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Thursday, June 13, 2024

One-fifth of relief package disbursed for economic recovery

The Saigon Times

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HCMC – The disbursement of the relief package for economic recovery and development had reached VND61 trillion as of September 30, accounting for 20.2% of the total budget of some VND350 trillion, according to the Ministry of Planning and Investment.

Over VND3,544 billion was disbursed to support around five million workers to pay for their house rentals as of September 23, exceeding the target of four million people.

Over VND10,704 billion was used for the preferential credit programs by the Vietnam Bank for Social Policies, supporting nearly 240,000 borrowers as of September 30.

The disbursement of the financial aid package with an interest rate discount of two percentage points for businesses reached roughly VND29 billion.

Regarding tax policies, nearly VND39,422 billion was disbursed to compensate for reduced value-added and environment protection taxes on fuels.

Roughly VND7,400 billion was used for policies related to extending time limits for paying taxes and land rent.

The disbursement of relief packages for some programs, especially the financial aid package with an interest rate discount of two percentage points, has been slower than expected despite the efforts of the State Bank of Vietnam and other relevant units, Minister of Planning and Investment Nguyen Chi Dung said.

The bottlenecks to slow down the loan disbursement comprises complicated administrative procedures, low awareness of the importance of economic recovery and development programs in some areas, and the fear of making mistakes.

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