Vietnam announces $1 billion economic stimulus

Vietnam has announced a $1 billion stimulus plan as part of efforts to keep the economy growing amid the global downturn.

The money will be spent to boost investment and spending particularly in major infrastructure projects and in expansion of retail networks, the government said Wednesday citing Prime Minister Nguyen Tan Dung.

Dung has approved a series of measures to boost production and exports, the government said on its Web site.

Some of the measures include easier bank loans for businesses, especially small and medium sized enterprises, and proposed tax breaks for companies, it said.

The Southeast Asian nation's industrial output, exports, tourist arrivals, services and spending have all slowed in recent months.

The government said the country's gross domestic product is expected to expand 6.7 percent this year, slowing from 8.5 percent last year.

The government has set a target of 6.5 percent growth for next year.

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