MoF ready for stimulating economic recovery

Therefore, the drastic and timely implementation of fiscal policies is decisive for the success or failure of the program. Acting as a leading agency in implementing fiscal policy solutions, the Ministry of Finance (MoF) is actively and urgently implementing solutions under its functions and tasks.

The sooner the resources from the program reaches businesses and consumers, the sooner it will help them. Photo: ST

Quickly assign tasks and implement the program

Under the program, the fiscal policy packages is valued at about VND291 trillion, of which VND240 trillion is allocated from the State budget and about VND6.6 trillion from increased revenue and savings in the State budget in 2021 to support workers renting houses.

The tax payment extension and refund to give incentives to businesses and economic organizations in 2022 continues to be implemented. The VND6 trillion of deferred payment worth VND135 trillion will help support businesses. The guarantee of government bonds for the Bank for Social Policies to lend to policy beneficiaries will be increased to about VND38.4 trillion.

According to Dr. Le Duy Binh, Managing Director of Economica Vietnam, businesses and people have great expectations for the support program.

“Faced with such expectations, ministries, governmental agencies and local agencies will have great responsibilities. Therefore, the drastic and responsible participation of ministries and agencies from when Resolution 11/NQ-CP is issued will play an important role in promoting the effectiveness of the program," said Dr. Le Duy Binh.

Mr. Nguyen Minh Tan, Deputy Director of the State Budget Department (Ministry of Finance), said in the process of formulating policies as well as submitting to the National Assembly for promulgation Resolution 43 /2022/QH15 on fiscal and monetary policies to support the program, the Ministry of Finance has worked with the Ministry of Planning and Investment, the State Bank and other relevant ministries to develop and complete the contents of the program and the resolution.

The Ministry of Finance has also researched to immediately carry out the tasks under its responsibility. After the Government issued Resolution 11/NQ-CP, the ministry urgently assigned tasks and deadlines to its subordinate units.

The Ministry of Finance shall preside over 18 tasks and coordinate with other ministries to implement 13 tasks, including those to be completed in the first quarter of 2022 and in the long-term, Tan said.

“Urgent tasks that the ministry must perform in the first quarter of 2022 include: guiding tax exemption and reduction policies; guiding the deadline extension for tax exemption and payment; guiding the implementation of credit policies for students to buy computers; guiding the interest rate compensation for the Bank for Social Policies; and coordinating with the State Bank to issue a guideline framework on credit support for businesses,” according to the Deputy Director of the State Budget Department.

Actively prepare resources

In order for the fiscal policy solutions in Resolution 43/2022/QH15 of the National Assembly and Resolution 11/NQ-CP of the Government to quickly come into practice and promote effectiveness, the Ministry of Finance has actively and urgently organized the implementation.

So far, the Ministry of Finance has submitted to the Government for promulgation Decree 15/2022 on tax exemption and reduction policies according to Resolution 43/2022/QH15, worked with the State Bank, Bank for Social Policies and relevant units to guide the implementation of credit policies for students to buy computers for online learning; and proposed interest rate compensation for the Bank for Social Policies.

At the same time, the Ministry is also urgently reviewing the needs and resources to submit to the Prime Minister to issue a decision on increasing the Government guarantee for the Bank for Social Policies to issue domestic bonds to lend to policy beneficiaries.

In particular, for units under the Ministry, Mr. Nguyen Minh Tan said the Ministry of Finance has requested the State Budget Department and State Treasury to make plans to prepare funds for the Program as well as the State Treasury as well as other spending needs and not to affect the liquidity of the State Treasury in any situations.

Moreover, the ministry has taken advantage of the space in revenue growth, actively saved spending and strictly controlled recurrent expenditures, especially expenditures for capital construction investment, and cut unnecessary expenditures for this program.

Dr. Le Duy Binh said that the sooner the resources from the program reach businesses and consumers, the sooner they will help businesses and consumers and the opportunity for economic recovery and growth will come. He also said the components of the program are specified, thus the monitoring and responsibility of ministries and agencies and localities in implementation is easier.