This is the largest-ever stimulus package approved by the NA, the local media reported.

At the opening session of the 11th sitting of the NA’s Standing Committee on May 11, Hue said the package was meant to be disbursed in 2022 and 2023, but the disbursement pace was slow.

If the disbursement is not completed in 2023, the package will be terminated, Hue added.

Vu Hong Thanh, head of the NA’s Economic Committee, said some ministries and agencies had just reviewed or consulted with other agencies on the stimulus package for the economic recovery and development. They were slow in building, issuing and asking for the competent agencies’ approval for plans.

The inconsistency between the plan to allocate and adjust public investment in the program and the mid-term public investment plan in the 2021-2025 period has made it tough to meet the package disbursement deadline, affecting the target to add 2% to the country’s gross domestic product growth, Thanh noted.

The reduction of the value added tax in 2022 was considered a breakthrough, bringing practical benefits to both enterprises and residents. According to the National Financial Supervisory Commission, if the policy proves its efficiency, it will help cut inflation by some 1%.

However, the deployment of the policy has encountered multiple obstacles.

Thanh asked the Government to continue coming up with solutions to remove these obstacles. In addition, the Government, ministries and agencies should report to the NA on the progress in implementing tasks and difficulties during the process, work out breakthrough solutions and roadmaps, mobilize resources to fulfill the tasks and consider them as their key tasks for this year.

Source: Saigon Times