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Vietnam's economy to double in size every decade: deputy PM (29/06)
06/08/2010 - 95 Lượt xem
| Vietnam will double the size of its economy every 10 years as foreign investment and tax cuts help sustain annual expansion of between 8 percent and 10 percent until 2020, a deputy prime minister has said. | |
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The economy was expected to double by 2010 from VND441.6 trillion (US$27 billion) in 2000 and that will increase twofold by 2020, Bloomberg quoted Deputy PM Nguyen Sinh Hung as saying Sunday in an interview in Singapore, where he's attending the World Economic Forum conference. Hung said the Vietnamese government wanted to expand foreign investment in the nation to a cumulative $100 billion by 2010 from $80 billion at the end of last year and may lower corporate tax to less than 20 percent by 2020. “Every 10 years, you'll see a new Vietnam, he said. “We're trying to increase foreign investment in our country. We also plan to cut taxes gradually in the medium term.” Vietnam's government expects economic growth to exceed 8 percent this year, driven by the Southeast Asian nation's accession to the World Trade Organization in January. Foreign investment will increase to $15 billion this year, the government has said, increasing from about $10.2 billion in 2006. ‘Within reach' Vietnam's economy expanded 7.7 percent in the first quarter, up from 7.2 percent in the same period last year, the government said in March. The government is targeting growth this year of 8.5 percent. The economy grew 8.2 percent in 2006. “Their goal is certainly within reach,” said David Cohen, Singapore-based director of economic forecasting at Action Economics. “Vietnam can take advantage of the catch-up to other economies and translate that into 10 percent growth for the foreseeable future.” The government plans to cut taxes for companies to 25 percent in 2009 from the current 28 percent, Hung said. Taxes will be cut to 20 percent within the next five years and further reductions will be possible as the economy grows, he said. “By 2020, the rates might be well under 20 percent,” Hung said. “Investors need the money for reinvestment and tax cuts will be important in creating new jobs.” Source: Bloomberg | |
