USD 15.3 billion in public aid to help pandemic-hit economy

VIETNAM: The national government is delivering a massive public funding boost in the hope of reviving its post-lockdown economy, with a focus on assisting both virus-hit businesses and workers.

Vuong Dinh Hue, chairman of the National Assembly, told a forum in Hanoi last month that the government was seeking "sustainable" growth that ensured macroeconomic stability while controlling inflation.


With this new stimulus package, the government hopes to mend a battered economy that has suffered after strict pandemic lockdowns, which in turn led to factory closures that crippled supply chains.


The approved stimulus package will also include VND 170 trillion (USD 7.45 billion) in infrastructure spending for 2022-2023. Further measures include a plan to reduce bank loan interest rates by 1 percentage point, and allow delayed loan repayments for businesses in difficulty.


The parliament also approved a VND 240 trillion (USD 10.52 billion) increase in the state budget for the next two financial years.


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