Topic: support package

Packages are similar to those in 2022 to help citizens and businesses overcome post-pandemic difficulties.

The government has urged the central bank to quickly amend and supplement unsuitable regulations to boost disbursement from the package.

The Ministry of Labor, Invalids and Social Affairs (MoLISA) has said that nearly VND3.54 trillion ($147.6 million) has been disbursed out of a total of VND6.6 trillion ($275.24 million) in rental support for more than 5.1 million workers, or 54.53 per cent of the original target. The government issued Decision No. 08/QD-TTg in March on rental support for workers affected by Covid-19.

Figures show that as of August 25, local social insurance agencies had provided support from the Unemployment Insurance Fund to more than 339,000 employees totaling more than VND963 billion ($40 million). Nineteen of Vietnam’s 63 cities and provinces have completed implementing the support package from the Unemployment Insurance Fund.

Ho Chi Minh City is planning to spend nearly VND1.8 trillion ($76.9 million) on rental support for nearly 1.8 million workers, but has so far disbursed only VND104 billion ($4.47 million) to nearly 196,000 workers, or just 5.8 per cent of the support package.

After three months of implementation, the “Social Impact Business (SIB) Support Package to Respond to Covid-19” has selected 29 SIBs in the agriculture and tourism sectors for support over six months and granted them VND100 million ($4,275) each to test and perfect innovative business models and replicate the potential social impact.

According to KB Securities Vietnam (KBSV), in the short term, the 2 per cent interest rate support package will provide psychological benefits in the context of the stock market experiencing much negativity in recent times. In the medium and long terms, the impact will depend on the effectiveness of the package. Banking is one industry that will benefit.