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The Impact of the Economic Stimulus on Domestic, Private Enterprises


Author Info

  • Anh Nguyen Ngoc

    (Development and Policies Research Center (DEPOCEN), Vietnam.)

  • Nhat Nguyen Duc

    (Development and Policies Research Center (DEPOCEN), Vietnam.)

  • Chuc Nguyen Dinh

    (Development and Policies Research Center (DEPOCEN), Vietnam.)


In the year 2008 and the first half of 2009, the world witnessed the unfolding and heavy repercussions of the global financial crisis which affected Vietnam, among others, through the reduction of investments inflow, lower global commodity prices and trade. The government of Vietnam has acted quickly with its stimulus package, including a 4% interest rate subsidy for enterprises with the objective of preventing the economy from falling further. While there are some anecdotal evidences about the effectiveness of the stimulus package, there is no systematic evidence of the impact of the stimulus package. This paper makes use of the PCI 2008 enterprise survey data, a unique dataset which is only recently made by available to investigate the impact of the 4% interest rate subsidy component of the stimulus package. We find strong statistical evidence that the 4% interest rate subsidy has positive and important impacts on the enterprises, easing the severe effects of the global crisis.

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Bibliographic Info

Paper provided by Development and Policies Research Center (DEPOCEN), Vietnam in its series Working Papers with number 06.

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Length: 14 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:dpc:wpaper:0611

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Related research

Keywords: Freeware; Global financial crisis; fiscal stimulus; interest rate subsidy; Vietnam.;


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  1. Bhaumik, Sumon K. & Estrin, Saul & Meyer, Klaus, 2004. "Determinants of Employment Growth at MNEs: Evidence from Egypt, India, South Africa and Vietnam," IZA Discussion Papers 1272, Institute for the Study of Labor (IZA).
  2. John Rand, 2007. "‘Credit Constraints and Determinants of the Cost of Capital in Vietnamese Manufacturing’," Small Business Economics, Springer, Springer, vol. 29(1), pages 1-13, June.
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Cited by:
  1. Huynh, Phu & Parisotto, Aurelio, 2012. "Case studies of policy coherence initiatives in developing Asia," ILO Working Papers, International Labour Organization 471421, International Labour Organization.


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