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November 18, 2008

Listed firms in Vietnam to enjoy tax cuts

The Vietnamese government has granted more listed companies the right to a corporate income tax reduction in an attempt to boost confidence in one of the world's worst performing stock markets this year, reported reuters.

The government has agreed with a Finance Ministry proposal to add companies listed in 2004 to the firms that can enjoy a 50 percent tax discount for two years since their debut, a government statement seen on Monday said.

Until now the tax relief had been granted to companies listed in 2005 and 2006, said an official from the State Securities Commission, the market watchdog.

Vietnam imposes a corporate income tax of 28 percent, which will be cut to 25 percent from early 2009, according to the National Assembly.

Vietnam's main stock market has fallen 63 percent so far this year after a rise of 23 percent in 2007. More than 300 companies have been listed for trading on the Ho Chi Minh Stock Exchange .VNI and the over-the-counter Hanoi market.

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