Vietnam to disburse $30 billion of public investment funds this year to tackle virus impact

Khanh Vu Friday | 04/10/2020 23:55

FILE PHOTO: A man has his temperature check at a supermarket entrance, during the outbreak of the coronavirus disease (COVID-19), in Ho Chi Minh, Vietnam, April 4, 2020. Picture taken April 4, 2020. R

Vietnam will aim to disburse $30 billion in public investment funds this year, up 67% year-on-year.

Vietnam will aim to disburse $30 billion in public investment funds this year, up 67% year-on-year, the government said on Friday, as it seeks to boost an economy hit hard by the coronavirus outbreak that has infected 255 people nationally.

Public investment, excluding investment made by state-owned enterprises, often accounts for around one-fifth of Vietnam’s total investment and is spent on infrastructure and social development projects.

The Southeast Asian country’s gross domestic product in the first quarter of this year grew at its slowest pace in 10 years, at 3.8% due to the pandemic.

► Vietnam’s foreign reserves rise to $84 billion from $79 end-2019

► Vietnam’s banks to cut lending rates by 2.5% to back coronavirus-hit firms

► World Bank slashes Vietnam’s 2020 economic growth forecast to 4.9% on virus pressure

Source: Reuters