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December 16,2008

Vietnam to unveil $6bn stimulus plan
The Vietnamese government will unveil an economic stimulus package worth nearly $6 billion to maintain growth amid the global downturn, the Associated Press quoted state media as reporting Monday.

The money will be spent to build schools, hospitals and housing and on jobs training and infrastructure projects, the Pioneer newspaper quoted Deputy Prime Minister Nguyen Sinh Hung as telling local business leaders on Sunday.

"We must act now to boost production, consumption and maintain economic growth of 6 percent to 6.5 percent in 2009," he said.

The government has projected that the country's economy will expand 6.7 percent this year and has set a target of 6.5 percent growth for next year.

Hung said the government will unveil a detailed stimulus package worth 100 trillion dong ($5.9 billion) later this month rather than the $1 billion plan announced by the government earlier this month.

The deputy premier did not say why the government raised the amount for the plan.

Hung also said the government will provide guarantees for local companies to borrow up to $2 billion from foreign banks.

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