The National Assembly agreed to revise down its target GDP growth rate to around 5 percent for this year at the end of its fifth session in Hanoi on June 19 after working for 26 days.

The legislative body also agreed to revise several other targets, including the consumer price index, at below 10 percent, the export growth rate, at 3 percent and State budget deficit spending, not to exceed 7 percent.

The body gave the nod to exempting individuals from income tax from January 1, 2009 until the end of June.

It further agreed to continue exempting individuals from paying tax on income coming from capital investments, the transfer of capital, copyrights, and franchises from July 1 to the end of this year.

The legislative body approved the additional issuance of 20 trillion VND in government bonds to mobilise more investment capital for projects in the fields of education, healthcare, irrigation, and transport in order to step up the pace of implementation to meet previously set deadlines.

At the same session, the NA agreed to allocate additional investment for the construction of campuses for students and high-priority projects, including those benefiting underdeveloped localities.

The law makers also approved a resolution regarding the implementation of policies and laws on quality-control management and food safety and hygiene.

In his closing speech, NA Chairman Nguyen Phu Trong commented that the country has made early progress in softening the blow dealt by the global economic recession and has achieved significant successes.

However, he also emphasized that numerous challenges and difficulties still lie ahead, and that the entire State, Party and people should spare no effort to rise to meet them.

He underlined the need for the entire country to carry out concurrent solutions and measures to curb economic decline, maintain a proper growth rate, stabilise the macro-economy, pro-actively prevent run-away inflation, ensure social welfare, and secure political stability, security, and defence.

At this session, the law-makers discussed and passed 11 bills which will help further improve the efficiency and effectiveness of State management to meet the demands of socio-economic development while boosting the country’s comprehensive renewal and international economic integration./.