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.