Vietnam approves $15.3 billion aid for Covid-hit economy

Australian buyers spent November as recovery intensifies

Vuong Dinh Hue, chairman of the National Assembly, told a forum in Hanoi last month that the government seeks “sustainable” growth that ensures macroeconomic stability while controlling inflation, according to a posting on the government’s website. Policymakers in November were weighing 800 trillion dong in stimulus measures.

Vietnam’s parliament endorsed an upgrade bundle worth around 347 trillion dong ($15.3 billion) to resuscitate an economy battered by Covid-19 and harsh lockdowns with an emphasis on virus-hit businesses, laborers and expanding infrastructure spending. The National Assembly decided on an arrangement that had been altogether decreased over worries it would spike inflation. Vietnamese officials are looking to repair an economy harmed by tough anti-virus lockdowns, which prompted industrial facility terminations that disabled worldwide inventory chains.

The stimulus package includes about 170 trillion dong in infrastructure spending for 2022-23. It also has measures to reduce bank loan interest rates by about 1 percentage point and delay loan payments to help businesses. The central bank will intervene in the money market by selling dollars to stabilize foreign exchange rates when needed. The parliament also approved an increase in the state budget deficit by a total of 240 trillion dong for the 2022 and 2023.

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