VietNamNet Bridge – Out of weariness, Vietnamese businessmen who once appeared every day in local newspapers, lobbied associations, ministries and the government to take actions to rescue businesses, now let things run their course, and keep silent.

Too tired to do anything

When reporters tried to contact the businessmen who were once gloried for their business achievements, the businessmen refused to answer the interview.

“Businesses are sinking, I have nothing to say,” a businessman told the Vietnam Economic Forum of VietNamNet.

Some other businessmen told reporters to email questions in advance, so that they can arrange meetings. However, the businessmen have never answered the questions. Others said they were ready to provide information, but they asked to be anonymous.

Le Vinh Son, the owner of Son Ha Group, said that businessmen have become so discouraged that they have decided to… keep silent. They now do not make proposals, shout for help, blame on the state’s policies or make complaints any more.

It’s really difficult now to persuade businessmen to answer interviews or provide information about their business performance. They fear that if they complain to newspapers about the difficulties, creditors would chase for them to ask to pay debts. A lot of businesses now cannot pay bank debts, and they have been trying to hide themselves from creditors.

“Six months ago, when businesses began bogging down in their difficulties, they got panic and tried to lobby for the policies which could help rescue them from sinking. However, businessmen now do not expect the bails any longer. They try to rescue themselves,” Son said.

“At this moment, only specialists and economists tell about their viewpoints on economic forums, while the business circle keeps silent,” Son said.

Son said that Son Ha is lucky enough when it has large export markets which still can bring profits to the company. “If Son Ha had relied on the domestic market, it would have died already,” he said.

Le Phuoc Vu, President of Hoa Sen Group, said that he personally feels disappointed because the national economy does not support manufacturers, but supports financial investors.

“The enterprises which have high turnovers are mostly the ones earning money from speculation. I believe that the national economy is developing on an unstable fundamental,” Vu said.

A director of a real estate firm said as the products remain unsold, tens of billions of dong worth of capital have been “buried” under the buildings. “Previously, I was busy working all the day, but now I am sitting idle and I feel ashamed when appearing before neighbors,” he said.

Curbing inflation would mean suppressing growth

Nguyen Thanh Phuong, President of the Vietnam-Australia Refrigeration Engineering Company said he still cannot see any way out from the 29 trillion bail package suggested by the Ministry of Finance.

“The consumer price index (CPI) increase has been slowing down which has been applauded by many people. However, this is not a joy at all,” he said.

“Even if the government allows extending the VAT payment in the second quarter, this would not help, because the biggest problem for enterprises is the weak purchasing power,” Phuong said.

“The 30 percent corporate income tax reduction would also not help, because businesses take loss, and they do not have to pay tax,” he added.

Truong Dinh Tuyen, former Minister of Trade, now the policy consultant to the government, said that Vietnam should not only focus on forcing the inflation rate down, because this would make it even more difficult for businesses to grow.

Thanh Dung