The National Assembly adopts Resolution 43 on fiscal and monetary policies to support the country’s economic recovery in the post-COVID-19 pandemic period. (Photo: VietnamPlus) Hanoi (VNA) – The rebound of the economy with a strong recovery of industries and positive business results of enterprises have been attributed to the National Assembly’s Resolution 43 and the Government’s Resolution 11.
With timely, practical and sound measures, the National Assembly’s Resolution 43 has helped to stimulate economic recovery after a hiatus caused by the COVID-19 pandemic.
Successfully weathering the storm
After two years of struggling with COVID-19, seemingly the biggest game changer of the global economy in the century, Vietnam has found its own ways to respond appropriately to the pandemic and even thrive.
In January 2022, the Government issued Resolution 11/NQ-CP (or Resolution 11) on the socio-economic recovery and development programme. It aims to realise the National Assembly’s Resolution 43/2022/QH15 (or Resolution 43) on fiscal and monetary policies to support the programme worth 15 billion USD, about 4.5% of GDP.
It aims to recover production and business activities of companies and promote optimised economic growth by stabilising the economy and ensuring social security for the people. Resolution 11 includes various policies such as tax reduction and investment plans.
As a result, in the past year, Resolution 43 has come to life through the Government's action plan and measures and solutions that are unprecedented, such as the procurement of medical equipment, the purchase of vaccines, the implementation of universal vaccination, and supporting businesses.
In addition, the policy to support the recovery of enterprises, cooperatives and business households has been implemented with a total tax extension of about 106 trillion VND, equal to about 78.5 % of the expected amount when developing the programme (135 trillion VND).
The total tax exemption and reduction is over 50 trillion VND, accounting for 78.4 % of the expected amount.
Enterprises accelerate production to recover growth post COVID-19 (Photo: VietnamPlus) According to experts, the promulgation of Resolution 43 is considered to be suitable with the context of Vietnam and the world, and it is the most important and comprehensive strategic decision to concretise fiscal and monetary policies to support economic recovery and development.
Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (Vitas) said although 2022 was a challenging year, but the country’s textile and garment exports achieved a growth rate of 8.8% compared to 2021.
The National Assembly’s Resolution 43 and the Government’s Resolution 11 has had positive impacts on the economy. As a result, in 2022, the index of industrial production (IIP) increased by 8.6% over the same period last year.
Despite being heavily affected by the COVID-19 pandemic, rice exports still achieve impressive results. (Photo: VietnamPlus) Notably, the Russia-Ukraine conflict broke out in the first quarter of 2022, causing another “blow” after the COVID-19 pandemic and resulting in hikes in prices of oil and many types of raw materials and fuels, export costs, among others.
Minister of Industry and Trade Nguyen Hong Dien inspects petroleum reserves. (Photo: VietnamPlus)
Tran Duy Dong, Director of the Domestic Market Department under the Ministry of Industry and Trade, assessed that the global energy crisis had made supply scarce and unstable, and world gasoline prices also fluctuated complicatedly.
Specifically, the average world price of finished petrol in the first 10 months of 2022 rose by 57-85% compared to the same period in 2021. However, from the end of June to end of September 2022, petrol prices experienced a downward trend with a large amplitude.
The Ministry of Industry and Trade has also gathered opinions of businesses, associations and experts to submit to the Government for consideration and review Decree 83/CP and Decree 95/CP to ensure an adequate supply of petrol for economic development and consumers.
Timely and sound decisions have cemented trust and encouraged the business community and employees while creating a driving force for socio-economic development, overcoming difficulties and turning challenges to opportunities for economic growth in the new context./.
