Resolution 43/2022/QH15 on fiscal and monetary policies to support the socio-economic recovery and development program

RESOLUTION

ON FINANCIAL AND MONEY POLICIES SUPPORTING THE SOCIAL - SOCIAL RECOVERY PROGRAM

CONGRESS

Pursuant to the Constitution of the Socialist Republic of Vietnam;

Pursuant to the Law on Organization of the National Assembly No. 57/2014/QH13, which has been amended and supplemented with a number of articles under the Law No. 65/2020/QH14;

On the basis of considering the Government's Report No. 02/TTr-CP dated January 02, 01, Verification Report No. 2022/BC-UBKT604 dated January 15, 03 of the Economic Commission, Report No. 01/ BC-UBTVQH2022 dated January 106, 15 of the National Assembly Standing Committee on the reception, correction and explanation of the draft Resolution on fiscal and monetary policies to support the Economic Recovery and Development Program – society, relevant documents and opinions of National Assembly deputies;

DECIDES:

Article 1. Opinion

1. Sticking to the Party's guidelines and orientations and resolutions of the National Assembly, persistently maintaining macroeconomic stability, improving productivity, quality, competitiveness, autonomy, and resilience adapting to the economy, promptly responding to immediate and long-term needs, closely linked with the five-year socio-economic development plan 5-2021, the socio-economic development plan Annually, the economic restructuring plan for the period of 2025 - 2021, the national financial plan and the 2025-year public borrowing and repayment plan for the period of 5 - 2021, the medium-term public investment plan for the 2025 - 2021 period and COVID-2025 prevention and control program.

2. To operate flexibly, closely, harmoniously and effectively with fiscal, monetary and other macro policies; strictly control inflation, ensure great balances of the economy; only increase the state budget deficit to increase development investment spending and ensure the state budget balance when implementing tax exemption and reduction solutions to support the socio-economic recovery and development program (after this is called the Program).

3. Support policies The program has a large enough scale and resources, affecting both the supply side and the demand side; have central and central goals, identify the right people who need support to solve urgent problems, avoid spreading and wasting resources associated with the responsibilities of organizations, individuals, heads and committees and authorities at all levels.

4. Support policies and solutions must be feasible, timely and effective, mainly implemented in the years 2 and 2022 with an appropriate roadmap to improve capacity in COVID-2023 prevention and control. economic recovery and development; The given resources can be disbursed and absorbed quickly.

5. Mobilizing, allocating and effectively managing resources; reasonable balance among regions, regions, localities, fields and priority subjects; easy to implement, easy to check, monitor and evaluate; fighting negativity, corruption, group interests, policy profiteering; ensure efficiency, fairness, publicity and transparency.

Article 2. Objectives and targets

1. Restore and rapidly develop production and business activities, promote growth drivers, prioritize a number of important industries and fields, strive to achieve the goal of the 2021-2025 period: GDP growth average 6,5 - 7%/year, the public debt target is below the warning level allowed by the National Assembly in Resolution No. 23/2021/QH15, the unemployment rate in urban areas is below 4%; maintaining macroeconomic stability, ensuring major balances in the medium and long term.

2. Reduce costs, support cash flow, ensure initiative, create favorable conditions for businesses, economic organizations and people.

3. Effective prevention and control of COVID-19 epidemic; ensuring social security and people's lives, especially the workers, the poor, the vulnerable, those heavily affected by the epidemic; ensuring national defense, security, social order and safety.

Article 3. Policies to support the program of socio-economic recovery and development

1. Fiscal policy:

1.1. Tax exemption and reduction policy:

a) Reducing the value-added tax rate by 2% in 2022, applicable to groups of goods and services currently subject to the 10% value-added tax rate (remaining 8%), except for some groups the following goods and services: telecommunications, information technology, financial activities, banking, securities, insurance, real estate trading, metals, prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products, goods and services subject to excise tax;

b) Allowing to be included in deductible expenses when determining taxable income of enterprises for support and sponsorship expenses of enterprises and organizations for COVID-19 prevention and control activities in Vietnam. for the tax year 2022.

1.2. Development investment policy:

Increase spending on development investment from the state budget to a maximum of VND 176 trillion, concentrated in the two years 2 and 2022, including:

a) Regarding health:

Allocating a maximum of 14 trillion VND to invest in building, renovating, upgrading and modernizing the grassroots health system, preventive medicine, regional disease control centers, improving the prevention capacity, epidemic control of hospitals and central hospitals in association with training and improving the quality of human resources in the health sector, domestic production of vaccines and drugs to treat COVID-19;

b) Regarding social security, labor and employment:

– Grant the Bank for Social Policy a maximum of 5 trillion VND, including interest compensation and management fee of 2 trillion VND to implement the preferential lending policy under the Program; maximum interest rate support of 3 trillion dong for borrowers under policy credit programs with current lending interest rates above 6%/year;

