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Economic stimulus package may reach $6 billion   2008-12-15 - VietNamNet

“In this current period, the government will exert its efforts and give priority to stimulate demand,” Deputy PM Nguyen Sinh Hung said.

The government recently announced a demand stimulus package worth USD $1 billion, but it is said that the government is considering an even bigger package (up to VND 100 billion or nearly $6 billion), which may be announced at the monthly cabinet meeting in late-December.


This amount of money is raised from various sources, including the issuance of government bonds, said Deputy Prime Minister Nguyen Sinh Hung at a dialogue with young businessmen in Hanoi on Sunday.


“In this current period, the government will exert its efforts and give priority to stimulate demand,” Hung stated.


The Deputy PM said the government will use its reserve fund to invest in; support production, business, and consumption; as well as exempt and cut down taxes to businesses, particularly to small and medium-sized firms.


In terms of monetary policy, the government will continue amending the exchange rate to minimize fluctuation and facilitate the stabilization of production and business.


The government will continue cutting interest rates, costs and appropriately loosen purse strings to ensure macroeconomic and future development.


Part of the package will be used to invest in rural infrastructure development, including the construction of schools, hospitals, and houses for lease for low-income earners, as well as vocational training, hunger eradication, poverty elimination, and the planning and protection of forests.


Hung said the government will combine with related ministries and agencies, from the central to local levels, to use the package most effectively and quickly.


The Deputy PM also said that administrative reforms show the country’s development level so it will be one of the most important issues in implementing the demand stimulus package.


In solving investment formalities related to this package, Hung said the government will try to reduce the process from taking many steps to fewer steps, from several years to several months.

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