The government has proposed extending the 2% interest rate package under the economic recovery program until the end of this year. If the full amount is not disbursed, the budget will be canceled, according to Minister Nguyen Chi Dung.
This information was explained by Minister of Planning and Investment Nguyen Chi Dung at the National Assembly on the afternoon of November 1, in response to concerns from National Assembly deputies that the 2% interest rate support package was too slow.
According to Minister Dung, about VND176,000 billion (equivalent to 50% of the resources) of the economic recovery program under Resolution 43 of the National Assembly is invested in key and strategic infrastructure projects. However, some policies under the recovery program, such as the 2% interest rate support package of the banking sector, have low disbursement. By the end of October, this package had only disbursed VND873 billion, or nearly 2.3% of the resources (VND40,000 billion).
" The Government proposes that the National Assembly allow this interest rate support package to continue until the end of 2023. If it cannot be fully disbursed, the budget will be canceled," said Minister Nguyen Chi Dung, adding that this will not affect the budget deficit because this is an unmobilized amount.
Instead, the Government will propose to competent authorities other fiscal policies to support businesses, such as extending the VAT reduction period, exempting and postponing fees and charges...
Minister of Planning and Investment Nguyen Chi Dung explains to the National Assembly on the afternoon of November 1. Photo: National Assembly Media
In the previous discussion, many delegates were concerned that the 2% interest rate support policy had very low disbursement. Mr. Tran Chi Cuong, Deputy Head of the Da Nang City delegation, expressed disappointment that the 2% support package - a policy expected to help businesses reduce capital difficulties - was now considered unfeasible.
Mr. Nguyen Tam Hung, Commander of the Military Command of Ba Ria - Vung Tau province, suggested that the Government, in addition to removing obstacles to speed up this package, also needs to clarify responsibilities when the policy implementation is delayed.
Explaining why the 2% interest rate support package has not met expectations, Minister of Planning and Investment Nguyen Chi Dung said that the recent economic difficulties have caused businesses that are eligible to borrow to not want to borrow, while those that want to borrow do not meet the criteria.
Another bottleneck, Mr. Dung pointed out, is the regulation that only "projects with the ability to recover" can borrow capital, which makes both lenders and borrowers hesitant, not knowing how to understand it correctly.
In addition to "customers' concerns about post-audit procedures", the State Audit in its report to the National Assembly also pointed out the reasons from the banks. Accordingly, the State Bank has not focused on communication work; commercial banks have not proactively implemented this policy.
Some banks such as BacABank, NCB, GPBank checked that their records were eligible for interest rate support, but in reality the support amount was zero; or some banks checked the number of customers eligible for support, but the support results were low.
Agreeing with the Government's proposal to end this policy after 2023 if no further disbursement is made, Mr. Tran Anh Tuan, Head of the HCM City Business Innovation and Development Board, suggested that this mechanism could be applied for the next two years (2024-2025). That is, it is possible to use the deficit in the period of 2021-2025 to reserve this resource to invest in urgent projects in health, education and important transportation.
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