Communist Tax Lawyer

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Vietnam Releases US$8 Billion Stimulus Plan Details

In a meeting of the National Assembly’s Standing Committee yesterday, Vietnam’s Minister of Planning and Investment Vo Hong Phuc unveiled the details of the government’s US$8 billion stimulus package.

US$5.2 billion of the funds will go towards infrastructure and development projects, US$1.6 will come in the form of tax breaks for enterprises and individuals, and a further US$400 million will serve welfare purposes.

During the meeting, Minister Phuc also downgraded Vietnam’s expected yearly growth in gross domestic product (GDP) to 5 percent from the original forecast of 6.5 percent.

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