Vietnam Allocates Millions of Dollars to Development Plans

Vietnam Allocates Millions of Dollars to Development Plans

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Hanoi, 2nd October (RHC) – The Vietnamese government has allocated more than $6.1 billion from the state budget for the Socio-Economic Recovery and Development Program, the implementation of which was led by Prime Minister Pham Minh Chinh.

In a newly issued decision, Minh Chinh has detailed the ratio and reported capital amount for each task and project that has completed the prescribed investment procedures, VNA news agency said.

The head of government called on the ministries of health, agriculture and rural development, labour, war invalids and social affairs and transport to encourage departments and municipalities to manage the use of program capital in accordance with regulations.

Meanwhile, the Ministry of Planning and Investment should coordinate with the Ministry of Finance to continue reviewing projects that have completed investment procedures and are eligible for the plan’s remaining capital allocation, Minh Chinh said.

The 2022-2023 Socio-Economic Recovery and Development Program envisages a range of fiscal policy measures, from short-term measures such as temporary tax cuts, interest rate subsidies and liquidity support for businesses and families, to long-term measures such as spending on health, education and digital infrastructure.

It is, according to the source, an adequate stimulus package to boost the recovery process after the major economic shock in the second half of 2021 due to the negative impact of the Covid-19 pandemic (source: PL).