Solving barriers to capital access for businesses

More open policies needed

According to the latest report on the assessment of the business situation of Committee IV (Private Economic Development Research Committee, the Prime Minister's Advisory Council for Administrative Procedure Reform), businesses assess the prospects for accessing capital in the coming time more positively than in the 2023 survey. Accordingly, the number of businesses assessing "very positive" is nearly 4 times higher (3.1% compared to 0.8%); The rate of "positive" assessments is 6.5 times higher (13.4% compared to 1.9%). Meanwhile, "negative" assessments decreased nearly 1.3 times (from 41.9% to 30.2%); "very negative" assessments decreased to just over 50% compared to the April 2023 survey (19.4% compared to 37.2%).

However, the survey results show that the prospects for accessing capital as assessed by the enterprises participating in the survey are still negative. 49.6% of enterprises still assess the prospects for accessing capital in the next 12 months as “negative/very negative”, of which 19.4% assess it as “very negative”. Notably, enterprises in Ho Chi Minh City still have a negative assessment of the prospects for accessing the capital market with an average score of only 2.42/5, lower than that of Hanoi (2.58) and enterprises in other localities (2.54).

According to the reflection of most enterprises, preferential capital for enterprises is currently very difficult to access. Not to mention, domestic enterprises find it very difficult to compete with foreign enterprises. Because the advantage of foreign enterprises is to make designated goods (in the chain), while domestic enterprises cannot access or only do subcontracting for foreign enterprises at very low unit prices. In addition, some obstacles when accessing loans such as too complicated procedures, taking too much time, not being able to contact loan capital...

From the above difficulties, enterprises believe that, in order for enterprises to easily access loans, it is necessary to increase capital support from banks with open policies for credit packages or loans to finance receivables; Loan terms need to be increased instead of having to repay every 6 months, causing many difficulties for enterprises. Banks also need to reduce interest rates to help maintain and create momentum for development for enterprises, especially those that are still capable of operating, are borrowing stably, have not incurred bad debts, and have not had to sell assets to pay debts. If supported promptly, these enterprises will contribute to maintaining the economy, creating more opportunities for other enterprises to maintain and overcome difficulties for sustainable development.

Need to evaluate to strengthen credit guarantee for enterprises

At the regular Government meeting in October, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong said that it is necessary to have a comprehensive assessment of the current situation of Vietnamese enterprises. Because 98% of Vietnamese enterprises are small and medium-sized, it is necessary to have an assessment to increase credit guarantees for these enterprises, thereby creating a clear flow of credit capital.

In addition, the State Bank continues to implement debt restructuring solutions, maintaining the debt group, the support package for seafood and wood processing has been increased from VND30,000 billion to VND60,000 billion, credit institutions have registered new credit packages to provide new loans and reduce interest rates. Currently, 30/45 credit institutions have registered with a total package value of VND405,000 billion, interest rates will be reduced by 0.5 - 2%.

Regarding the issue of businesses being “forced” to buy insurance when borrowing capital, the State Bank recently said that current laws have provisions that strictly prohibit the act of “forcing” customers to buy or sign insurance contracts when using banking products and services in any form. Within the scope of its functions, tasks and management subjects, the State Bank has recently issued documents directing, warning and correcting the insurance agency activities of credit institutions.

In particular, it requires credit institutions not to allow credit institutions, managers, operators, and employees of credit institutions to link the sale of non-compulsory insurance products with the provision of banking products and services in any form. At the same time, the State Bank also added the inspection of insurance business activities and insurance agents of credit institutions to the inspection plan.

In addition, the Ministry of Finance is also assigned the responsibility of "inspecting and supervising the insurance agency activities of credit institutions, foreign bank branches, subsidiaries and affiliated companies of credit institutions". Therefore, the State Bank and the Ministry of Finance have discussed, worked and agreed to establish a hotline to promptly receive and handle all feedback and recommendations related to the insurance service provision activities of credit institutions. Along with that, the State Bank has requested the State Bank branches in provinces and cities to seriously and promptly handle feedback and recommendations related to insurance agency activities via the State Bank's hotline according to the Procedure for receiving and handling feedback and recommendations related to insurance agency activities of credit institutions.

Source: https://baophapluat.vn/giai-quyet-rao-can-tiep-can-von-cho-doanh-nghiep-post528474.html