Investing in healthcare creates opportunities for post-COVID-19 economic recovery

Speaking at the Joint Ministers of Finance and Health Symposium held virtually by the Government of Japan, Asian Development Bank (ADB), and World Health Organisation (WHO) on September 17, Dung said that despite facing many difficulties and challenges due to the disease, Vietnam’s socio-economic situation has seen positive transformations, with macroeconomic stability being maintained and inflation brought under control.

Sharing experience on the financial mechanisms used in Vietnam to cope with COVID-19 during a period of declining State budget revenue, he emphasised that Vietnam attaches importance to preventive healthcare and prioritises the budget for disease prevention with the motto “prevention is better than cure”.

Vietnam implements the principles of public health guaranteed mainly by the State budget; medical examination and treatment covered by health insurance and the people; and primary health care jointly covered by health insurance, the people and the State budget, the minister said.

He added that the country is stepping up the process of restructuring the State budget in the health sector to have resources to comprehensively implement the protection, care and improvement of people’s health, especially with regard to policy beneficiaries, ethnic minority communities and people in the mountainous, border and island areas.

Delegates to the symposium.

Vietnam persistently implements the dual goal of drastically combating the pandemic and focusing on removing difficulties for production and business activities as well as promoting socio-economic recovery and development, aiming to ensure macroeconomic stability, inflation control, major balances of the economy and social security, Dung stated.

Vietnam implemented a support package of VND62 trillion (US$2.66 billion) to assist people with significantly reduced income or unemployment due to the pandemic, in addition to exempting, reducing and extending taxes, fees and charges to relieve the difficulties faced by affected individuals, he said.

Vietnam has also ceased the implementation of measures to collect corporate income tax arrears regarding socialisation establishments, including those in the health sector, while proactively reserving essential medical supplies and equipment in order to meet epidemic prevention and control requirements, the minister added.

The Joint Ministers of Finance and Health Symposium aimed to share countries’ experiences in coping with COVID-19 from both medical and financial perspectives, as well as discussing ways to strengthen universal health coverage capacity and improving and further contributing to a common understanding of the pandemic, especially in the context of the post-COVID-19 world.