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Da Nang businesses benefit from stimulus
Subsidised-interest loans of fered as part of the Government stimulus package have helped a number of enterprises in the central city of Da Nang stay afloat during the ongoing economic crisis.
Under the programme, the Government assists banks to offer loans to business at a subsidised interest rate of 4 per cent, with recent estimates putting the total amount loaned under the programme at US$1.9 billion.
According to the State Bank of Viet Nam’s office in Da Nang, 3,860 businesses in the city have accessed the loans, to a total estimated at VND7 trillion (over $390 million).
Prominent Da Nang business people discuss the effectiveness of the programme.
Tran Van Linh, General Director, Thuan Phuoc Seafood and Trading Joint Stock Company
Right after the Government issued the stimulus package for enterprises, our company applied for a loan. We have since borrowed a total of VND130 billion ($7.3 million) and the loan proceeds have been very effective for our business.
If in 2008, we had to pay VND22 billion in interest to banks, but in 2009, with the low-interest loans, that figure is estimated to fall to only VND9 billion, a huge reduction which has helped us overcome the ongoing slowdown.
In the first six months of this year, thanks to the timely implementation of the stimulus package, our company has earned an export turnover of $6 million, an increase of 6 per cent over the corresponding period last year.
However, I hope the Government extends the term of the low-interest loan to two years, as the current term is short and about to end. The economic crisis is forecasted to last and the loan terms should be longer.
The Government’s policies to stimulate the economy have proven to be successful and timely. The first package has helped businesses to overcome challenges during the global economic slowdown.
Nguyen Trong Khai, General Director, K&H Technologies Transfer Company
I think the package is not expected to quickly eliminate the difficulties besetting the economy, but it is expected to reduce the damage to manufacturers, businesses, projects, and the unemployed.
The package is like a shot in the arm, especially for small- and medium-sized enterprises like ours, when the economy is gloomy all around.
Our company has borrowed VND1 billion and we will try to use it effectively and securely.
Nguyen Van Liem, Chairman, Da Nang Co-operative Union
Last year, as many as eight of our 150 co-operatives filed bankruptcy due to the economic crisis. I think, without the stimulus package, more of our co-operatives would face bankruptcy. About 16 co-operatives in Da Nang have accessed the low-interest loans, to a total of VND26 billion.
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