Page 5 - Layout 1

Congratulations on Bulgaria National Liberation Day
LEADERS

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. %

www.en.vneconomy.vn MARCH 2022 | VIETNAM ECONOMIC TIMES | 3