Vietnam supports $ 15.3 billion in aid to COVID’s economy Coronavirus virus pandemic

The government says it is looking for “sustainable” growth that will ensure macroeconomic stability while controlling inflation.

The Vietnamese parliament approved a stimulus package of about 347 trillion dong ($ 15.3 trillion) to revive the Covid-19 and severely blocked economy, with a focus on virus-affected businesses, workers and infrastructure spending.

The National Assembly voted in favor of a plan that was significantly reduced due to concerns that it would boost inflation.

National Assembly Speaker Vuong Dinh Hue told a forum in Hanoi last month that the government is looking for “sustainable” growth while ensuring macroeconomic stability while controlling inflation, according to a government website. In November, politicians weighed in at $ 800 trillion in stimulus measures.

Vietnamese officials are trying to fix the economy affected by the severe anti-virus blockade, which has led to the closure of factories that disrupted supply chains.

The stimulus package includes about 170 trillion dong in infrastructure spending by 2022-23.

It also has measures to reduce the interest rate on bank loans by about 1 percentage point and to help companies delay their loan payments. The central bank will intervene in the money market by selling dollars to stabilize foreign exchange rates when needed.

Parliament also approved an increase in the state budget deficit of 240 trillion dong for 2022 and 2023.