- Investment in building, renovating, upgrading, expanding and modernizing social assistance, training, vocational training and job creation establishments up to VND 3,15 trillion;

c) Regarding support for enterprises, cooperatives and business households:

– Interest rate support (2%/year) up to VND 40 trillion through the system of commercial banks for a number of important industries and fields, businesses, cooperatives, and business households that can repay debt, have the ability to recover; loans to renovate old apartments, build social houses, houses for workers to buy, rent and hire-purchase;

- Grant charter capital to the Tourism Development Support Fund up to 300 billion VND;

d) Regarding infrastructure development investment:

To supplement up to 113,55 trillion VND of investment capital from the state budget for infrastructure development: traffic, information technology, digital transformation, prevention and control of riverbank and coastal erosion, conservation ensure safety of water reservoirs, adapt to climate change, overcome consequences of natural disasters;

dd) The selection and allocation of capital for projects under the Program must ensure the disbursement of the Program's capital in 2 and 2022, and comply with the following principles and criteria:

– Prioritize capital allocation for important national projects, projects in the list of Medium-term Public Investment Plans for the period 2021 – 2025 are being implemented, likely to be completed soon but have not yet been arranged. capital or have not been allocated enough capital;

- In case of allocating capital for projects outside the list of medium-term public investment plan for the period of 2021 - 2025: only for important, urgent, spillover effects, capable of solving projects. quickly and immediately absorbed into the economy, in accordance with the planning, using capital effectively, ensuring the ability to balance capital to complete the project in the period of 2022 - 2025; for a number of new projects of great significance to socio-economic development, priority is given to support for site clearance;

- Projects must ensure adequate investment procedures as prescribed;

- Ensuring publicity, transparency, fairness and harmony among regions, regions, localities and fields.

1.3. Other fiscal policy:

a) Housing rent support for employees who have labor relations, are renting, staying in, working in industrial parks, export processing zones, key economic areas (about 6,6 thousand people are employed). billion from the source of revenue increase, savings in central budget expenditure in 2021);

b) Increase the Government guarantee limit for domestically issued bonds to the Social Policy Bank to a maximum of VND 38,4 trillion to provide loans to support job creation; student; non-public preschool and primary schools; individuals borrow to buy, rent to buy social houses, build new or renovate and repair houses according to policies on social housing; implement the National Target Program on socio-economic development in ethnic minority and mountainous areas in the 2021-2030 period.

2. Monetary policy:

a) Synchronously and flexibly administer monetary policy tools to contribute to maintaining macroeconomic stability, controlling inflation, ensuring the safety of the credit institution system, actively supporting the socio-economic recovery and development; research to stabilize the maximum ratio of short-term capital for medium and long-term loans, reasonably calculate the required reserve ratio, conduct open market operations, refinance, direct credit institutions continue to reduce operating costs to strive to reduce lending interest rates by about 0,5% - 1% in 2 years 2022 and 2023, especially for priority sectors;

b) Continue to restructure the repayment term and maintain the same debt group, exempt and reduce loan interest for customers affected by the COVID-19 epidemic, closely monitor economic developments and the money market for solutions. appropriate measures to support businesses and people, and at the same time ensure the safe operation of the system of credit institutions;

c) Appropriate liquidity regulation, creating conditions to speed up disbursement for beneficiaries of interest rate support package;

d) Reasonable monetary regulation, closely coordinating with fiscal policy, creating favorable conditions for the issuance of Government bonds and for credit institutions to continue investing in Government bonds;

dd) Use up to VND 46 trillion from other legal financial sources to import vaccines, therapeutic drugs and medical equipment and supplies for COVID-19 prevention and control in case of necessity. ;

e) Continue to refinance the Bank for Social Policies to loan the employer to pay the stoppage salary, pay the salary to restore production to the employees, ensure the feasibility and organize the rapid implementation of the project. In reality. Balance the monetary solution to support the Program with the overall plan to restructure specially controlled banks.

3. Other policy:

Apply other policies to implement the Focus Program in 2 and 2022, including:

a) Using about VND 5 trillion from the Vietnam Public-Utility Telecommunication Service Fund to develop telecommunications and internet infrastructure, of which VND 1 trillion is used to equip tablets to implement the "Wave and computer for you”;

b) Solve problems in regulations on spending and management of the enterprise's Science and Technology Development Fund; using about 5 trillion dong for technological innovation, technology incubation, science and technology business incubation, commercialization of scientific research and technological development results; decoding technology; purchase equipment, machinery and raw materials for technological innovation, directly serving production and business activities of enterprises.

