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COVER STORY

ON APPLICABLE GOODS AND
VAT ON APPLICABLE GOODS AND
VAT ON APPLICABLE GOODS AND
SERVICES WILL BE CUT BY 2 PPTS TO 8% IN 2022, The government has submitted to
ERVICES WILL BE CUT BY
SERVICES WILL BE CUT BY 2 PPTS TO 8% IN 2022,
S
TO 8% IN 2022,
The government has submitted to
The government has submitted to
STARTING FROM FEBRUARY
STARTING FROM FEBRUARY
STARTING FROM FEBRUARY the National Assembly (NA) for approval
the National Assembly (NA) for approval
the National Assembly (NA) for approval
an economic recovery and development
an economic recovery and development
an economic recovery and development
program costing nearly VND350 trillion
program costing nearly VND350 trillion
program costing nearly VND350 trillion
($15.5 billion) for the 2022-2023 period
($15.5 billion) for the 2022-2023 period
excluding goods and services
excluding goods and services
excluding goods and services
in telecommunications, information
in telecommunications, information
in telecommunications, information
technology, banking and finance,
technology, banking and finance,
technology, banking and finance,
insurance, stocks, real estate business,
insurance, stocks, real estate business,
insurance, stocks, real estate business,
The program will help boost annual GDP
The program will help boost annual GDP
metal production and mining industries
metal production and mining industries
8% metal production and mining industries The program will help boost annual GDP
8%
growth by around 1.2%, with the budget
(except coal), coke production, petroleum,
(except coal), coke production, petroleum,
(except coal), coke production, petroleum, growth by around 1.2% , with the budget
deficit to increase by 1% each year, according
chemicals, and those subject to the special
chemicals, and those subject to the special
chemicals, and those subject to the special deficit to increase by 1%deficit to increase by each year, according
consumption tax. the NA’s Economic Committee.
consumption tax.
the NA’s Economic Committee.
the NA’s Economic Committee.
With 424 out of 426 votes in favor,
With 424 out of 426 votes in favor,
With 424 out of 426 votes in favor,
the NA approved the Resolution on the
the NA approved the Resolution on the
the NA approved the Resolution on the
socio-economic recovery and development
socio-economic recovery and development
socio-economic recovery and development
program on January 11 in Hanoi.
program on January 11 in Hanoi.
program on January 11 in Hanoi.
Lawmakers agreed to set aside
Lawmakers agreed to set aside
Lawmakers agreed to set aside
V ND176 trillion ($7.7 billion) from the central budget
VND176 trillion ($7.7 billion) from the central budget
VND176 trillion ($7.7 billion) from the central budget
for development investment in modernizing grassroots
for development investment in modernizing grassroots
for development investment in modernizing grassroots
for development investment in modernizing grassroots
healthcare networks, regional disease control centers,
healthcare networks, regional disease control centers,
healthcare networks, regional disease control centers,
healthcare networks, regional disease control centers,
central level hospitals, and other public investment projects
central level hospitals, and other public investment projects
central level hospitals, and other public investment projects
central level hospitals, and other public investment projects
in 2022 and 2023, including:
in 2022 and 2023, including:
in 2022 and 2023, including:
VND3.15 trillion
VND3.15 trillion A loan interest rate of 2%,
A loan interest rate of 2%,
A loan interest rate of 2%,
A maximum of VND5 trillion
A maximum of VND5 trillion ($138.7 million) for building,
($138.7 million) for building,
to a maximum cost of
to a maximum cost of
to a maximum cost of
($220 million) in preferential renovating, upgrading, VND40 trillion ($1.7 billion),
($220 million) in preferential
renovating, upgrading,
VND40 trillion ($1.7 billion),
VND40 trillion ($1.7 billion),
loans to the Vietnam Bank
loans to the Vietnam Bank and modernizing vocational for enterprises, collectives,
and modernizing vocational
for enterprises, collectives,
for enterprises, collectives,
for Social Policies.
for Social Policies. training sites and social and household businesses.
training sites and social
and household businesses.
and household businesses.
support establishments.
support establishments.
VND113.5 trillion ($5 billion)
VND113.5 trillion ($5 billion) VND46 trillion ($2 billion) in VND14 trillion
VND46 trillion ($2 billion) in
VND14 trillion
to develop transport
to develop transport other financial sources for ($617 million) in total
other financial sources for
($617 million) in total
($617 million) in total
infrastructure, IT, digital importing vaccines, drugs, investment for the
infrastructure, IT, digital
importing vaccines, drugs,
investment for the
transformation, landslide and medical supplies for healthcare network.
transformation, landslide
transformation, landslide
and medical supplies for
and medical supplies for
healthcare network.
healthcare network.
healthcare network.
healthcare network.
prevention, and climate
prevention, and climate Covid-19 prevention.
Covid-19 prevention.
change response.
change response.
www.en.vneconomy.vn FEBRUARY 2022 | VIETNAM ECONOMIC TIMES | 7