Vietnam to Spend US$4.2B More to Boost Economy through end-2009: Ministry
The government of Vietnam has decided to raise its spending by VND74.7 trillion (US$4.2 billion) in a bid to boost the economy this year, according to the Ministry of Planning and Investment.
The government will use the funding from its state budget plans set for 2010-2011 to pump into key development projects which are slated for completion this year and next, the ministry said.
That sum will be VND37.119 trillion from state budget plans set for 2010 and 2011 plus VND37.1 trillion set for 2009, the ministry noted.
Prime Minister Nguyen Tan Dung said at a meeting on Oct 1 that the government will mobilize all forces to achieve the economic growth of 6.8% in the fourth quarter.
The government also said on Oct 1 that it will end its first stimulus package by end-2009 as planned and will decide on the second stimulus package at end-Oct.
The Southeast Asian country invested a total of VND483.2 trillion to achieve an annualized economic growth of 4.56% between January and September.
In the first eight months and half of September, the government saw a deficit in state budget of VND55.6 trillion as it collected VND274.4 trillion in revenues for its coffer, down 12.1% from a year earlier while it spent VND330 trillion.
The government plans to cap its state budget deficit at 7% this year, state media reported. (VNA, The People)
Vietnamese
