Finance ministry proposes setting up fund to purchase Covid-19 vaccines

The Ministry of Finance (MoF) has proposed the setup of a fund to purchase Covid-19 vaccines as a way to mobilize social financial resources to speed up the mass vaccination program in the country.

Doctors at Viet Tiep Friendship Hospital No.2 in Haiphong got administered with the Covid-19 vaccine. Photo: Kinhtedothi

Based on the calculation of the Ministry of Health that Vietnam would need 150 million doses for 75 million people, the MoF estimated around VND25.2 trillion (US$1.1 billion) is needed, including VND21 trillion (US$910 million) for vaccine purchase and the remaining for transportation, storage, distribution and administration.

“For vaccine, the state budget is expected to allocate VND16 trillion (US$693 million), while the fund mobilized from provincial budget and support from enterprises, associations would be around VND9.2 trillion (US$398.4 million),” stated the MoF.

However, as the pandemic persists longer than expected and costs for vaccines rise every year, the MoF said immunization of the entire population would not be achieved if vaccines are purchased only with allocations from the state budget.

Under the government’s resolution No.21, the fund needed to purchase vaccines would come from the state budget and donations from organizations and individuals, as well as those voluntarily pay for vaccine themselves.

“The setup of Covid-19 vaccine fund would help better mobilize donor’s funds and support from the public and other legal resources,” noted the MoF, adding it is essential to aid the urgent efforts of speeding up vaccine purchases for the mass vaccination program.

“As a non-profit fund, the financial management process would be under the supervision of state agencies and state audit,” it added.

Vietnam started the Covid-19 vaccination on March 8 for priority groups, in which over 977,000 people have been administered.