Resolution No. 32/2009/QH12 Adjusts the general objectives, some economic targets, state budget, additional issuance of government bonds in 2009, and exemption and reduction of personal income tax.

Article 1

The National Assembly basically agrees with the assessment of the economic and social situation in 2008 and the first four months of 2009 by the Government and considers that: due to the impact of the financial crisis and global economic recession, many difficulties and declines have occurred in production activities, business operations, exports, investment, employment, state revenue... in the early months of 2009; most indicators have achieved low results compared to plans and previous years. However, under the concentrated leadership and direction of the Party and the State, with the efforts and determination of all levels, sectors, the whole people and the business community, the national economy has achieved initial positive results, clearly reflected in some industries and fields; difficulties in production, employment, people's livelihoods are gradually being resolved; political and social stability is maintained, national defense and security are secured. However, challenges remain significant. Based on the assessment of the economic and social situation in the first four months of 2009 and subsequent months, the National Assembly agrees to adjust the general objectives of the 2009 socio-economic development plan to focus all efforts on preventing economic decline, striving to maintain reasonable and sustainable economic growth rates, stabilizing macroeconomic conditions; proactively preventing high inflation, ensuring social welfare, national defense, security, maintaining political stability, public order and safety, with the top priority being to prevent economic decline.

Article 2

Adjusting the gross domestic product (GDP) growth rate target for 2009 to about 5%; consumer price index below 10%; export turnover increase target of 3%; state budget deficit not exceeding 7% of GDP. Based on the actual situation, the Government will manage the state budget deficit at the lowest level and gradually reduce it over the next few years.

Article 3

Issuing an additional VND 20 trillion worth of government bonds to accelerate the progress of transportation, water conservancy, health, education projects and works as decided by the National Assembly; simultaneously, supplementing the construction of dormitories for students and urgent projects, especially in poor areas and regions with slow economic development. The Government will develop a plan for allocating additional government bond funds, report to the Standing Committee of the National Assembly for consideration and provide comments before making decisions according to the law.

Article 4

Exempting the entire amount of personal income tax from January 2009 to June 2009 for the extended period for relevant subjects.

Continuing to exempt personal income tax from July 1, 2009 to the end of 2009 for income from capital investment, capital transfer, copyright, trademark licensing.

Article 5

Maintaining the total expenditure in the state budget estimate as per Resolution No. 21/2008/QH12 dated November 8, 2008 of the National Assembly on the state budget estimate for 2009. Central ministries, sectors, localities should strive to increase revenue, combat revenue loss, resolutely recover overdue debts to offset reduced revenue, rearrange spending tasks, actively balance revenue and expenditure in the state budget. Permitting the use of legitimate financial reserves to offset revenue shortfalls; if local budgets still experience revenue reductions compared to allocated estimates due to implementing tax exemption and reduction policies, the central budget will support local budgets.

The Government shall use the additional state budget deficit only to offset revenue shortfalls, ensure state budget spending tasks for 2009 as decided by the National Assembly; focusing on restructuring the economy; proactively and positively implementing National Assembly resolutions, striving to achieve the highest possible results for the general objectives stipulated in Article 1 of this Resolution.

During periods when the National Assembly is not in session, if necessary and urgent situations arise beyond its authority, the Government shall report to the Standing Committee of the National Assembly for consideration and decision, and report to the National Assembly at the nearest session.

The Standing Committee of the National Assembly, the Committee for Finance and Budget, the Economic Committee, the Ethnic Council, other National Assembly agencies, National Assembly Delegation, National Assembly deputies, and related agencies shall supervise and inspect the implementation of legal provisions in managing and operating the economy, society, and state budget in 2009 according to their functions and responsibilities.

This Resolution was adopted by the National Assembly of the Socialist Republic of Vietnam, the 12th term, fifth session, on June 19, 2009./.