Banks offer many incentives to support import-export businesses

According to the latest data from the General Statistics Office, in the first two months of 2024, the total import and export turnover of goods is estimated at 113.96 billion USD, up 18.6% over the same period last year, of which exports increased by 19.2%; imports increased by 18%; the trade balance of goods had a trade surplus of 4.72 billion USD.

Import and export have become a bright spot in Vietnam's economic picture in the first two months of this year when the total import and export turnover is estimated at 113.96 billion USD, up 18.6% over the same period in 2023; the trade balance of goods has a trade surplus of 4.72 billion USD, much higher than the trade surplus of 3.5 billion USD in the same period in 2023.

However, 2024 is still forecast to be a difficult year, import-export enterprises still face challenges in terms of orders and concerns about costs. In that context, many banks have launched support packages for import-export enterprises, anticipating opportunities in 2024.

Accordingly, in order to create favorable conditions for enterprises in the import-export sector to boost production and business and expand their scale in the international market, Vietnam Public Joint Stock Commercial Bank ( PVcomBank ) has deployed a credit package of VND 2,000 billion until December 31, 2024.

Specifically, businesses that have recorded import-export activities within the last 6 months up to the time of loan application; have 2 years or more of experience in the business sector will be eligible for preferential loan interest rates from only 7.5%/year at PVcomBank, applicable to a variety of customers operating in import-export activities such as: exporting rice, meat, seafood, coffee, agricultural products, handicrafts, etc.; importing beverages, household appliances, machinery, electronic equipment, cosmetics, gasoline, construction materials, etc.

Finance - Banking - Banks offer many incentives to support import-export businesses

With the goal of supporting import-export enterprises to restore production, Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank ) has increased incentives for import-export enterprises in the Trade UP Program.

Specifically, import-export enterprises using foreign currency trading, international payment and trade finance products for the first time will receive incentives on foreign exchange rates, exemption/reduction of service fees and insurance fees for transported goods.

In particular, VietinBank exempts up to 100% of many types of fees for import-export enterprises: Foreign currency transfer within the system, signing of bills of lading/issuing authorization to receive goods, issuing guarantees to receive goods, sending for collection, canceling, amending, adjusting collection, managing collection documents, notifying letters of credit, notifying amendments, Trade Portal services...

Accompanying import-export enterprises to expand international trade, from January 1 to December 31, 2024, Joint Stock Commercial Bank for Investment and Development ( BIDV ) also launched the Trade Booming program with preferential policies: Preferential foreign exchange rates up to 170 points, free of charge for up to 10 types of services. The program is a support to help import-export enterprises promote international trade connections.

For new customers, the bank offers up to 10 free services within 1 year. Applicable to the following fees: Account opening/management fee, Issuance fee, first-year annual fee for corporate debit cards, corporate credit cards; Incoming international transaction fee, Export LC notification fee/export LC amendment fee, Export collection document processing fee.

For existing customers, BIDV also waives nearly 10 services for 6 months with the following fees: Issuance fee, first-year annual fee for corporate debit cards, corporate credit cards; Incoming international transaction fee, Export LC notification fee/export LC amendment fee, Export collection document processing fee.

Asia Commercial Joint Stock Bank ( ACB ) with changes in service policy to help customers save costs, time, facilitate transactions and enhance reputation in the market.

For businesses that import or pay by letter of credit (L/C) to domestic suppliers, the L/C financing solution is a priority choice with outstanding benefits: simple and quick procedures, competitive fees and diverse forms of guarantees .

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