Illustration Image. Photo: BaovietBank Many mechanisms and solutions to help enterprises gain access to capital were put forwards at a workshop held in Hanoi on September 22.
The event was organised by the Vietnam Chamber of Commerce and Industry (VCCI) and was attended by leaders from relevant ministries, sectors and banks.
Despite being one of 30 countries with the best capital accessibility in the World Bank’s ranking, Chairman of the VCCI Vu Tien Loc said enterprises still face difficulties in acquiring capital.
One of the pressing requirements at the moment, according to Loc, is to turn macro policies into actions within commercial banks.
Nguyen Thi Hong, Deputy Governor of the State Bank of Vietnam, said the plunge in oil prices and the devaluation of China’s yuan and other currencies have brought both advantages and disadvantages to enterprises’ business activities.
Hong said that the government implemented many measures to resolve difficulties for enterprises such as carrying out monetary and exchange rate policy flexibly to stabilise the value of VND, control inflation and promote economic growth.
In addition, measures were implemented to help enterprises access capital by reducing interest rates, rescheduling debt-payment deadlines and increasing loans without required collateral.
The Deputy Governor urged ministries to establish a more open and transparent investment environment and business community to improve their production capability, competitiveness and market expansion.
A nationwide programme connecting banks with enterprises was implemented with 458 trillion VND (20.8 billion USD) pledged as of the end of August.
According to Vo Tri Thanh, Deputy Director of the Central Institute for Economic Management (CIEM), signs of recovery were seen in exports and foreign direct investment flow but enterprises remain weak.
Keeping the interest rate stable is a success of the SBV in the context of the rising USD value, bank interest rate reduction and growing USD speculation.
Fung Kai Jin, Deputy Director of the VP Bank, said the government has been assisting small- and medium-sized enterprises with trust-based lending policies without collateral.
Loan procedures have been simplified and applied across sectors.-VNA
