Valuation of future assets: Adding a “door” to capital access for businesses

Currently, the rate of small and medium enterprises (SMEs) accessing medium and long-term loans is still limited. Mr. Nguyen Tuan - Permanent Vice Chairman and General Secretary of the Provincial Business Association - commented: "The Government has many solutions to support access to capital for SMEs. This support is often through the legal corridor to create conditions for banks to loosen lending conditions, implement preferential loan packages... However, the number of SMEs accessing these capital sources is not easy because of the accompanying regulations such as mortgaged assets, mortgaged projects, while SMEs find it difficult to meet the requirements".

Gia Lai is making efforts to improve the business environment to support business operations. Photo: KN

Mr. Dang Hoai Linh - Director of Dang Nguyen Phat Gia Lai One Member Co., Ltd. (Ia Kring Ward, Pleiku City) said: "Currently, the interest rate has decreased to about 6.5% but businesses still have difficulty accessing capital. To borrow at low interest rates, businesses must have collateral. If they do not have collateral, they must mortgage a project that has been approved by the Provincial People's Committee for investment policy. But to have such a project, the business must certainly be of a large scale, while with such a scale, it is not eligible for incentives. Therefore, it is very difficult for businesses to access loans."

Similarly, Mr. Trinh Xuan Anh - Director of Kong Yang Agricultural and Service Cooperative (Kong Chro district) said: “The Cooperative has been operating since 2021 with 40 members, mainly growing fruit trees with more than 76 hectares. The products of the Cooperative not only serve the domestic market but also export to some Middle Eastern countries and China. To serve production and business, we really need capital. But like many other Cooperatives, we have not been able to access loan sources, especially preferential loans, because we do not have collateral.”

Promoting the form of lending based on future assets under the direction of the Prime Minister will create conditions for SMEs to access loans. Photo: Ha Duy

Since the beginning of the year, the Prime Minister and the State Bank have continuously directed commercial banks to reduce deposit and lending interest rates. Accordingly, some banks have reduced deposit and lending interest rates by an average of 5.5-21% per year. The reduction in interest rates by banks has helped businesses access more capital for investment, product development, technology upgrades or marketing activities, and market expansion. However, in reality, not all businesses have access to loans.

Mr. Ly Anh Dao - Director of SHB Gia Lai - said: "According to regulations, enterprises that want to borrow capital need to have collateral. To limit the risk of bad debt, banks will also prioritize providing capital to reputable enterprises and cooperatives". However, in reality, in addition to not having collateral, SMEs have difficulty accessing credit capital, most of which are newly established enterprises, newly entering economic sectors and fields, credit institutions do not have historical data on operations, and cannot conduct credit ratings when assessing and evaluating the debt repayment capacity of enterprises.

On March 25, 2025, Prime Minister Pham Minh Chinh signed and issued Directive No. 10/CT-TTg on promoting the development of small and medium enterprises. Accordingly, the Prime Minister requested ministries, departments, branches, and chairmen of provincial and municipal People's Committees to continue to drastically, synchronously, and effectively implement solutions such as: minimizing administrative procedures, reducing at least 30% of administrative procedure processing time in 2025; reducing at least 30% of compliance costs; and abolishing at least 30% of unnecessary business conditions.

Strongly shift management from "pre-inspection" to "post-inspection", associated with strengthening inspection and supervision work; strive for the disbursement rate of public investment capital in 2025 to reach over 95% of the assigned plan, especially prioritizing important and urgent projects, strategic infrastructure projects and regional and national connectivity projects.

The Government has directed credit to focus on production sectors to create new growth drivers such as green transformation and circular economy. Photo: Ha Duy

The Prime Minister also requested the State Bank of Vietnam to resolutely implement credit programs and policies for enterprises; prioritize stabilizing interest rates; operate monetary policies proactively and flexibly but appropriately and effectively, creating confidence for enterprises; focus credit on production and business sectors, priority sectors and traditional economic growth drivers (consumption, investment, export) and new growth drivers (digital transformation, green transformation, circular economy, sharing economy, science, technology and innovation, etc.); continue to strengthen social responsibility, be willing to share part of profits to reduce lending interest rates to support SMEs in accessing bank credit capital.

Representing the business community in the province, Mr. Nguyen Tuan excitedly said: “The notable point of Directive No. 10/CT-TTg is that the Prime Minister requests the State Bank of Vietnam to direct credit institutions to promote lending based on future assets in accordance with the provisions of law to diversify and open up capital sources for production and business of SMEs. This helps SMEs have more conditions to access capital, serving the development of production and business”.

In the first quarter of 2025, the whole province had 88 enterprises temporarily suspending operations (an increase of 2.3% compared to the same period in 2024), 34 enterprises dissolved. There are many reasons why SMEs have to withdraw from the market, including the lack of access to capital.

Source: https://baogialai.com.vn/dinh-gia-tai-san-hinh-thanh-trong-tuong-lai-them-canh-cua-tiep-can-von-cho-doanh-nghiep-post318155.html