Workers sort ballpoint pens at a Thien Long Production and Trading Co Ltd factory. (Photo: VNA) Hanoi (VNS/VNA) - A fifth of all Vietnamese enterprises do nothave access to financial loans, according to the Vietnam Chamber ofCommerce and Industry (VCCI).
Capital is a vital resource for a business todevelop. Most local enterprises now have very high demand for capital fundingin the short-, medium- and long-term, VCCI reported in a recent meeting.
Credit lending granted by financial institutionsis an important channel, VCCI said. To help local companies approach thosesources, the Government, ministries, related agencies and lenders must work ona comprehensive joint policy.
But due to the low quality of corporategovernance and poor financial management, a large number of Vietnamese firms,mostly small- and medium-sized enterprises (SMEs), have not succeeded inwinning loans from banks and financial institutions.
According to Nguyen Viet Hung from the Ministryof Finance’s Department of Banking and Financial Institutions, lending policiesfor SMEs are still limited and incomplete.
Some rules lag behind while some arenot feasible, he said, adding that the financial capacity of banks andfinancial institutions is also limited.
SMEs have also remained unprofessional incorporate governance, financial management and risk management.
To help enterprises gain access to capitalfunding, the Ministry of Finance will continue working on the completion of recentpolicies, especially by cutting lending and collateral requirements.
Nguyen Xuan Bac from the State Bank of Vietnam’scredit department said the central bank will be proactivein managing fiscal and monetary policies.
Those actions will ensure inflation iscontrolled, and that interest rates and exchange rates are kept stable, hesaid.
The financial-banking system will continue tobe overhauled and non-performing loans will be handled to make surelending is always available for businesses, he added.
The central bank will keep reviewing itsregulations to allow all economic sectors to access capital lending based ontheir capability of corporate governance and financial management, Bac said.
“Different lending channels will be made forlocal enterprises.”
According to Bac, new credit products will bedeveloped to offer more choices for enterprises. Local authorities must connectbanks and businesses to resolve problems for the business community.
The meeting was organised by the VCCI and theMinistry of Finance to discuss solutions to help Vietnamese firms resolvefinancial issues in the context of global integration.–VNS/VNA
VNA
