The Ministry of Finance is seeking the Government’s approval for the establishment of a COVID-19 vaccine fund, it announced on May 19.

Preparation for the injection of COVID-19 vaccine (Photo: VNA)

The Ministry of Health plans to buy 150 million doses of vaccine to inoculate about 75 million people at an estimated cost of 25.2 trillion VND (1.09 billion USD). Of the amount, 21 trillion VND will be used to purchase vaccines and the remainder will cover transportation, preservation, distribution and vaccination costs.

The MoF said that 16 trillion VND for vaccine procurement will come from the state budget, while the remaining 9.2 trillion VND will be mobilised from localities, businesses and organisations.

In case the pandemic persists, leading to an annual increasing demand for vaccines, it is difficult to fulfill the target of having all people inoculated if Viet Nam depends on the State budget only, according to the finance ministry.

Therefore, the establishment of the COVID-19 vaccine fund is necessary to meet urgent requirements in the fight against the pandemic and speed up vaccine purchase and import for the sake of the immunisation drive.

The non-profit fund is to manage and coordinate its finances for sponsorship, purchase and usage of COVID-19 vaccines. Its operation will be placed under the supervision of State financial management institutions and the State Audit Office of Viet Nam .

It is obliged to report budget collection and spending to the Government and the National Assembly, as well as publicise mobilised sources, list of donors and its balance.

The Government earlier issued a resolution promulgating the purchase and use of vaccine, given the complex developments of COVID-19 across the world and decisions of the Politburo and the Party Central Committee’s Secretariat to buy the vaccine with money mainly from the State budget along with other legal financial sources.

The resolution stipulates that the sources include allocations from the State budget, assistance of organisations, individuals at home and abroad and other legal funding, and sums which are voluntarily paid by vaccine users.

Source: VNA