Lawmakers propose extension of VAT rate cut to buoy recovery

Participants shared the view that Resolution 43 is a right and timely move significantly contributing to the COVID-19 fight and socio-economic recovery and development.

Lawmakers propose extension of VAT rate cut to buoy recovery -0
NA discussed the supervisory delegation’s report and a draft NA resolution on results of the supervision over the implementation of the NA’s Resolution No. 43/2022/QH15. Photo: Ho Long

Some legislators on Saturday proposed the two per cent reduction in value-added tax (VAT) under a resolution of the National Assembly (NA) be extended to continue supporting the country's socio-economic recovery and development.

As part of the ongoing 7th session, the NA held a plenary sitting to discuss a supervisory delegation’s report and a draft NA resolution on results of the supervision over the implementation of the NA’s Resolution No. 43/2022/QH15, dated January 11, 2022, on the fiscal and monetary policies supporting the socio-economic recovery and development programme, and of the NA’s resolutions on some nationally important projects through 2023.

Participants shared the view that Resolution 43 is a right and timely move significantly contributing to the COVID-19 fight and socio-economic recovery and development.

Dương Khắc Mai, a deputy from the Central Highlands province of Đắk Nông, highly valued the resolution implementation, saying the fiscal policy applied under Resolution 43 has helped enterprises and business households in the province to quickly recover and develop production and business activities, boost growth drivers, reduce expenses, improve their proactiveness and benefit from favourable conditions.

He held that the 2 per cent VAT rate cut under this resolution has shown positive and direct impacts on society, helping reduce production costs, guarantee social security and assist with people’s life.

Echoing that view, Trần Anh Tuấn, a deputy from the HCM City delegation, said the VAT rate cut is among the successful policies that have benefited the economy.

Apart from helping stimulate demand and aid enterprises’ operations, it has also contributed to an increase in corporate income tax revenue, he said, proposing the policy continue in the time ahead.

Deputy Dương Văn Phước representing the central province of Quảng Nam suggested the NA issue more mechanisms and policies to keep assisting with socio-economic recovery and development, as well as more measures for tackling institutional barriers to facilitate investment resources for production and business activities.

Meanwhile, the Government should keep adopting flexible fiscal and monetary policies while pressing on with comprehensive solutions to the difficulties facing the financial, monetary, corporate bond and real estate markets.

He also suggested ministries and central agencies further simplify procedures and provide optimal conditions for people and enterprises to access resources to foster production and business activities.

Talking about the issues of deputies’ concern, Minister of Planning and Investment Nguyễn Chí Dũng said Resolution 43 was built in a particularly challenging context when economic growth was slowing down significantly, enterprises facing numerous difficulties, and global supply chains disrupted, requiring urgent solutions to support enterprises and people to stabilise their life and gradually shore up socio-economic aspects.

He also mentioned direct cash transfers as a measure to support the people, that can immediately boost consumption and go into the economy.

The Prime Minister, the Government, ministries and sectors have issued many legal and guidance documents for the resolution implementation and set up many working groups to promote implementation, Minister Dũng said, adding that legislators’ opinions will be considered to improve the drafting and implementation of policies. — VNS

Politics-Diplomacy

Grand banquet held in honour of top Chinese leader
Politics-Diplomacy

Grand banquet held in honour of top Chinese leader

The host announced that both sides had held highly successful talks and reached broad consensus on key directions and measures to further strengthen Vietnam-China relations, paving the way for a more substantive relationship in a new era of prosperity and development for both nations.

The two leaders jointly witness the presentation of 45 cooperation documents across a wide range of sectors (Photo: VNA)
Politics-Diplomacy

Vietnamese Prime Minister meets China's top leader

PM Chinh expressed appreciation for Xi’s four visits to Vietnam in his capacity as Party General Secretary and President of China, believing that this historic milestone will provide strategic direction and fresh impetus to further foster ties between the two Parties and countries.

NA Standing Committee's 44th session opens
Politics-Diplomacy

NA Standing Committee's 44th session opens

The NA Standing Committee will discuss, review, and decide on 42 groups of issues during this session, including 24 related to constitutional and legislative matters; 10 concerning socio-economic issues, the state budget, supervision, and other important matters; eight within its authority; and five others, which will be decided in writing.

Cultural heritage a driver for Bac Ninh's rapid, sustainable development: NA Chairman
Politics-Diplomacy

Cultural heritage a driver for Bac Ninh's rapid, sustainable development: NA Chairman

Bac Ninh has nearly 1,600 historical sites and 19 artifacts and groups of artifacts recognised as national treasures. In addition, the province boasts four intangible cultural heritages recognised by UNESCO as world heritage, including Quan ho (love duet) folk singing, Ca tru (ceremonial singing), Huu Chap tug-of-war ritual and game, and the worship of the Mother Goddesses of the Three Realms.

Party Central Committee convenes 11th plenum
Politics-Diplomacy

Party Central Committee convenes 11th plenum

The Party Central Committee will also review key decisions made by the Politburo and Secretariat since the 10th plenum, alongside thematic reports on institutional perfection and strategic breakthroughs in science-technology development, innovation, and national digital transformation.

NA Chairman meets with Spanish Prime Minister
Politics-Diplomacy

NA Chairman meets with Spanish Prime Minister

The top legislator expressed his satisfaction with the strong cooperation between the Vietnamese NA and the Spanish parliament, reflected in regular delegation exchanges, close coordination, and joint initiatives at both regional and global parliamentary forums.

Top legislator concludes Uzbekistan trip
Politics-Diplomacy

Top legislator concludes Uzbekistan trip

National Assembly Tran Thanh Man’s working trip has helped enhance the position and image of the Vietnamese National Assembly at multilateral parliamentary forums while strengthening political trust and providing momentum for Vietnam and Uzbekistan to tighten their bonds.