Vietnam takes first ever measures to kick-start ailing economy For the first time Vietnam is launching a series of relief packages worth approximately VND600 trillion (US$25 billion) to get the national economy back on track after being badly affected by the novel coronavirus epidemic (COVID-19). Roughly VND256.6 trillion of the total sum will be sourced from the State budget, with the remainder coming from the central bank, Vietnam Social Insurance, Vietnam Electricity, credit organisations, and telecommunication groups. The money will then be put into offering support to boost production, aid business services, and ease social welfare measures. This move can be considered as an unprecedented step to cushion the impact of the COVID-19 epidemic by speeding up economic recovery and kickstarting the post-virus period. A serious economic impact According to Minister of Planning and Investment Nguyen Chi Dung, the COVID-19 epidemic has taken a heavy toll on the Vietnamese economy, with the impact being described as serious. The first quarter of the year saw the economy grow by 3.82% annually, representing a record low since 2011. The longer the epidemic goes on for, the more serious the economic impact is expected to be. It is highly unlikely that the 6.8%… Read full this story
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