Vietnam Plans to Increase Investments, Boost Exports in 2009

Vietnamese Prime Minister Nguyen Tan Dung Thursday Nov 20 urged the Ministry of Industry and Trade and state-owned corporations to take measures to boost production, recheck investment projects and expand exports in the face of the global financial crisis.

 

Mr Dung was also informed that several corporations are facing shrinking exports markets due to bad impacts of the global turmoil. Apparel companies saw exports value dropping 30 per cent in Oct. The coal and mining sector will halve exports on year in the fourth quarter this year.

 

The Ministry of Planning and Investment said that the government of Vietnam plans to increase state coffer-sourced investments by 19 per cent to VND118.8 trillion next year, accounting for 16.4 per cent of the country's investment total. Of the fund, central-managed investments will be VND67.3 trillion, up 20.9 per cent and locally-managed investments will amount at VND51.5 trillion, up 16 per cent on year.

 

The State Bank of Vietnam, the country's central bank, has cut the benchmark interest rate to 11 per cent from 12 per cent, effective from November 21, part of government efforts to boost growth in remaining months.

 

Vietnamese lawmakers recently approved GDP growth rate of 6.5 per cent next year. (chinhphu.vn)