Deputy Governor of the State Bank of Vietnam Dao Minh Tu pointed out that by the end of 2024, outstanding credit for private enterprises at credit institutions will reach about 7 million billion VND, up 14.72% compared to 2023, accounting for about 44% of outstanding credit in the economy. Of which, outstanding credit for small and medium enterprises will reach about 2.7 million billion VND, up 10.7% compared to the end of 2023. This shows that bank credit capital has promptly met the capital needs for production and business purposes of private enterprises, while contributing to promoting economic development and increasing revenue for the State Budget.
Through the above figures, Chairman of the Vietnam Association of Small and Medium Enterprises Nguyen Van Than acknowledged the efforts and thanked the banking sector for always accompanying small and medium enterprises. "The outstanding debt ratio of enterprises can be said to be very high. High outstanding debt proves that small and medium enterprises are developing," Mr. Than affirmed.
However, the reality is that small and medium-sized enterprises are limited in terms of financial potential and competitiveness. This is also one of the reasons why private enterprises still face many difficulties in accessing capital.
Mr. Nguyen Thanh Khiet, Chairman of ASCO Auditing Firm, pointed out that in reality, one of the biggest challenges that small and medium-sized enterprises (SMEs) face is the difficulty in accessing capital from banks. The main reasons include lack of collateral, unclear financial records, etc. To solve this problem, we need to deploy synchronous solutions from banks, businesses and state management agencies.
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| Experts propose solutions to make it easier for businesses to borrow capital |
From the perspective of a leader of a professional social organization, Mr. Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises (VINASME), shared that small businesses that fumble to borrow are easily rejected. But we must also frankly admit that we need to sympathize with banks because the revenue pressure on banks is very large. Commercial banks are also businesses, under the management of the State Bank, so the story here is about borrowing capital but also needing resources to repay. There is no other way, businesses must improve themselves with science and technology, in addition to science and technology, it is necessary to connect businesses with each other.
To access bank capital, according to Mr. Than, small and medium enterprises have no other choice but to join together, gather information and records about the Association. The Association will be the representative, both introducing and acting as a bridge, connecting businesses with banks. Through the association, the prestige and lending banks will also be much more secure.
Meanwhile, Mr. Nguyen Thanh Khiet suggested that to promote credit capital for small and medium-sized private enterprises, banks should design specialized financial products such as unsecured loans based on business cash flow, loans based on output contracts or loans based on assets formed from loan capital. In addition, it is necessary to expand the credit assessment model based on actual transaction data of enterprises instead of focusing only on collateral.
At the same time, banks should design specialized financial products such as unsecured loans based on business cash flow, loans based on output contracts or loans based on assets formed from loan capital. In addition, it is necessary to expand the credit assessment model based on actual transaction data of enterprises instead of focusing only on collateral assets. According to Mr. Khiet, banks need to improve the credit assessment process in a simple, transparent manner and shorten the time to process documents: Apply a risk-based credit assessment model, combine business credit assessment with flexible criteria, reduce unnecessary document requirements and automate some review steps to speed up disbursement.
Mr. Nguyen Kim Hung - Chairman of the Board of Directors of Kim Nam Group also proposed that banks have additional loan packages for businesses to access. This businessman informed that for businesses operating in the fields of mining, technology, investment, real estate, logistics, etc., loans from banks are still an important lifeline for any type of business. Mr. Hung expressed his hope that the State Bank of Vietnam will coordinate with ministries and branches, especially the Ministry of Finance, to be able to issue loan policies for businesses in the fields of science and technology, innovation, etc.
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