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Trong và sau đại dịch COVID-19, Việt Nam đã áp dụng đồng bộ các chính sách và biện pháp để đối phó với những thách thức chưa từng có và phục hồi nên kinh tê. Trong bài báo cáo này, tôi đã đi vào phân tích các chính sách kinh tế liên quan mà chính phủ đã thực hiện trong COVID-19 bùng phát bao gồm các chính sách tiền tệ và tài khóa. Mục đích của mỗi chính sách và những tác động của nó đối với việc phục hồi nền kinh tế khỏi đại dịch. During and after the COVID-19 pandemic, Vietnam has adopted synchronous policies and measures to cope with unprecedented challenges and recover its economy. In this report, I go on analyze relevant economic policies the government has made during COVID-19 outbreak including monetary and fiscal policies. The purposes of each policy and its impacts on reviving the economy from the pandemic.
Topic: Analyze relevant economic policies the government has made during COVID -19 outbreak including monetary and fiscal policies The purpose of each and its impacts on reviving the economy from the pandemic Table of Contents Introduction 2 Review of related economic terminologies The impacts of Covid -19 on Vietnam’s economy Fiscal and Monetary policies of Vietnamese Government against the Covid-19 outbreak 4.1 Fiscal policies 4.2 Monetary policies3 4.3 Difficulties and Challenges 4.4 The impacts on the economy Fiscal and monetary policies of other countries and lessons for Vietnam Conclusion REFERENCE LIST Topic: Analyze relevant economic policies the government has made during COVID -19 outbreak including monetary and fiscal policies The purpose of each and its impacts on reviving the economy from the pandemic Introduction At the present time, Covid -19 is not being purely mentioned as an infectious disease or a mild to moderate respiratory illness, which results in the death of hundreds of thousands of infected people In fact, the issue that pertains to Covid-19, and becomes increasingly mindful of most nations all over the world now, including Vietnam, is the matter of economic downturn sparked by this pandemic On that grounds, the essay below is going to measure the economic impacts of Covid-19 outbreak, then dig deeper into the efficiency of some monetary and fiscal policies adopted by the Vietnamese government, in an attempt to kick-start the economy from the pandemic Review of related economic terminologies First and foremost, it is necessary to comprehend the notion of policies in both terms of monetary and fiscal Monetary policy, according to Amadeo (2020) is generally understood as a tool that the national banking authorities within one country utilize to manage either directly or indirectly the amount of money in that economy However, the spectrum of these policies is not domestically limited but broadened internationally so that they can achieve the most economic and employment growth (European Central Bank, 2015) Fiscal policy, in another aspect, is “the use of government spending and taxation to influence the economy” Consequently, it is possible to stimulate sustainable growth along with securing poverty reduction (Horton & EI-Ganainy, 2020) The impacts of Covid -19 on Vietnam’s economy Back the situation into Vietnam, one of many countries has to deal with the global spread of Covid-19, a series of repercussions on the economy is an undeniable fact According to the recent report of General Statistics Office in March, never over the past ten years, has the GDP hit such a modest growth which was only 3,82 percent in the first quarter and far lower than the previous forecast about the worst scenario (Dat, 2020) Similarly, the prospects of FDI flowing into Vietnam appeared pretty bleak as this number has decreased by 15.5 percent compared with the same period Although in some sectors such as manufacturing, construction, forestry and fishes, minor development still occurred, it scarcely generated enough employment for the entire economy The Vietnam Chamber of Commerce and Industry has demonstrated recently that, for the first time, the Vietnamese economy has witnessed the number of enterprises suspending being considerably higher than the year-on-year figure of new businesses; and just until the end of the first five months, an approximation of five million people had to remain unemployed and receive a drop in regular income This cost, due to Covid-19, was the record-lowest ever during the current decade (Minh, 2020) When taking the whole picture into consideration, tourism and hospitality industry have been the most-gravely affected regions Because of lockdown orders issued by the government, the frequency of entertaining activities has dramatically plunged, tourist destinations have drawn an only restricted number of visitors while the working capital used to keep these businesses operational was relatively high (PwC, 2020) In short, despite several government’s endeavours to contain Covid-19 outbreak, this pandemic still threw the Vietnamese economy into turbulence, and the fact that this economy has been stagnated to some extent is indisputable Fiscal and Monetary policies of Vietnamese Government against the Covid-19 outbreak 4.1 Fiscal policies Stemming from the pessimistic outlook of economy and efforts to reassure markets and revitalize the economy, the Vietnamese government so far has implemented some economic policies, namely fiscal and monetary In terms of fiscal policies, one of the major incentives to mention is the tax structures On the Decree 41/2020/ND-CP (Decree 41) issued on the eighth of April, 2020, the Vietnamese government has decided to grant a five-month extension for land rents as well as tax payment including Corporate Income Tax (CIT) and Value-Added Tax (VAT) These types of incentives have strongly favoured a countless quantity of businesses stretching a wide scope of different sectors, from agriculture, food processing to manufacturing, transportation and tourism According to the Ministry of Finance, on the one hand, these tax policies will possibly drive more than 700,000 enterprises over the risk of going bankrupt; on the other hand, will put government’s budget under a heavy financial burden This challenge is attributed to the cost of the above method which is VND 180 trillion Further solutions are also provided in Directive 11, concerning mainly the support for unemployed workers and the measures to facilitate local businesses of local authorities (Falak, 2020) 4.2 Monetary policies In terms of monetary policies, the Vietnamese Central Bank, then other commercial banks such as HD and AB banks, have announced interest-rate cuts right from the very first days when Vietnam has had Covid-19 confirmed cases In detail, the interest-rate cuts are varied from 0.5 to percent As more businesses were adversely affected by the Covid-19 outbreak, they also will be given opportunities to obtain partly preferential credit of