In spite of the gloomy global economic outlook, small and medium enterprises in Vietnam have something to look forward to in 2009, Truong Dinh Tuyen, former Minister of Trade and member of the National Monetary Policy Consulting Council, told a seminar last week.
Former Minister of Trade Truong Dinh Tuyen
The December 20 seminar, organized by Ton Duc Thang University, discussed how to enhance the capacity of small and medium enterprises in Vietnam’s post-WTO environment.
Mr. Tuyen said small and medium enterprises would next year enjoy lower loan interest rates, as well as some of the benefits of the government’s recently-announced VND100 trillion (nearly US$6 billion) economic stimulus package.
The stimulus package is designed to help local enterprises deal with problems caused by inflation and the global financial crisis, Tuyen said.
The government will also adopt new policies to help domestic companies, especially small and medium enterprises, in the social security, finance, agriculture and infrastructure sectors.
The State Bank of Vietnam will encourage financial institutions to provide more credit, re-schedule loans and simplify lending procedures to assist small and medium enterprises, Tuyen said.
To try to avoid recessions, governments around the world announced stimulus packages totaling US$3 trillion, equivalent 7 percent of global GDP. The funding is supposed to increase the circulation of capital around the globe, he said.