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

RESOLUTION

On fiscal and monetary policies in support of the socio-economic recovery and development program^[1]

THE NATIONAL ASSEMBLY

Pursuant to the Constitution of the Socialist Republic of Vietnam;

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

After considering the Government’s Report No. 02/TTr-CP of January 2, 2022; the Economic Committee’s Verification Report No. 604/BC-UBKT15 of January 3, 2022; the National Assembly Standing Committee’s Report No. 106/BC-UBTVQH15 of January 11, 2022, on the acceptance, adjustment and explanation on the draft Resolution on fiscal and monetary policies to support the socio-economic recovery and development program, relevant documents, and opinions of National Assembly deputies;

RESOLVES:

Article 1. Viewpoints

1. To strictly adhere to the Party’s guidelines and orientations and the National Assembly’s resolutions, persistently maintaining the macro-economic stability; raising the productivity, quality, competitiveness, autonomy, resilience and adaptability of the economy; promptly satisfying the immediate and long-term demands; and ensuring the close association with the 2021-2025 five-year socio-economic development plan, annual socio-economic development plans, the 2021-2025 plan on economic restructuring, the 2021-2025 five-year national plan on finance and borrowing and public debt repayment, the 2021-2025 medium-term public investment plan, and the COVID-19 prevention and control program.

2. To flexibly administer, and closely, harmoniously and efficiently combine fiscal and monetary policies with other macroeconomic policies; to strictly control inflation, ensuring major balances of the economy; to increase state budget overspending only for the increase in development investment expenditures and ensure the state budget balance upon the application of tax exemption and reduction solutions to support the socio-economic recovery and development program (below referred to as the Program).

3. The Program support policies must be of a large scale and have sufficient resources with impacts on both the supply and demand; have central and focal objectives, and properly identify subjects in need of support to settle urgent issues, avoiding thinned-out allocation and waste of resources while ensuring performance of responsibilities of organizations, individuals, heads, and Party Committees as well as administrations at all levels.

4. Support policies and solutions must be feasible, prompt and efficient and implemented mainly in 2022 and 2023 with an appropriate roadmap in order to heighten the COVID-19 prevention and control capacity and ensure socio-economic recovery and development; the proposed resources must be capable of fast disbursement and absorption.