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Disbursement of economic recovery package remains slow

VGP – Disbursed volume of the Government's VND350 trillion (approximately US$15 billion) economic recovery package reached VND55.5 trillion (over US$2.34 billion) in January-August period, according to a Cabinet minister.

September 06, 2022 7:33 PM GMT+7
Viet Nam spends nearly US$2.34 bln for socio-economic recovery and development  - Ảnh 1.

Minister of Planning and Investment Nguyen Chi Dung (L) at the Cabinet meeting, Ha Noi, September 6, 2022 - Photo: VGP

The disbursed figure includes VND10,073 billion in preferential loans provided via the Viet Nam Bank for Social Policies, VND3.05 trillion in rent support for 4.54 million workers nationwide, and VND34.97 trillion as wavers for value-added tax and environmental tax on fuel, said Minister of Planning and Investment Nguyen Chi Dung.

Nguyen said the disbursement rate was unexpectedly low due to complicated procedures and lack of drastic efforts by local authorities.

The package, approved by the National Assembly in January this year, will be implemented within two years with an aim to boost growth after two years of COVID-19 pandemic.

With the package, the Government targeted to gear up the overall GDP growth to 6.5-7percent in the 2021-2025 period./.