Wed, 19 Jan 2022

HANOI, Jan. 11 (Xinhua) -- The 15th National Assembly (NA) of Vietnam concluded its first extraordinary session here on Tuesday after approving a stimulus package to bolster the country's economy hit hard by the COVID-19 pandemic.

Speaking at the closing meeting, NA Chairman Vuong Dinh Hue said the deputies reached high consensus on approving a resolution on fiscal and monetary policies for the implementation of the socio-economic recovery and development program in 2022 and 2023.

With an estimated 350 trillion Vietnamese dong (about 15.4 billion U.S. dollars), the stimulus package will focus on pillars such as health care, social security, employment and businesses affected by COVID-19, Hue said.

Supporting measures specified in the resolution include cutting value-added tax by 2 percentage points in 2022 from the current level of 10 percent, lowering loan interest rates by 0.5-1 percentage point in 2022 and 2023, and raising infrastructure investment.

The policies will "take the initiative in the prevention of COVID-19 and timely support for sustainable socio-economic development," to help Vietnam achieve the economic growth target of 6.5-7 percent per year in the 2021-2025 period, the top legislator stressed.

The online session of the 15th NA started on Jan. 4 amid an ongoing COVID-19 outbreak in Vietnam.

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