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Vietnam to help companies expand in domestic market
The government will allocate more than VND51 billion (US$2.9 million) from the state coffers to help companies expand locally amid a deepening global economic slowdown.
The money would be used to conduct market research so companies can devise strategies to expand and increase domestic sales, the government said in a statement on its website.
“This trade promotion program is part of the government’s urgent measures to avert an economic slowdown and secure socioeconomic stability,” the statement said.
A highlight of the program is the Vietnamese Goods Week, which was launched Monday in Ho Chi Minh City to offer discounts and promotions on products made by more than 1,000 domestic businesses.
The government has already launched a package of measures, which may be valued at about $8 billion, to stimulate the economy, Prime Minister Nguyen Tan Dung told investors at a conference in Hong Kong on April 20. The economy expanded 3.1 percent in the first quarter, the slowest pace ever.
Commercial banks lent a combined VND255 trillion ($14.3 billion) to businesses as of April 23, after the government started a loan subsidy program to bolster the slowing economy, the central bank said on its website on April 24.
Vietnam’s exports declined 0.1 percent to $18.64 billion in the first four months of the year, the General Statistic Office estimated on April 24.
thanhnien, bloomberg
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