Article 4. Resource mobilization plan

1. In order to have resources to implement fiscal policies to support the Program, it is allowed to increase the state budget deficit in the two years 2 and 2022 by an average of 2023% - 1% of GDP/year (maximum 1,2 thousand) billion VND), of which: in 240, an increase of about 2022% of GDP (up to 1,1 trillion VND) compared to the estimate decided by the National Assembly; In 102,8, the Government will summarize the plan and general state budget estimate for both the increase of the Program and the year 2023, and submit it to the National Assembly for consideration and decision according to regulations.

Resource needs need to be calculated specifically on the basis of making the most of available resources, sources of revenue growth, savings in spending of the central budget and disbursement capacity to develop an appropriate mobilization plan. from time to time through the following tools:

a) Issue Government bonds, ensure the principle of close coordination in the administration of monetary policy, fiscal policy and other macro policies, maintain macroeconomic stability, financial market , currency and major balance security; consistent with the debt repayment, disbursement, and absorption capacity of the economy, ensuring efficiency and avoiding waste. Priority is to be given to the issuance of domestic government bonds in local currency, the average issuance term may be less than 9 years in 2 and 2022. In case of necessity to issue in foreign currency, the Government shall report to the competent authority. consider and decide before deploying;

b) Official development assistance (ODA) loans, foreign preferential loans in the form of budget balance support;

c) In case of necessity, the Government reports to competent authorities for permission to borrow from financial sources other legal suit and payable at the source of the financial plan - the state budget annually or sources as prescribed; allowing immediate release of government bonds for the State Bank of Vietnam.

2. To step up other measures to exploit resources, including:

a) Maximize and effectively use resources in medium-term plans for the period 2021 - 2025; saving, minimizing expenses, flexibly adjusting between tasks and spending items within the scope of authority. Strictly manage revenue sources, strive to increase revenue, thoroughly save state budget expenditures; accelerate the tax reform roadmap, combat revenue loss, transfer pricing, tax evasion, and reduce tax arrears; modernize the tax, customs and state treasury systems, deploy e-invoices, take advantage of opportunities to increase state budget revenue, especially revenue from cross-border digital transactions and digital-based services are being provided to consumers in Vietnam; thoroughly recover recurrent expenditures that are slow to be allocated or deployed;

b) Flexible use of appropriate mechanisms, policies and tools to mobilize more resources for the implementation of the Program; develop a plan to increase excise tax on a number of goods that need to be restricted in order to promptly apply during the implementation of the Program; accelerate the equitization and divestment of state capital in state-owned enterprises, capital from trade unions and socio-political organizations; review financial funds outside the state budget and investment capacity of the State Capital Investment Corporation in order to have a plan for appropriate mobilization and use; to study solutions to mobilize entrusted capital from the local budget for the Bank for Social Policies; interested in effectively integrating and speeding up disbursement of national target programs, targeted programs to support investment in grassroots health care in localities.

Article 5. Application of a specific mechanism

1. Allowing the Prime Minister, the head of the competent agency to consider and decide on the appointment of contractors in 2 and 2022 for consulting bidding packages, bidding packages serving the relocation of technical infrastructure , bidding packages for compensation, site clearance and resettlement, construction and installation packages of important national projects, important infrastructure projects of large scale and urgency in terms of transport infrastructure and healthcare under the Program; Contractors shall perform the bidding packages specified in this Clause until the project is completed. The order and procedures for appointment of contractors comply with the law on bidding.

2. In the two years 2 and 2022, the construction contractor is not required to carry out the procedures for issuance of a license to exploit minerals as common building materials in the construction materials survey dossiers for infrastructure projects. Important National Traffic under the Program; the mining of minerals specified in this Clause shall be carried out until the project is completed. The construction contractor is responsible for carrying out the environmental impact assessment; subject to the management and supervision of the exploitation and use of minerals; pay taxes and fees and fulfill obligations to protect, renovate and restore the environment in accordance with law.

3. In the two years of 2 and 2022, allow the Prime Minister to consider and decide on decentralization to the provincial People's Committees of localities that have sufficient capacity and experience in management and have a written proposal as a basis. The governing body shall implement the expressway sections in the form of public investment passing through the area under the Program (except for the East North-South Expressway Construction Project in the 2023-2021 period, which is approved by the Ministry of Transport. The transport agency is the governing body for unified management) on the basis of using the maximum capacity of the Ministry of Transport. The governing body specified in this clause may implement the expressway sections until the project is completed.

Article 6. Government assignment

1. Expeditiously promulgate solutions to implement fiscal and monetary policies and other policies within their competence as prescribed by law to implement the Program; guide the organization and implementation of the mechanisms specified in Article 5 of this Resolution in association with specific responsibilities, to ensure that no exploitation of policies, group interests, losses or waste occurs.

