Vietnam launches $15-bn economic recovery programme

07 Feb '22

2 min read

Pic: Shutterstock

Vietnam recently issued a resolution on the overall socio-economic recovery programme worth VND 350 trillion ($15 billion) that was approved by the National Assembly some time back. The programme’s goal is to accelerate production and business, achieve a gross domestic product (GDP) growth of 6.5-7 per cent a year over the next five years, and reduce the unemployment rate in urban areas to less than 4 per cent.

The government also aims to maintain the public debt target below the level adopted by the National Assembly and ensure major macro-economic balances.

Domestic businesses are hopeful of their production gathering full steam this year due to government support, according to a news agency.

The programme will reportedly benefit people, workers, enterprises, cooperatives and business households that have been affected by the COVID-19 pandemic, as well as economic sectors that create the driving force for economic recovery and development.

Support policies will be implemented over two years (2022-2023), with some policies to possibly be extended depending on the evolution of the pandemic.

The National Assembly on January 11 approved the government’s VND 350-trillion bailout package, with VND 60 trillion to be earmarked for health care, VND 53.15 trillion for social security and employment creation, VND 110 trillion for business recovery and VND 113.85 trillion for development investment.

Fibre2Fashion News Desk (DS)

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