10,800 billion of Covid-19 Vaccine Fund is deposited in the bank

Accumulated to September 2023, the Covid-19 Vaccine Fund has nearly 10,842 billion VND, including interest on bank deposits of over 202 billion.

This figure was stated by the Government in its report to the National Assembly on the 2023 financial plan and the 2024 plan of extra-budgetary financial funds (not using the State budget) managed by the central government.

The Government considers this to be one of the funds that has operated effectively, mobilizing large resources in a short time since its establishment. The fund has mobilized nearly VND 7,964 billion after one month of operation. Accumulated to the end of September 2023, the Covid-19 Vaccine Fund has nearly VND 10,842 billion, including interest on bank deposits of over VND 202 billion.

The Covid-19 Vaccine Fund is one of 22 extra-budgetary financial funds, established in May 2021 by the Government's decision when the Covid-19 pandemic broke out. The Ministry of Finance is the agency managing this fund. This fund receives, manages and uses funding sources to purchase Covid-19 vaccines or support domestic vaccine production. According to regulations, the fund is allowed to use idle capital of the fund deposited at commercial banks to preserve and develop capital.

In addition to the vaccine fund, the Government said there are also a number of large-scale funds with large annual revenues and expenditures, such as the Social Insurance Fund, Unemployment Insurance Fund, Health Insurance Fund, Debt Repayment Accumulation Fund, Public Telecommunications Service Fund, and Small and Medium Enterprise Development Fund. The rest are small-scale and have limited operations.

However, 6 funds had to be dissolved or merged in the past 6 years due to inefficiency. These include the Road Maintenance Fund, the Enterprise Arrangement and Development Support Fund, the Economic Diplomatic Support Fund, etc. This year alone, no extra-budgetary funds were established, dissolved, or merged.

Some funds are slow to adjust their tasks to meet urgent requirements in the new situation. The review, amendment, supplementation and issuance of new legal documents regulating the operations of some funds are still slow.

In terms of finance, according to the Government, this year the above funds collected about 548,400 billion VND, down 1,500 billion compared to the plan . However, the fund balance by the end of this year still increased by 7.5% compared to last year, reaching more than 1,420 trillion VND. Of which, three funds under the management of Social Insurance accounted for about 91% of the total fund balance; the debt repayment fund accumulated about 8%. The funds spent 448,600 billion VND, up 3,200 billion VND compared to the plan.

In 2024, the Government plans to collect about VND585,300 billion in total revenue from funds, up 6.7% compared to this year. As a result, the total fund balance will increase to more than VND1.5 million billion, equivalent to 5.5% compared to the end of 2023.

The fund expenditure next year is about 503,600 billion VND, an increase of more than 12% compared to 2023. Of which, the Social Insurance Fund's pension and social insurance allowance payment and support for beneficiaries before January 1, 1995 is about 48,000 billion VND. The additional charter capital for the Small and Medium Enterprise Development Fund is 250 billion VND; the Tourism Development Support Fund is nearly 131 billion VND. The National Science and Technology Development Fund and the Technology Innovation Fund are 300 billion and 133 billion VND, respectively;

The Government said that ministries and central agencies continue to review the establishment, management and use of funds assigned to them, as well as develop a roadmap to restructure ineffective funds or those that are not financially independent.

Mr. Minh

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