A report by the Ministry of Finance and Economy (MOFE) to parliament said Friday the government will take steps to bolster investment, raise corporate competitiveness and stabilize the financial sector.

The ministry also informed lawmakers at the Finance and Economy Committee that emphasis will be centered on reforming labor activities to meet international standards, while taking steps to safeguard the living standards of ordinary citizens.

In particular, the MOFE said rules and practices pertaining to business investments will be streamlined to encourage investments. It added that measures to lower customs duties for imported basic materials, lowering corporate tax rates for small-and medium-sized businesses and increasing the deduction scope for research and development activities of smaller companies were also being considered.

Ministry officials also said customs duties could be removed from items such as iron ore and naphtha, while rates for crude oil could be lowered to 3 percent from the current 5. The setting up of free economic zones will be carried out according to pre-set plans.