2. In operating and directing the mobilization, allocation, management and use of resources to savings, efficiency, consistent with implementation progress and disbursement of projects and tasks, detailed in the Program; closely monitor the macroeconomic indicators for a timely solution ensuring macroeconomic stability, the large balance, with particular attention to indicators of inflation, bad debts; strive to increase revenue and save money; reduce overspending to achieve the targets of the national financial plan and loan repayment period of 5 years from 2021 to 2025; fluctuations case, big risks, the Government promptly report to the National Assembly for consideration and decision.

3. Directing the formulation of a plan to allocate state budget estimates and supplement the public investment plan in 2022 for programs and projects under the Mid-term Public Investment Plan for the 2021-2025 period and projects under the Program (including contents about Social Policy Bank, Tourism Development Support Fund...); report to the National Assembly Standing Committee for consideration and decision on the allocation and allocation of additional estimates according to regulations before the Government allocates and assigns additional estimates and additional public investment plans in 2022.

Directing the development of a plan to increase charter capital from after-tax profits, after setting aside funds for the period of 2021 - 2023 for joint stock commercial banks where the State holds more than 50% of charter capital and from the state budget. State policy for the Bank for Agriculture and Rural Development.

4. Based on the principles and criteria prescribed in Clause 1, Article 3 of this Resolution, to urgently review and finalize the list of projects funded by the Program, reporting Standing Committee of the National Assembly for comments before allocation. Ensuring conditioning investment capital of the investment plan of the medium-term period 2021 - 2025, and capital investment in fiscal policy, monetary assistance program to prioritize funding for key projects , with spillover effects, linking regions, promote growth, able to absorb capital. Works Standing Committee of the National Assembly for consideration and decided to supplement the budget estimates of state and investment plans in 2022, the National Assembly for consideration and decided to supplement the budget estimates of state and investment plans the 2023 prescribed to hasten, complete disbursement of the Program in 2 and 2022 for 2023 years; secured funding for the development, completion of the project components in the project construction expressway north - south east period 2021-2025.

5. To perform synchronously, promptly and effectively the main tasks and solutions of the Program. During the administration process, continue to balance the central budget to supplement resources to implement the Program in accordance with actual conditions; promptly implement solutions to maximize the reasonable resources for the Program.

6. To flexibly adjust spending tasks of the Program in accordance with current law for contents within its competence. For matters falling within the competence of the National Assembly, it must be reported to the National Assembly for consideration and decision; In urgent cases, in the time between two sessions of the National Assembly, it shall report to the Standing Committee of the National Assembly for consideration, decision and report to the National Assembly at the nearest meeting.

7. Proactively and expeditiously promulgate and organize the effective and synchronous implementation of the Program on COVID-19 prevention and control and relevant regulations; cut, reduce, simplify administrative procedures, improve investment and business environment; focus on solving problems on mechanisms, policies and laws related to social housing and housing for workers; adopt breakthrough policies, give priority to encouraging innovation, digital transformation, digital economy, green economy, circular economy associated with sustainable development.

8. Studying a plan to allow enterprises to additionally deduct at a certain rate on the basis of actual expenses when calculating corporate income tax, applicable to costs of creating fixed assets and labor costs ; plan to increase tax on securities transactions, real estate, report to Standing Committee of the National Assembly for consideration and decision.

9. Strengthen internal inspection, examination and guidance from the very beginning to prevent errors, corruption, waste, negativity and strictly handle violations, especially in the context of resource allocation. large force in a short period of time.

10. Focusing on information and communication work, contributing to creating social consensus, arousing and promoting the strength of national unity and the political system.

Article 7. Implementation organization

1. The Government, ministries, central and local agencies uphold the responsibility, especially the responsibility of the leader in leading, directing the organization and implementation of the contents and policies specified in the Decree this decision, ensuring the right views, objectives, publicity, transparency, efficiency, feasibility and progress; not for policy profiteering, loss or waste.

2. Standing Committee of the National Assembly, Ethnic Council and Committees of the National Assembly, Delegation of National Assembly deputies, National Assembly deputies, People's Councils of provinces and centrally run cities, Fatherland Front The State of Vietnam and its member organizations shall, within the ambit of their duties and powers, supervise the implementation of this Resolution.

3. The State Audit shall organize the annual audit of the implementation of the Program, ensuring the fast, effective, public, transparent, anti-negative, corruption, group interests, and reporting. The National Assembly at the last session of 2022, 2023 and the middle session of 2024.

Article 8. Terms enforcement

1. This Resolution takes effect from January 11, 01 to December 2022, 31; specifically for the fiscal policy specified at Points 12 and 2023, Clause 1.2, Article 1.3 of this Resolution, applies to the 1 and 3 budget years.

2. The Government shall guide and organize the implementation of this Resolution; report to the National Assembly at the last session of 2022 and 2023, and a final report at the mid-term session of 2024.

This resolution was passed by the 11th National Assembly of the Socialist Republic of Vietnam, the first extraordinary session, on January 01, 2022.

PRESIDENT OF CONGRESS

Vuong Dinh Hue