Total taxes exemptions and delays added up to  VND10.7 trillion (USD5.2 billion) by the end of July, said the Minister of Finance.

VND10.7 trillion in taxes exempt or delayed

According to the Ministry of Finance, the amount of VAT in April, May and June for 200,000 enterprises which have been delayed reached VND10 trillion, and 8,260 enterprises have their corporate tax deadlines extended, equaling a total of nearly VND350 billion.

VND340 billion of land rental fees from this year were cut in half for 3,000 businesses, and 40,000 households involved in aquaculture and salt processing were also granted exemptions equalling VND10.6 billion.

The Ministry of Finance also completed allocations for an additional VND2 trillion in loans for dyke strengthening, development of transport infrastructure in rural areas and traditional villages.

The Government spent VND498,160 billion in the the first seven months of 2012, an increase of 15% from last year. The Ministry of Finance said the money spent was to assure the success of governmental policies such as salary reform.

According to the General Department of Taxation, the economy is also showing signs of strength, with 46,818 new enterprises set up in July, of which 42,349 are private.