The product is expected to quickly provide capital for Start-up businesses in Vietnam.
According to VCCI statistics, only about 30% of start-up businesses in Vietnam have access to bank capital, because most of them do not meet the loan approval criteria such as lack of collateral, lack of past credit data, or lack of customer base and market, etc. Therefore, OCB 's unsecured loan product is specifically for start-up businesses that have been operating for 1 year or more, especially in the technology and innovation fields, and is expected to support and facilitate this group of customers to develop and improve their competitiveness in the market. Businesses will be able to borrow up to 3 billion VND for a maximum period of 12 months, serving the needs of additional working capital, trade finance, and issuance of guarantees for the company's main production, business and service activities. "At OCB, we build financial solution packages with the orientation: A complete journey with businesses. Specifically, we do not only provide individual products, but also focus on implementing comprehensive financial solutions from loan support, cash flow management, consulting solutions to help businesses take advantage of technology, connecting digital ecosystems with parties... In particular, these solution packages will be designed according to the needs and characteristics of each business. With the desire to accompany and support customers from the start-up stage to developing into large enterprises. With this strategy, OCB hopes to bring long-term customers/partners to the bank", Mr. Le Dang Khoa - Director of Corporate Banking (CMB) OCB shared. It is known that last September, OCB signed a comprehensive cooperation agreement with Genesia Ventures Investment Fund. Accordingly, the bank will conduct appraisals so that start-ups invested by Genesia Ventures Fund in Vietnam can borrow capital in the form of unsecured assets like the above product, and at the same time provide comprehensive digital financial services, helping businesses improve their potential and efficiency in cash flow management. According to StartupBlink's "Global Startup Ecosystem Index 2024" report, Vietnam has regained positive growth momentum in the startup sector, rising 2 places to 56th in the global startup country rankings. In Southeast Asia, Vietnam maintained its 5th position, while ranking 12th in the Asia Pacific region and 31st globally in terms of the number of startups. This result demonstrates Vietnam's continuous efforts in building a strong startup ecosystem, aiming for sustainable and comprehensive development. Market forces have also played an important role in promoting the development of the startup and technology innovation ecosystem in Vietnam. First of all, strong support from the Government through innovation policies and programs, focusing on encouraging technology transfer, human resource training and product commercialization, has created a foundation and conditions for startups to develop smoothly. In addition, the increase in investment from domestic and foreign investors is also an important driving force for the development of startups. However, total investment capital for startups in recent years has been decreasing. In 2023, the Vietnamese startup group received a total of 529 million USD in investment capital, down 16.5% compared to 634 million USD in 2022. In the first half of 2024, total funding decreased by 52.7% compared to the first half of 2023 (according to market data platform Tracxn). Experts predict that with the current gloomy situation, the rate of capital decline in 2024 may increase compared to 17% in 2022. The main reason is said to be the increase in interest rates at central banks, so if investment in startups cannot exceed bank interest rates, it will not attract investors. In particular, the economic situation still has many difficulties and risks, causing investors to tighten spending and pour capital in small amounts. At this time, the intervention and relaxation of lending conditions for startups are considered urgent actions by commercial banks to support the development of this segment. