According to the finance ministry, the co-payment program aims to counteract slowing economic growth, fragile consumer confidence, and high household debt by injecting cash into the economy as part of the government's flagship "quick big win" initiative.
The COVID-19 pandemic ensured that 2021 was a chaotic year for the economy in Vietnam, but there was an area that withstood the storm: the stock market. The market rose strongly to reach an all-time peak despite many downward movements.
The second stimulus package to aid the economy amid the COVID-19 pandemic would focus on the most affected sectors, including aviation, tourism and consumption, according to the Ministry of Planning and Investment.
The Indonesian Transportation Ministry has agreed to provide the aviation industry with a stimulus package worth 216.5 billion Rp (14.75 million USD) aimed at cutting costs and boosting demand throughout the COVID pandemic.
Thailand has unveiled a three-month stimulus package worth 51 billion THB (1.63 million USD) to boost domestic consumption and support the COVID-19-hit economy.
The Philippine government is eyeing a stimulus package worth 846 billion pesos (16.7 billion USD) to enable a full economic recovery from the COVID-19 pandemic, according to Finance Secretary Carlos Dominguez.
Indonesia’s central bank (BI) has bought 1.6 billion USD worth of government bonds in the primary market, underlining its commitment to remain active in it as the country faces a burgeoning state budget deficit due to the rising cost of COVID-19 mitigation efforts.
Thailand’s Tourism and Sports Ministry is aiming high for 100 million domestic trips this year as the international travel market will not be likely to return to normal soon because of the COVID-19.
Indonesia will issue larger tax breaks to cover 11 business sectors which are similar to the incentives given to manufacturing industries to help companies weather impacts from the COVID-19 pandemic.
The Malaysian government on April 6 unveiled an additional stimulus package worth 10 billion ringgit (2.3 billion USD) to support small- and medium-sized enterprises (SMEs) affected by the COVID-19 outbreak.
The Asian Development Bank (ADB) has predicted that the Thai economy will shrink by 4.8 percent this year due to the COVID-19 pandemic, heading for its deepest contraction since the Asian financial crisis in 1998.
The Indonesian government announced on March 13 that it will allocate 120 trillion rupiah (8.1 billion USD) from the state budget to stimulate the economy by providing tax incentives and subsidies for workers, businesses and families affected by the COVID-19 outbreak.
The Thai cabinet has approved a stimulus package worth 400 billion THB (over 12.7 billion USD) to soften the blow of the COVID-19 outbreak on the local economy.
Thailand’s economic growth in the third quarter is likely to improve from the second quarter’s reading, mainly thanks to positive tourism growth and the government’s economic stimulus measures, according to the Bank of Thailand.
The Finance Ministry of Thailand will need more than 100 billion THB (3.28 billion USD) to sponsor the sustainable development strategy for the rural economic area with around 30 million low-income households nationwide.
Ho Chi Minh City’s Department of Industry and Trade (DoIT) will focus on improving the strength and efficiency of four key industries under the city’s stimulus package until the end of this year, said DoIT’s deputy director Nguyen Phuong Dong.
The Indonesian government has announced the fourth out of its five economic stimulus packages in a bid to reverse the domestic economy’s slowdown, according to national news agency Antara.
