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Congratulations on Bulgaria National Liberation Day

                     Recovery gaining steam

                               Vietnam’s economic recovery and development program is being
                                       accelerated as the country reopens its skies.

                                                     QUOC UY Reports

                                                                                 Meanwhile, after the National Assembly
                                                                              (NA) ratified Resolution No. 43/2022/QH15
                                                                              on fiscal and financial policies in support
                                                                              of  the  program,  the  government  issued
                                                                              Decree No. 15/2022/ND-CP dated January
                                                                              28 regulating tax exemption and reduction
                                                                              policies, from which enterprises and indi-
                                                                              viduals will benefit.
                                                                                 Resolution No. 11 and Decree No. 15
                                                                              express the strong determination of the
                                                                              government  and  the  Prime  Minister
                                                                              himself to accelerate economic recovery
                                                                              and development.
                                                                                 The government also decided to reopen
                                                                              international  flights,  from  February  15,
                                                                              and then international tourism from March
                                                                              15, presenting new opportunities for Viet-
                                                                              nam’s  tourism  industry  to  return  to  its
                                                                              pre-pandemic growth track.
                                                                                 This is a proper and timely decision, as
                                                                              Vietnam  has  reopened  its  economy  for
                                                                              recovery  and  development  in  line  with
                                                                              Resolution No. 11.
                                                                                 The  government  has  forecast  GDP
                                                                              growth of 6-6.5 per cent this year. Mean-
                                                                              while, Mr. Tim Leelahaphan, Economist
                                                                              for  Thailand  and  Vietnam  at  Standard
                                                                              Chartered,  told  a  seminar  in  Hanoi  on
                                                                              February 18 that Vietnam’s economy will
             rime  Minister  Pham  Minh  Chinh  revenue sources and exert every effort to  recover  strongly  in  2022,  starting  from
             signed  a  dispatch  on  February  12  increase State budget revenue, cut State  the  end  of  the  first  quarter.  He  expects
        Purging the drastic and effective imple-  budget expenditure, and take back recur-  growth to reach 6.7 per cent in 2022 and
        mentation of the socio-economic recovery  rent  expenditures  where  allocation  has  7 per cent in 2023. However, according
        and development program approved earlier  been slow.                  to the World Bank’s economic update for
        by the government in Resolution No. 11/NQ-  Covid-19  has  had  a  severe  impact  on  Vietnam  in  January,  GDP  growth  is
        CP, dated January 30.              Vietnam’s economy and many aspects of  expected  to  come  in  at  5.5  per  cent  in
          He also requested the synchronous and  life and society since it broke out in early  2022 in a scenario where the pandemic is
        effective implementation of the Covid-19  2020, thus limiting the ability of the country  under relative control both at home and
        pandemic prevention and control program  to implement socio-economic goals, targets,  abroad, as this would be supported by a
        for 2022-2023, to ensure safe production  and  tasks  in  annual  plans  and  the  five-  more accommodating fiscal policy, at least
        and business throughout the country.  year (2021-2025) period. GDP growth in  in the first part of 2022.
          Under the dispatch, ministries, sectors,  2020 and 2021 stood at 2.91 per cent and  It is clear that the results of the recovery
        and localities are required to develop spe-  2.58  per  cent,  respectively;  much  lower  and  development  program  implemented
        cific action programs and plans to carry  than the annual targets of 6.5-7 per cent.  during 2022 and 2023 will be the most deci-
        out  the  tasks  and  solutions  assigned  in  The socio-economic recovery and devel-  sive factor in achieving targets within the
        Resolution No. 11, with the focus on the  opment program, promulgated in the gov-  five-year (2021-2025) socio-economic devel-
        synchronous  coordination  of  monetary,  ernment’s Resolution No. 11 and including  opment plan, which has identified average
        fiscal, and other policy tools to maintain  a support package totaling about VND350  annual GDP growth of 6.5-7 per cent.
        macroeconomic  stability,  curb  inflation,  trillion ($15.3 billion), aims to recover the  Prime Minister Chinh therefore asked
        and ensure major balances in the economy  production and business activities of enter-  ministries, agencies, and localities to complete
        and the safety of credit institutions, while  prises and economic organizations while  a number of tasks in the first quarter of this
        actively supporting socio-economic recov-  promoting growth activities, with a view  year for the effective implementation of the
        ery and development. Ministries, sectors,  to stabilizing the economy and ensuring  socio-economic development and recovery
        and  localities must also strictly manage  social security for the people.  program under Resolution No. 11. %
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