Vietnam NA OKs 5 per cent GDP Growth, Tax Delay till End-2009

The Vietnamese National Assembly, the top legislation body, has approved the resolution of cutting the country’s projected GDP growth to 5 per cent from the initial target of 6.5 per cent, taming inflation below 10 per cent and delaying the 20 per cent capital gain tax until the end of 2009.

 

Due to the impacts of the global downturn, local lawmakers agreed to cut expected export growth to 3 per cent from the earlier set target of 13 per cent, and to cap the state budget deficit at 7 per cent of the country’s GDP value of this year.

 

Lawmakers gave a nod to the government’s plan to issue VND20 trillion in g-bonds to raise funds for key investment projects.

 

The assembly passed the delay of the 20 per cent capital gain tax imposed on stock transactions and capital transfers and franchising activities till the end of the year. (Banking Times)