The Vietnamese economy began to recover in the fourth quarter of 2021 as the country has lifted COVID-19 restrictions to reopen its economy in the strategy of living safely with the coronavirus since early October.
Never in the past few decades has the National Assembly (NA) had to convene an extraordinary session as it has been doing since last week, just two months after it concluded its second session of the 15th NA. Following such sessions, last Tuesday, Vietnamese legislators approved an economic stimulus package worth up to VND320 trillion (US$14.11 billion) for the 2022 - 23 period to prop up the country's pandemic-hit economy.
It will reduce value-added tax by 2.0 percentage points, cut loan interest rates by 0.5-1.0 percentage points and increase infrastructure investment. The package also includes funds for the healthcare system and financial support to cut house rents for workers.
Join EuroCham at this New Year Event with our special guest speakers to gain insights on:
Chairman and CEO, Managing Partner – Deals, Tax and Legal of KPMG in Vietnam and Cambodia
Member of the National Advisory Council on Financial and Monetary Policies, Senior Advisor to the Chairman of the Board at of Directors of the Joint stock Commercial Bank for Investment and Development of Viet Nam (BIDV), Director of the BIDV’s Training and Research Institute.