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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Vietnam announces billion-dollar economic stimulus: report AFP - 1 hour 15 minutes ago HANOI (AFP) - - Vietnam has announced a stimulus plan worth more than one billion dollars to avoid recession as the global economic crisis bites into its export-led economy, state media reported Wednesday. Prime Minister Nguyen Tan Dung approved a number of measures to boost production, investment and consumer spending at a monthly cabinet meeting Tuesday, the official Vietnam News Agency (VNA) reported. The move comes a day after Hanoi announced a cut in interest rates, from 11 percent to 10 percent, to free up credit for struggling firms. The reduction, which came with a reduction in banks' reserve requirement, is the fourth since late October and will take effect Friday. Dung said the stimulus would fund public works projects, including a large irrigation canal in the northern Red River delta, and help finance rice storage depots for about one million tonnes of grain in major farming areas. Vietnam's economy grew by 8.5 percent last year, but the target for this year and next has been scaled back to around 6.5 percent as the economy has been battered by a widening trade deficit and double-digit inflation. The premier told the State Bank of Vietnam to ensure companies have access to loans. Dung also said the government would consider cutting company tax rates and export tariffs for some natural resources and minerals, the VNA report said. He also tasked the finance ministry and other agencies with quickly providing relief to flood-hit central regions and other programmes for low-income earners and victims of natural disasters. United Nations Resident Coordinator John Hendra warned in October that high inflation and external economic shocks threaten to plunge many Vietnamese households living on the margins back into dire poverty. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China currency issue heating up on eve of US talksAP - 17 minutes ago Vietnam announces billion-dollar economic stimulus: reportAFP - 1 hour 15 minutes ago India insurance sector to grow 17 pct this FY - IRDAReuters - 1 hour 19 minutes ago Most Asian markets rise after Wall Street reboundAP - 2 hours 1 minute ago Related Articles: Business China currency issue heating up on eve of US talksAP - 17 minutes ago Russia daily c.bank swap limit at 5 bln roublesReuters - 26 minutes ago BRIEF-Sibir proposes to buy new real estate assetsReuters - 27 minutes ago India's Hero Honda sees sales under further pressureReuters - 29 minutes ago Oil rises slightly after plunging to 3-year lowAP - 32 minutes ago Enlarge Photo Vietnam announces billion-dollar economic stimulus: report Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Wall Street plunges as recession becomes reality Sweden to come to rescue of struggling carmakers Saab and Volvo World stocks tumble as economic fears deepen Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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