Vietnam to Spend US$1B to Fire Up Rural Consumption Demand
Vietnamese Prime Minister Nguyen Tan Dung has just agreed to spend US$1 billion to boost consumption demand in rural areas, according to a senior government official.
Farmers in rural Vietnam accounting for 70 per cent of the country's population will likely borrow loans valued at US$1 billion to buy machinery, equipment, and boost consumption demand, Hoang Tho Xuan, head of the MOIT's Domestic Market Department was quoted as saying.
PM Dung has given the green light to the package during the first online meeting, authorizing the Ministry of Industry and Trade to enact.
Agricultural, forestry and fisheries sector posted growth of 0.4 per cent to VND46.261 trillion in the first quarter, the GSO said.
The government is seeking approval from the National Assembly to revise down GDP growth to 5 per cent from the set 6.5 per cent for this year and widen state budget coffer to 8 per cent of the country's GDP value, state media said. (Youth)
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