An overall economic recovery package with a scale of VND 350,000 billion was launched with many support and disbursement policies in 2022 and 2023.
On January 30, the Government issued a Resolution on the program of socio-economic recovery and development. With a scale of 350,000 billion VND, this is the largest economic recovery support package ever.
The goal of the program is to rapidly develop production and business, promote GDP growth in the next 5 years on average 6.5-7% a year, unemployment rate in urban areas is less than 4%, debt target public performance is below the warning level allowed by the National Assembly and major macro balances are ensured.
Supported subjects are people and workers affected by the epidemic; enterprises, cooperatives, business households and other sectors and fields creating a driving force for economic recovery and development.
Support policies will be implemented in 2 years (2022-2023), some policies may be extended and additional resources depending on the evolution of the epidemic.
The resolution provides 5 groups of tasks and solutions.
Firstly, opening the economy is associated with investment in improving health care capacity and disease prevention and control. The roadmap for reopening tourism, air transport, entertainment services, etc. will be guided by competent authorities on the basis of ensuring disease safety.
The Government will adjust and unify regulations on travel, movement of workers, circulation of goods and services and safe production, maintaining continuous and stable operations.
New investment projects, renovation and upgrading of medical examination and treatment facilities; improving the disease prevention and control capacity of hospitals and central hospitals in association with training, improving the quality of human resources in the health sector, domestic production of vaccines and therapeutic drugs, etc. will be focused on. implementation in the next 2 years.
Second, ensuring social security and employment. In the first six months of 2022, the support package offers a policy to support 3 months of rent for employees who are renting, staying in, working in industrial parks, export processing zones, etc. Return to work is 1 million VND per month and employees working at enterprises are 500,000 VND per month.
In this group of solutions, the Government also introduced a lending policy to support job maintenance and expansion, with a maximum loan of 10,000 billion VND.
Individuals and households will also be able to borrow money to buy, rent and buy social houses, housing for workers, or borrow money to renovate and repair houses... with a total capital of 15,000 billion VND.
Students will be able to borrow money to buy computers, online learning equipment and study expenses... about 3,000 billion VND.
The Government also spends resources on lending to the national target program on socio-economic development in ethnic minority and mountainous areas in the next 10 years, with a total loan of 9,000 billion VND.
In addition, non-public preschool and primary education institutions that must stop operating for at least 1 month according to the requirements of epidemic prevention and control will receive support loans, with a maximum loan of 1,400 billion VND.
The Government will compensate interest rates and management fees up to 2,000 billion VND for the Bank for Social Policies to implement preferential loans. At the same time, the interest rate support is 2% per year for loans with interest rates above 6% per year and will be disbursed by the Bank for Social Policies in 2022-2023. Total interest support capital is 3,000 billion VND.
Third, support the recovery of enterprises, cooperatives and business households. Accordingly, a series of policies on tax and fee exemption and reduction in 2022 are introduced by the Government. For example, reducing value added tax (VAT) to 8% for business establishments based on deductions and reducing the percentage by 20% when issuing invoices to business households and individuals for tax calculation as a percentage. on revenue. The VAT reduction does not apply to the fields of telecommunications, finance, banking, securities, insurance, real estate...
Environmental protection tax on jet fuel is reduced by 50%; 50% reduction of registration fee for domestically manufactured and assembled vehicles. Businesses, households and individuals that have to stop doing business and production due to the impact of Covid-19 will receive a 30% reduction in land rent and water surface rent in 2022.
Expenses for support and sponsorship of businesses and organizations in epidemic prevention and control activities will be included in deductible expenses when determining taxable income for the tax year 2022.
Commercial banks will support the interest rate of 2% a year for two years (2022 - 2023) with loans from businesses, business households, and cooperatives that have the ability to repay and recover, in the fields such as: aviation, transportation and warehousing; tourism, accommodation services, meals, education and training; software publishing...
The banking industry strives to reduce lending interest rates by 0.5-1% in the next 2 years, especially in priority areas. Banks also restructured the repayment term, exempted and reduced loan interest and kept the same debt group for customers affected by Covid-19.
This resolution also decided to increase the charter capital for joint stock commercial banks where the State holds more than 50% of the capital from after-tax profits, after setting aside the 2021-2023 funds for and from the state budget. State for Agriculture and Rural Development Bank (Agribank).
The Government will also continue to study and consider reducing electricity and water bills for businesses and people.
Fourth, invest in infrastructure development in important and urgent projects with large spillover effects and quick disbursement and immediate absorption into the economy.
Important infrastructure projects invested by the Government in this period are the completion of the North-South expressway to the East, routes connecting the Northern mountainous region, the Central Highlands with the Central region, and expressways. the Southeast region, the Mekong River Delta; transport infrastructure connecting regions, seaports, border gates, industrial zones and clusters; Digital infrastructure, digital transformation...
Fifth, institutional reform, administrative reform, and improvement of business investment environment. Mechanisms and policies that impede production and business will be accelerated and reduced. Administrative procedures will be increased online processing; research breakthrough solutions, promote digital transformation, digital economy, green economy, circular economy associated with sustainable development...
The resolution also provides a monitoring mechanism to avoid policy profiteering during the implementation of this recovery support package.
The results of the implementation of the support package will be summarized by the Ministry of Planning and Investment and reported to the National Assembly at the last meeting of 2022 - 2023 and the last meeting of 2024.
Previously, on January 11, the National Assembly passed a resolution on fiscal and monetary policies to support the program of socio-economic recovery and development.
According to Vnexpress.