Biennial commonwealth heads of government meeting

Hanoi (VNA) - The Philippine government is eyeing a stimulus package worth 846 billion pesos (16.7 billion USD) to enable a full economic recovery from the COVID-19 pandemic, according to Finance Secretary Carlos Dominguez. The stimulus package, which is waiting for Congress' approval, would include a cut in corporate income tax and modernisation of the country's fiscal incentive systems, Dominguez said. Local businesses have urged lawmakers to pass these reforms early so that small, medium and large companies can resume their operation and recover from the public health crisis. The Philippine tax authority said the country's total tax revenue in the first four months of 2020 dropped sharply to 527.41 billion pesos (22.6 million USD), or 25.4 percent below last year's collection over the same period. Despite the decreased revenue, Dominguez said the Philippines remains "financially able" to meet the unexpected challenges of the pandemic. The country also has practiced fiscal … [Read more...] about Philippines considers 16.7-billion-USD stimulus package

According to experts, investment is expected to be poured into four industries: information technology and high technology, electronic equipment, e-commerce and logistics, and consumer goods and retail. Therefore, localities should seize this opportunity to draw investment. … [Read more...] about FDI inflow to Viet Nam down 17% in Jan-May period

During the period, 1,212 new projects were licensed with a total registered capital of $7.44 billion, up 15 per cent in capital thanks to the liquefied natural gas (LNG) plant project worth $4 billion in the southern province of Bạc Liêu, but down 11 per cent in the number of projects year-on-year. … [Read more...] about FDI inflow to Việt Nam down 17% in Jan-May period

Minister of Planning and Investment Nguyen Chi Dung at the April Government meeting held on May 5 presented a report on the draft resolution on implementing solutions to ease difficulties for production and business, accelerate disbursement of public investment and ensure social security in the context of Covid-19. … [Read more...] about Public investment to offer benefits to many local businesses

According to the NA-assigned targets, Vietnam’s GDP growth rate in 2020 will be 6.8% while inflation will be kept below 4%. However, the unexpected outbreak of COVID-19 in more than 200 countries around the world has made this goal a major challenge which, as assessed by the Government, is difficult to be achieved. Given that fact, the proposal to adjust the growth targets is necessary and consistent with objective reality, looking directly at the socio-economic situation and forecasting the international and domestic situation in the near future. Under the Government’s updated scenario, the country’s GDP will grow by about 4.5% in 2020. The Government has also set a higher growth target of 5.4% in the event of a favourable global situation, with the disease being put under control and the global market recovering. Meanwhile, the consumer price index (CPI) for the whole year will rise by 4% on average; total state budget revenue will see a reduction of VND163 trillion … [Read more...] about BUSINESS NEWS HEADLINES MAY 30