|
Money seeking way to multiply
People now in meetings always ask each other where to inject money to make the money multiply. It seems that people nowadays have more money in their hands, but they don’t know what to do with it.
Analysts believe that people now have more money and more opportunities to make investments with their money. The government has decided to delay the collection of personal income tax. Meanwhile, bank lending interest rates have been decreasing significantly, and banks have been pushing up loans to fund individual investments and consumption plans. Several tens of thousand billion VND has been paid to HCM City residents for site clearance for the Thu Thiem new urban area.
VND5tril from tax collection delay
The staffs of many companies are waiting to get back the money they paid provisionally in 2009 personal income tax in January. They are happy because they will get a February salary without having to pay tax.
An official from the General Department of Taxation said that individuals will retain some VND1tril a month thanks to the decision on delaying the personal income tax collection. As such, the total sum of money will be VND5tril for the five months of tax collection delay.
Prof Dr Tran Ngoc Tho from the HCM City Economics University said that the aim of the tax collection delay is to help people have more money for spending, thus stimulating demand. However, it is likely that some of the money will flow into banks to be saved and into investments.
VND25tril from the money for site clearance
Analysts have also pointed out that some VND25tril will also be available to join the demand stimulus programme.
The management board of the Thu Thiem new urban area has said that the sum of money for the project’s site clearance may reach VND25tril, and that the payment to 10,000 local resident families will start in February 2009.
Ngo Duy Thai, Deputy General Director of Eximland, a real estate development company, said that 70-80% of the sum of the money will be put back into the real estate market when people use the money to buy land and houses.
Meanwhile, Pham Van Hai, General Director of ACB Real Estate Joint-stock Company, said that the sum of money will create a big demand on the market, especially for low-cost and medium-priced real estate.
Money from bank loans
Most banks are rushing to push up consumer lending. The deputy general director of a bank said that on paper, these loans are consumer credit, but in fact, the loans have been used to repair houses and make investments in stocks. Therefore, he said that the loans aim to fund individual investment plans.
The limits for consumer credit announced by several banks in HCM City alone have reached VND10tril.
Bankers say that the money is still waiting for borrowers. Nowadays, clients are not rushing to ask for loans as they still hope interest rates will go down. However, when the market shows stability, the number of clients seeking capital will increase, and the sum of money will be disbursed.
VietNamNet, Tuoi tre
|
