Vietnam will spend one billion U.S. dollars, sourced from State currency reserves, to fix problems with the national economy and stimulate economic growth, Vietnam News Agency reported on Tuesday.
The decision, made at a regular government meeting held in Hanoi on Monday and Tuesday, has been approved by Vietnamese Prime Minister Nguyen Tan Dung.
Vietnam' economic growth, which averaged at 7.5 percent in the past 10 years, slowed down to 6.52 percent in the first three quarters this year.
Hurt by the global economic downturn, the export growth is forecast to shrink sharply next year and bring the economic growth further down, said experts.
During the meeting, policy makers came up with a package of measures to bolster the national economy.
The meeting decided that Vietnamese government will strive to accelerate production and exports, stimulate investment and consumption, and implement effective and flexible monetary and financial policies.
The Vietnamese government will assist in the building of rice storage facilities with capacities of around one million tons in large rice-growing area, according to the meeting.
The Vietnamese government will also consider a reduction in corporate income taxes, as well as adjusting tariff levels for the export of several types of natural resources and minerals, and the import of key materials, said the meeting.
Source: Xinhua
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