Vietnam’s parliament has approved a stimulus package worth $15.3 billion to revive the pandemic hit economy and harsh lockdowns with a focus on assisting virus-hit businesses, workers and increasing infrastructure spending.
In a statement by chairman of the National Assembly, Vuong Dinh Hue, the government seeks “sustainable” growth that ensures macroeconomic stability while controlling inflation.
Vietnamese officials are seeking to mend an economy damaged by tough anti-virus lockdowns, which led to factory closures that crippled global supply chains.
The Stimulus package contains measures to reduce bank loan interest rates by about 1 percentage point and delay loan payments to help businesses.
Also, the stimulus package includes about 170 trillion dong in infrastructure spending for 2022-23.
The parliament also approved an increase in the state budget deficit by a total of 240 trillion dong for the 2022 and 2023.