Lawmakers begin extraordinary session, discuss stimulus for economic recovery

By Hoang Thuy   January 3, 2022 | 08:07 pm PT
Lawmakers begin extraordinary session, discuss stimulus for economic recovery
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The National Assembly has convened for an extraordinary session starting Tuesday to discuss several critical issues including a stimulus package to revive the Covid-19-hit economy.

Fiscal and monetary policies to foster growth in the coming years would be discussed, the chairman of the National Assembly Office, Bui Van Cuong, told VnExpress Tuesday.

The National Assembly usually has two sessions a year, in April-May and October-November, but Cuong said waiting until May could impact growth.

Other issues to be considered are laws on public and private investment, bidding, electricity and taxation, he said.

The construction of the North-South Expressway and a special policy for the development of Can Tho City are also on the agenda, he said.

The stimulus is considered a key factor in boosting growth after the economy grew at just 2.58 percent last year, its second year of low growth due to the pandemic.

"Without special support programs, without fiscal and monetary stimulus, Vietnam will miss opportunities, be left behind and not realize its five-year economic development targets," economist Can Van Luc warned.

Bui Quang Tuan, director of the Vietnam Institute of Economics, said the economic recovery program, to be implemented in 2022 and 2023, could cost VND666 trillion ($29.87 billion), or 8 percent of the 2020 GDP.

The World Bank has advised the government to improve its cash relief programs to ensure it reaches more households, informal workers and people not registered for social assistance.

Cash support should be provided over several months and not be a one-time affair, it said.

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