(VOVWORLD) - Vietnam is exerting efforts to quickly recover its economy, in both the macro and the micro scale. Since the beginning of this year, new policies have been adopted to remove bottlenecks in public investment capital disbursement, infrastructure construction, and stimulation of consumer spending.
Policies will take effect early this year
Following inspection tours of the North-South Expressway Project and Long Thanh International Airport, the Prime Minister issued a Decree to accelerate the implementation of tasks following the Lunar New Year holiday. The Prime Minister asked the Ministry of Transport and relevant agencies and localities to speed up construction of the eastern section of the North-South Expressway and Long Thanh airport.
 Prime Minister Pham Minh Chinh speaks at the government's regular meeting in January, 2022 (Photo: VOV) |
He stressed the importance of these projects, saying that in recent years Vietnam has considered infrastructure development a strategic breakthrough with transport infrastructure playing a crucial role. He said that to boost economic recovery and development and the disbursement of public investment capital, it’s important to change the mindset, approach, and methodology of project implementation and inspection.
Prime Minister Chinh said: "Ministries, sectors, and localities need to accelerate the disbursement of public investment and improve the quality of project implementation. We need to review our 3 national target programs as soon as early this year and speed up administrative reform."
Early this month, the VAT for production organizations and individuals was reduced from 10% to 8%. This reduction is helping maintain prices of products and services, stimulating sales, and allowing consumers to save money.
Ensuring flexible management of fiscal, monetary policies
Fiscal and monetary policies play an essential role in economic recovery and development. Minister of Finance Ho Duc Phoc says fulfilling socio-economic and financial targets is the ultimate goal this year.
 Minister of Finance Ho Duc Phoc (photo: quochoi.vn) |
He stressed the importance of maintaining a balanced economy and a stable macro-economy, keeping deficit spending within the allowable limit, containing government debt, reining in inflation, and promoting economic growth. Mr. Phoc said the Ministry has advised the government and the NA to adopt a stimulus package which includes tax and fee reductions worth 2.8 billion USD.
"We have implemented measures to control inflation, which is currently low – 1.84%. With upward pressures on the price of oil, petrol, iron, and other commodities, we will work with other ministries, sectors, and the government to adopt solutions concerning taxes, anti-smuggling, and strict punishment of violations, including stock, real estate, and other market violations, to make economic relations transparent, sound, and in line with the law. We’re confident that we will complete our socio-economic tasks this year.' said Mr. Phoc.