Minister of Finance Ho Duc Phoc

However, in the current period, it’s important to implement aid packages to help businesses and stimulate economic growth while accepting increased overspending. Speaking to reporters on the sidelines of the NA meeting on Thursday, Minister Phoc said once the economy recovers and grows, overspending will be reduced The Ministry of Finance is now considering aid packages of fiscal policies, said Mr. Phoc.

'The Ministry of Finance is proposing a number of fiscal policies and stimulus packages including interest rate support for businesses of up to 880 million USD in certain sectors and key projects. We also proposed to issue government bonds and foreign currency bonds in the country and increase of collection on the digital platform. We proposed preventing transfer price and tax invasion, practicing austerity, and reducing 10% of regular expenditures,' said Minister Phoc.

NA Deputy Vu Tien Loc of Hanoi says the aid package should save businesses and stimulate growth. A short-term program for economic recovery in the 2022-2023 period is needed. Mr. Loc proposed the government issue specific mechanisms on administrative procedures for businesses to facilitate recovery and development.