By Ta Bao Long
March 4 (Bloomberg) -- Vietnam will spend 300 trillion dong ($17 billion) this year to halt a slowdown in economic growth amid the global financial crisis, Prime Minister Nguyen Tan Dung said in a statement on the government’s Web site late yesterday.
The amount, almost a quarter of the Southeast Asian nation’s $71 billion economy, will be used to develop infrastructure, spur exports, and fund other social security projects, Dung said.
Vietnam expanded 6.2 percent last year, the least in nine years, as recessions in the U.S, Japan and Europe hurt demand for exports. The nation plans to sell U.S. dollar-denominated bonds for the first time in more than three years this month to fund measures to spur an economy the prime minister has said will worsen in 2009, the finance ministry said yesterday.
Vietnam’s National Assembly approved a plan to raise 55 trillion dong selling bonds this year to fund extra spending, according to a statement dated March 2 on the Vietnam Banks Association’s Web site.
The state treasury said on Feb. 4 that it may increase local-currency bond sales by 6 percent to 22 trillion dong in the first quarter to fund the stimulus measures.
To contact the reporter on this story: Ta Bao Long in Hanoi at longta@bloomberg.net
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