Vietnam to Spend US$1 Billion for Economic Stimulus

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Dec. 3 – Vietnam has decided to spend US$1 billion taken from State reserves to create an economic stimulus plan that should remedy the effects of the global downturn.

The country's policy makers formulated a package of measures to help the economy and has already been approved by Vietnamese Prime Minister Nguyen Tan Dung.

These will include developing production and exports, stimulating investment and consumption, while also implementing effective and flexible monetary and financial policies.

The government will also aid in building rice storage facilities with a capacity of an estimated one million tons.There are plans to cut corporate income taxes, adjust tariff levels of export products, and the import of key materials, reports Xinhua.

For the first three quarters of the year, Vietnam' economic growth slowed down to 6.52 percent from an average of 7.5 percent in the last 10 years.