VND 250 trillion from those commercial banks (Falak, 2020) Generally, in the context of pandemic’s evolving complexity and the national tight budget, all of the mentioned policies can be considered as a remarkable effort of the government 4.3 Difficulties and Challenges However, it is necessary for the Vietnamese government to regard the difficulties emerging in the execution of those policies Firstly, although each incentive all has obvious target and orientation, its effectiveness has not been assured yet This is due to the lack of strict and detail implementation when policies have processed Also, the future of pandemic is still unpredictable, this method, therefore, easily causes the shortage of national budget and creates a condition for misconduct behaviours, especially tax evasion Secondly, in comparison to the scale of businesses hurt by this pandemic, the amount of expenditure of these support packages was still small For example, the expectation of fiscal policies is to allow 98 percent of total enterprises to receive tax measures but in fact, the actual number of firms benefiting from these policies is negligible (Cung, 2020) Specifically, the policy has only assisted enterprises that still earned revenue, and had tax obligations In case the companies could not maintain production and yield profit, they are not entitled to any tax support Next, in order to reproduce, the tax exemption and deduction time for one business should be at least one to three years, but this fact sharply contrasts with the length of five months offered by fiscal incentives (Cung, 2020) Hence, most firms will find these package solutions challenging to access Finally, the interest-rate cuts, in spite of being decreased, still seem to be out of reach of small and medium enterprises The rate cut actually hardly share the burden of wages for employees or production expense amongst companies, thus appear ineffective to a significant number of businesses 4.4 The impacts on the economy As a consequence of these above challenging, the impacts of those policies on the economy was quite marginal On optimistic aspects, the GDP growth in the first haft of the year has still hit 1.81 percent Even though according to statistics, this number was the lowest increase amongst first six-month periods, from 2011 to 2020, it is really an achievement for the whole national economy because of not suffering negative growth In the global context, this so-called modest figure of Vietnam’s GDP is an ambition of most powerful countries (Tap chi tai chinh, 2020) Additionally, those businesses that can access the package solutions have been able to rebuild and boost the production The Prime Minister Nguyen Xuan Phuc has claimed in his recent meeting with Ministries that he has been already to increase public debt by to percent so that the economic growth in the last period of the year can be much more tremendous (Thanh, 2020) Nevertheless, after the very first time of execution, these policies themselves have proved some disadvantages to the economy Firstly, in the current situation of Covid-19 along with these policies, it is estimated that Vietnam has had to spend two to three years to revive the economy, stated by Mr Nguyen Tri Dung – the Minister of Planning and Investment Whereas, since the pandemic was unprecedented and unpredictable, the lack of urgency and inflexibility with these incentives will cost Vietnam four to five years recession (Thanh, 2020) Secondly, there is a huge of enterprises that have not been received financial aid from the government The bad news is that they also have no alternative intention to promote and revitalize their businesses Therefore, the possibility to reinvigorate the whole economy of these fiscal and monetary policies appears not positive enough Fiscal and monetary policies of other countries and lessons for Vietnam Seeing that Covid-19 is a global pandemic, besides the own efforts and approaches, the Vietnamese government is entirely possible to analyze policies from other countries so that the most suitable justifications will be provided to rescue effectively the economy In fact, it is clear that the acts of injecting more money into the economy together with applying interest-rate cuts seem to be practical and useful all over the world The United States, the western European countries and likely Japan, neither of them did not pump trillions of dollars into the economy with the hope that their country could flourish again However, many economic professionals have come to decision that there will no longer exist an enough amount of money for that act, stated by Dr John Walsh (2020) – an International Business Program Manager from Rmit University (Vietnam) Therefore, a government that lacks economic potential like Vietnam, could find it distressing to address the issues just by pumping more money into the economy Furthermore, also according to Dr John Walsh, since the global financial crisis in 2008, “interest rates are very low already nearly everywhere in the world” In other words, this fact sounds a warning that the application of interest-rate cuts seems to be unproductive Finally, Vietnam is entirely possible to gain experience right from their own previous policies The challenge in the execution of these policies is extreme but visible, and Vietnam is totally capable enough of adjusting them to be more appropriate Promoting public investment to stimulate economic activities, considering individual regions on a holistic basis, supporting sectors that generate major impacts on employment, etc., these strategies will boost the economic growth should they be properly conducted, Dr John Walsh argued Conclusion By and large, the fact that Covid-19 has spread and inflicted economic damage to almost every nation in the world, including Vietnam, is irrefutable Although several monetary and fiscal policies of Vietnam government in responding to this pandemic have minor drawbacks, they are still one of the drivers that have regulated well the economy in part and made this Southeast Asia developing country become the lighthouse for others amid coronavirus pandemic Moreover, the economy that Vietnam possesses is quite open and attractive That is to say, as long as Vietnam can take advantage of their dominance in adopting economic policies, they are able to shape promising economic future much though Covid-19 outbreak will be Reference list Amadeo, K (2020) What is monetary policy objectives types and tools Retrieved from https://www.thebalance.com/what-is-monetary-policy-objectives-types-and-tools3305867 (2015) What is monetary policy Retrieved from https://www.ecb.europa.eu/explainers/tellme/html/what-is-monetary-policy.en.html Horton, M & EI-Ganainy, A (2020) Fiscal Policy: Taking and Giving Away Retrieved from https://www.imf.org/external/pubs/ft/fandd/basics/fiscpol.htm Dat 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