Government acts to prevent economic slump

07:29′ 28/11/2008 (GMT+7)

VietNamNet Bridge – Prime Minister Nguyen Tan Dung said it is necessary to focus on preventing an economic decline or a stagnation in production and trade so as to maintain economic growth, considering this to be the first and most important task for the government throughout December and next year.

PM Dung put forth measures to prevent an economic slump, such as intensively promoting production and exports, stimulating investment and consumption, and implementing fit and proper financial and monetary policies,.

PM Nguyen Tan Dung made these remarks at a government meeting on Nov. 27, during which cabinet members noted the serious decline of the world economy and said that Vietnam is showing signs of economic decline, which is having a direct effect on production and trade, domestic consumption, export, investment and employment.

PM Dung put forth measures to prevent an economic slump, such as intensively promoting production and exports, stimulating investment and consumption, and implementing fit and proper financial and monetary policies, as well as policies governing social welfare.

The PM asked the Finance Ministry and the State Bank of Vietnam (SBV) to formulate strategies regarding tax exemptions and reductions and the re-scheduling of tax payments for businesses, reducing interest rates and controlling exchange rates and currency reserves.

The PM also stressed the need to encourage state investment in vital projects and homes for the poor, while perfecting legal documents to create advantageous conditions for effective business operations.

He urged state-run businesses to stimulate their production levels and expand their export markets.

Regarding the purchase of rice from farmers, the PM instructed the Finance Ministry and the SBV to arrive at a concrete plan to ensure that this runs smoothly, and assigned the northern and southern food corporations to purchase all of the rice from farmers in the Mekong Delta.

He appointed the Vietnam Development Bank to guarantee bank loans for small and medium-sized enterprises.

(Source: VNA)

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