According to the provincial State Bank, by the end of October 2023, the total outstanding credit balance in the area reached VND 41,150 billion, an increase of VND 223 billion compared to the previous month, an increase of VND 4,018 billion compared to the same period, equal to 99.84% of the 2023 plan. Of which, outstanding loans to support small and medium enterprises are estimated at VND 7,060 billion, accounting for 17.2% of the total outstanding loans.
Despite many positive results, enterprises are still thirsty for capital, and the relationship between enterprises and banks still faces many difficulties. On the bank side, it is estimated that by the end of October 2023, mobilized capital will reach VND 22,145 billion. Accordingly, mobilized capital increases more slowly than outstanding credit. Mobilized capital in the area only meets about 50% of the total outstanding loans of banks and credit institutions (CIs), especially long-term capital accounts for only about 20% of total mobilized capital. Having to use other additional capital sources with higher costs than self-mobilized capital also causes financial difficulties for banks and CIs in the province.
Some enterprises said that the reason why enterprises have difficulty accessing bank capital is because they require collateral. Meanwhile, for small and medium enterprises, fixed assets have been mortgaged for loans before, some enterprises with small production scale, few employees, do not have collateral. In addition, enterprises also face difficulties in completing procedures that are relatively long compared to the seasonal needs of production, and mortgage procedures are also an obstacle.
Faced with capital difficulties for enterprises, the provincial State Bank has been implementing solutions to remove and support enterprises in accessing capital sources. Mr. Nguyen Anh Tuan, Deputy Director of the provincial State Bank, said: In the past, the sector has also implemented credit programs and policies to remove difficulties, support economic and social recovery and development. Accordingly, credit institutions in the province have restructured debt repayment terms and maintained debt groups according to the provisions of Circular No. 02/2023/TT-NHNN. By September 30, 2023, the debt repayment terms and maintained debt groups for 37 customers with a total debt value of VND 613 billion, of which VND 405 billion are enterprises. The outstanding debt including principal and interest with restructured debt repayment terms is VND 462 billion, of which VND 380 billion is enterprises.
Customers transact at VietinBank Ninh Thuan. Photo: Hong Nguyet
For customers borrowing capital in the fields of production and export, priority fields of the Government, with transparent and healthy financial situation, the Bank applies short-term interest rates in VND at 4%/year; medium and long term at 6.8%/year; normally at 9.1-11.2%/year and short-term loans in US dollars from 4.4-5.5%/year; medium and long term at 5.9-7.6%. In addition, the banking industry has promoted communication about the 2% interest rate support program according to Decree No. 31/2022/NDCP of the Government and Circular No. 03/2022/TT-NHNN of the State Bank of Vietnam.
Along with interest rate support, the State Bank also directed local credit institutions to support and remove difficulties in accessing capital. In particular, recently, the provincial State Bank organized a meeting, dialogue between banks and enterprises and a conference to meet, exchange and connect banks with cooperatives in 2023 in the province, aiming to have direct dialogue between banks and customers, thereby providing information on credit programs, products and banking services being implemented by credit institutions. At the same time, grasp the difficulties and obstacles related to accessing bank loans to promptly handle and remove difficulties in credit relations, creating favorable conditions for customers to access bank credit sources in accordance with the provisions of law.
According to Mr. Nguyen Anh Tuan, in addition to the above solutions, in the coming time, the banking sector will continue to direct credit institutions to strengthen credit activities, promptly meet credit capital needs, especially in production and business sectors, priority sectors and growth drivers of the province, creating favorable conditions for people and enterprises to access capital, ensuring compliance with legal regulations, contributing to limiting "black credit". Continue to reduce costs, increase the application of information technology and other solutions to create conditions to continue reducing lending interest rates, striving to reduce 1.5-2% for both new loans and existing debts to support businesses and people to restore production and business, increasing the capital absorption capacity of the economy.
Red Moon
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