Service Fund for the development of telecom infrastructure and the Internet and VND5 trillion for renewing technologies and incubating scientific and technological firms.

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