16% of economic recovery package disbursed in 8 months

By Anh Minh   September 6, 2022 | 01:23 am PT
16% of economic recovery package disbursed in 8 months
A wielder works at My Thuan 2 Bridge in Vinh Long. Photo by VnExpress/Huy Phong
Vietnam’s VND350 trillion ($14.86 billion) economic recovery package, established to boost growth after two years of Covid-19, has been disbursed by 16% after eight months.

This means VND55 trillion has been provided as subsidy, tax waivers and loans to citizens and businesses as of Sept. 2, according to the Ministry of Planning and Investment.

Of the sum, VND34.97 trillion was disbursed as wavers for value-added tax and environmental tax on fuel.

Besides, VND3.05 trillion has been disbursed as rent support to 4.54 million workers nationwide.

Minister of Planning and Investment Nguyen Chi Dung said the disbursement rate is lower than expected due to complicated procedures and the reluctance of some localities.

VND13.5 billion was provided as loans with an incentive interest rate of 2%.

Lawmakers in June expressed concern about the slow rate of disbursement, to which Deputy Prime Minister Le Minh Khai replied that "prudent implementation is needed to avoid mistakes" since the package is huge.

In the last eight months, the economy went through many challenges but remained on a good recovery track, Dung said.

Vietnam posted a trade surplus of $3.96 billion in the period, almost the same as last year’s total.

Domestic consumption was revived, with revenue from goods and services surging 19% year-on-year.

Nearly 150,000 businesses were registered or resumed operation, up 31% year-on-year.

Obstacles, however, remained, due to fluctuating prices of fuel and manufacturing input, while global economic recovery is slow, Dung said.

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