The Vietnamese government is to introduce a $1 billion stimulus package aimed at boosting the country's property market in 2009.
At the heart of the package will be investment in low cost housing and infrastructure to help the construction industry which has been hit hard by the global economic downturn.
Pham Sy Lien, vice chairman of the Construction Association, said recent cuts in both deposit and lending interest rates will also help the struggling property sector.
'Like other countries in the world, real estate is a thermometer of the economy. It's warm when the economy is growing, it's cool when the economy is slowing,' he said.
He added that although economic growth rates are falling, they remain above zero as inflation is also falling thanks to Government efforts.
