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Vietnam seeks $15.3 billion stimulus package to prop up virus-hit economy -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Labourers are wearing protective masks at Ngoc Nu’s private factory that makes pillows, blankets and mattresses. This is after the government lifted the nationwide lockdown in response to the COVID-19 outbreak.

HANOI (Reuters – Vietnam intends to spend 347 trillion Dong ($15.25 Billion) in the period 2022-22 to help cushion the economic impact from the COVID-19 Pandemic.

This latest package of stimulus measures, although it is still below the 800 trillion wong proposal in November, contains measures to lower bank loan interest rates by around 1 percentage point, and defer loan payments for companies.

Vietnam’s central banks, who have a plan to sell government bonds worth $3 billion domestically, are required to be available to help stabilize the foreign exchange rate and to intervene in any market.

According to official data, Vietnam’s economic growth in 2021 was 2.58%, down from 2.91 percent the year prior. The government is targeting GDP growth https://www.reuters.com/markets/asia/vietnams-2021-gdp-growth-slows-exports-offer-support-2021-12-29 of 6.0%-6.5% for 2022.

This plan includes 64 trillion wong of tax cuts and 110 trillion wong business assistance.

($1 = 22,752.0000 dong)

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