City residents see signs of economic recovery

City businesspeople and experts have expressed their optimism about the country’s current economic situation over the first four months of the year. This is seen as a positive sign, indicating recovery in the national economy after an economic stimulus package was introduced by the Government.

Dr. Tran Hoang Ngan (Member of the National Financial and Monetary Advisory Council):

The latest report of the International Monetary Fund forecast s that global economic growth this year will be minus 1.3 percent, the lowest rate for 60 years.

In such a gloomy picture, Vietnam’s economy has, however, attained encouraging results. GDP for the first quarter increased 3.1 percent over the same period last year, and the value of industrial output for the first four months enjoyed a year -on -year rise of 3.3 percent.

Since the beginning of the year, the country has exported over two million tons of rice. A further 5.5 tons of rice is expected to be exported by the end of the year.

Exports for the whole country over the first four months of the year reached US$18.64 billion, equal with the same period last year.

The consumer price index in April rose 0.35 percent over the last month.

All the facts indicate that there has been a positive recovery of the national economy.
I can say that Vietnam has achieved its two basic targets: Successfully stopping the economic recession and ensuring the social security.

Dang Van Thanh (Chairman of the Board of Directors of Sacombank):

I think the country’s economy is regaining its health based on the increasing number of customers asking for banking loans recently.

Both banks and businesspeople have learned valuable lessons from the adverse effect of the global financial crisis.

Entrepreneurs now have outlined business and development strategies that are more suitable for global integration, which brings both opportunities and challenges to their businesses.

As to banks, to cope with the affect of the ongoing global financial crisis, they have applied new administrative methods based on new ways of mobilizing funds and assessing credit to create new products, which can help reduce their operation costs effectively.

Nguyen Thanh Nhon (Deputy Standing Chairman of HCMC Young Entrepreneur Association):

The Government’s first stimulus package and banks’ program to lend medium and long-term loans, coupled with the Government’s recent activities related to trade and investment promotion, have worked effectively and brought trust and a driving force to entrepreneurs.

Many entrepreneurs are now ready to ask for loans from banks to resume projects, which have been held up due to shortage of funds.

Nguyen Huu Loi (Trader of refrigeration units in District 1):

My business is much better compared with the last four months of the previous year. Customers are beginning to spend millions of dong to buy equipment to serve their businesses.

At present, the market for refrigeration products is stable because traders are not speculating. 


By Hoang Liem – Translated by Phuong Lan

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