NA to consider VND29,000 billion bailout package

The third session of the 13th National Assembly (NA), scheduled for May 21, will consider a bailout package worth VND29,000 billion (US$1.3 billion) as a solution to save businesses, the Government announced at its regular meeting for April.

The bailout program includes tax deferment of around VND16,000 billion (including value added tax of around VND12,030 billion and corporate income tax of VND3,000 billion). It will cut down land use fees by 50 percent (VND1,500 billion), and reduce corporate income tax by VND4,100 billion.

A solution to delay the collection of road-use fees until January 2013 will help businesses to save VND3,000-3,200 billion. Other measures related to spending will also help businesses save around VND2,670 billion.

Deputy Finance Minister Vu Thi Mai said the package may reduce the State budget revenue by VND9,000 billion.

Deputy Chairman of the NA Uong Chu Luu has asked NA relevant agencies to check tax regulations for submission to the NA, to release a resolution to carry out the bailout.

NA Chairman Nguyen Sinh Hung also requested the NA Office to work with the Government to report the NA on the bailout package.