(VOVWORLD) - The Minister of Finance and the Minister of Planning and Investment clarified the program of socio-economic recovery and development worth 15 billion USD at the National Assembly’s extraordinary session on Friday.
 The National Assembly discusses the draft Resolution on fiscal and monetary policies to support socio-economic recovery and development. Photo: VNA |
Finance Minister Ho Duc Phoc said that in 2022, tax reduction will amount to 64 trillion VND (2.8 billion USD), three times higher than that of 2021, and the budget expenditure will be the largest ever. The Minister also explained that the reduction of value added tax will help stimulate consumption, creating spillover effects on production.
Being responsible for developing the economic recovery program, Minister of Planning and Investment Nguyen Chi Dung said this program is unprecedented and was studied methodically to match the needs of businesses and people.
“The government will provide support for both supply and demand with enough funding and for enough time and disbursement will be made immediately. It will be done in a fast, drastic, and fair manner. In order to secure resources for the program, the Government will spend less, increase revenue, adopt a suitable tax reduction roadmap, and prevent revenue loss. Only then will the Government consider mobilizing government bonds and ODA loans,” he said.
According to the Minister, about 42% of the total capital will be disbursed in 2022 and the rest will be disbursed in 2023.
The Government has submitted to the National Assembly an economic recovery and development program worth 15 billion USD for the 2022-2023 period. The funding will be used to ensure social security and support businesses recovery, spur infrastructure development, and reform institutions and the business environment.
The National Assembly is expected to vote on the draft Resolution on fiscal and monetary policies next Tuesday.