The National Assembly Standing Committee held an extraordinary session to review the economic recovery project.

The National Assembly Standing Committee will hold an extraordinary session, spending the afternoon of August 29 to consider issues related to the socio-economic recovery and development project and the budget.

A meeting of the National Assembly Standing Committee.

Accordingly, the Government will submit to the National Assembly Standing Committee for consideration the assignment of the list and capital level for tasks and projects under the Socio-Economic Recovery and Development Program; adjust and supplement the central budget estimates for the 2022 plan of ministries, central agencies and localities.

This content will be presented by the Minister of Planning and Investment, authorized by the Prime Minister, and reviewed by the National Assembly's Finance and Budget Committee.

The second content is to review the plan for allocating the remaining unallocated medium-term public investment plan of central budget capital for the 2021-2025 period.

At the first extraordinary session on the afternoon of January 11, 2022, the 15th National Assembly passed a Resolution on fiscal and monetary policies to support the Socio-Economic Recovery and Development Program with a scale of about VND 350,000 billion to proactively prevent the Covid-19 pandemic and provide timely support for sustainable socio-economic recovery and development. With this resolution, fiscal and monetary policy packages and other policies will be implemented in the 2022-2023 period.

Just 19 days after the National Assembly passed Resolution 43/2022/QH15, on January 30, 2022, the Government issued Resolution No. 11/NQ-CP on the Socio-Economic Recovery and Development Program and implemented Resolution 43 of the National Assembly.

Resolution No. 11 of the Government sets out 5 groups of solutions (opening the economy associated with investment in improving healthcare capacity, disease prevention and control; ensuring social security and supporting employment; supporting the recovery of enterprises, cooperatives, and business households; investing in infrastructure development; institutional reform, administrative reform, and improving the business investment environment) with specific tasks, mobilizing and allocating detailed resources.

On June 2, in his explanation speech before the National Assembly, Deputy Prime Minister Le Minh Khai said that all documents, mechanisms, and policies to implement the Socio-Economic Recovery Program and Resolution 43/NQ-QH have been fully issued.

Of the total VND347,000 billion, VND46,000 billion (about USD2 billion) is reserved for purchasing COVID-19 vaccines and medical equipment.

The remaining amount can be analyzed into two groups. One is 125,000 billion VND, including: 64,000 billion VND in tax exemptions and reductions; 38,400 billion VND in preferential credit through the Vietnam Bank for Social Policies; 6,000 billion VND in opportunity cost reductions and tax payment extensions; 6,600 billion VND in support for workers renting houses.

Second, 176,000 billion VND is spent on public investment, including interest rate support through commercial banks and policy banks, and 134,000 billion VND is for infrastructure investment.

However, the implementation of public investment projects must follow very strict regulations of the Law on Public Investment, so "this package is slow to implement".

Also reporting to the National Assembly Standing Committee in June, Minister of Planning and Investment Nguyen Chi Dung, authorized by the Government, said that there were 113 tasks and projects of ministries, branches and localities selected by the Government as the basis for approving investment policies according to the Law on Public Investment and the National Assembly's resolution on economic recovery.

The total capital of these projects and programs is about 149,200 billion VND. The above capital does not include 14,000 billion VND in the health sector, more than 11,800 billion VND expected for 4 expressway and national highway projects of the transport sector and 965 billion VND that ministries and branches proposed not to allocate capital from the recovery package...