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Thursday, October 6, 2022

Just VND55.5 trillion disbursed for economic recovery, development

The Saigon Times

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HCMC – As of September 2, the disbursement of the relief package for economic recovery and development had totaled a mere VND55.5 trillion (US$2.36 billion), Minister of Planning and Investment Nguyen Chi Dung told a monthly Cabinet meeting today, September 6.

Over VND10 trillion was disbursed for preferential credit programs conducted by the Vietnam Bank for Social Policies, the local media reported.

Over VND3 trillion was used to support 4.54 million workers in paying their boarding house rentals, while the disbursement of the financial aid package with an interest rate discount of two percentage points for businesses reached VND13.5 billion.

Nearly VND35 trillion was disbursed to compensate for a reduction in value-added and environmental protection taxes on fuels.

Speaking at a meeting chaired by Prime Minister Pham Minh Chinh, Minister Dung said that the disbursement of aid packages for workers and businesses remained far slower than expected.

In January this year, the National Assembly (NA) issued a resolution on financial support policy for the country’s economic recovery and development program in 2022 and 2023 with a total value of some VND350 trillion.

At an NA sitting in June, many delegates voiced concerns over the slow disbursement of the largest-ever relief package.

In early July, the Government established a steering committee led by Deputy Prime Minister Le Minh Khai to help the prime minister deploy the relief package.

Addressing the meeting, Minister Dung also said the economy of Vietnam had returned to its high growth path.

The consumer price index between January and August edged up 2.58% over the same period last year, while the domestic prices of food, foodstuffs and building materials rose slightly.

During the eight-month period, Vietnam enjoyed a trade surplus of US$3.96 billion, while the retail sales of goods and services grew by 19% year-on-year.

In the first eight months of the year, some 150,000 enterprises were newly established or resumed their operations, up over 31% year-on-year.

However, Minister Dung said the uncertainty of global fuel prices would challenge Vietnam’s economic recovery and growth.

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