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Wednesday, September 28, 2022

Finance Ministry secures VND291 trillion for socioeconomic recovery program

The Saigon Times

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HCMC – The Ministry of Finance has secured VND291 trillion for the country’s socioeconomic recovery and development program, according to Nguyen Minh Tan, deputy director of the ministry’s State Budget Department.

The total value of the program’s fiscal packages amounts to some VND291 trillion (US$12.5 billion), including VND64 trillion in terms of tax and fee reduction or exemption, VND176 trillion for public investment, VND6.6 trillion to support disadvantaged workers, VND38.4 trillion for the Vietnam Bank for Social Policies to provide loans for social welfares, and VND6 trillion to support businesses.

Some VND240 trillion for the program will be sourced from the State budget.

Right after the resolution on the country’s socioeconomic recovery and development program of the National Assembly and the Government was issued, the Finance Ministry compiled and submitted the policies on reducing value added tax from 10% to 8% and cutting environmental protection tax by half for aviation fuel to the competent authorities for issuance.

In the first quarter of this year, the ministry will issue other instructions on extending or delaying tax payments and providing loans for students to buy computers serving online learning. The ministry will also work with the State Bank of Vietnam to provide credit support for businesses.

Tan said the Ministry of Finance has asked the State Budget Department and the State Treasury to ensure sufficient resources for the socioeconomic recovery and development program without affecting the liquidity of the State Treasury.

The ministry also asked financial units to increase revenue while reducing expenditures, accelerate the equitization of State-owned enterprises and enhance inspections into financial funds.

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