The Ministry of Finance is seeking feedback on a draft Government decree on the rescheduling of payments of value added tax (VAT), corporate income tax (CIT) and land rent amounting to over VND100,000 billion.

The cut is necessary to help citizens weather inflation and support socioeconomic recovery.

The reach of the 2% lending-rate-support policy has been lower than expected after banks applied common credit standards to businesses that wanted to benefit from the scheme – leading to both sides asking for more assistance.

The State Audit of Vietnam (SAV) will audit a relief package worth some VND350 trillion for the country’s economic recovery and development in 2023.

Many enterprises complain that they cannot access the 2 percent interest rate subsidy package, and banks are not keen on the program because of complicated procedures.

The prime minister has decided to provide extra funding to the tourism development fund and the preferential credit package access to soft loans with an interest rate discount of two percentage points.

A financial aid package with an interest rate discount of 2 percentage points for businesses has been disbursed far slower than expected.

The government is boosting the implementation of a gigantic package on supporting enterprises and people to achieve a new growth goal, with a plan to source sufficient funding for the policy.

Slow implementation of the national fiscal and monetary initiative is expected to dent economic growth, with legislators urging the government to soon review the policy to provide further assistance for enterprises and people.

Behind the good news that in the first quarter of 2022, for the first time in history, the number of newly registered businesses in a month exceeded 15,000, there were still worries about the "health" of many others.

Deputy Prime Minister Le Minh Khai has signed a decree on extending the deadline for value-added tax, corporate income tax, personal income tax and land lease payments in 2022.

The tax payment extension, which is not expected to reduce state budget revenue, will help enterprises have capital for production and business.

Commenting about the mega economic stimulus package, economists said the money should not be delivered equally to everyone, but should go to the right addresses.

Despite impairments in the economy and business revenues, Vietnam has decided to increase its budget deficit this year and next year in order to ensure state budget spending for the country.

An economic recovery package worth VND350 trillion, the largest package so far, to be disbursed in 2022 and 2023, offers many supportive measures. Workers experiencing difficulties can borrow money to buy or rent social housing.

The COVID-19 pandemic has caused local firms to face an array of risks, with there being a large and possible long-lasting vulnerability for them.

Enterprises which deliberately delay the reduction of the value added tax (VAT) from 10% to 8% will face heavy sanctions, according to the General Department of Taxation.

Minister of Planning and Investment Nguyen Chi Dung talks about the key objectives and priorities of Vietnam socio-economic recovery programme for 2022. 

A support package worth 6.6 trillion VND (290.4 million USD) will be spent on providing housing rental subsidies for labourers who are working in industrial parks (IPs), export processing zones (EPZs) and key economic regions.