Vietnam Finance Ministry Announces 4 Measures to Avert Recession

The Vietnamese Ministry of Finance has just announced a package of four measures to ward off economic slowdown.

 

The ministry said the measures will focus on implementation of 30 per cent tax cuts for local enterprises for fourth quarter and this year, disbursements of capital of the fiscal year of 2008 by June, delay of corporate income tax for nine months, and halving value added tax on 19 groups of items.

 

The ministry will focus on increasing national food reserves.

 

Joining hands with the government in implementing the US$1 billion stimulus package to cope the economic recession, local banks in Vietnam have said they are ready to boost lending to VND420 trillion to stimulate the economy.

 

This year, Vietnam targets GDP growth rate of 6.5 per cent. (Vietnam Economic Times)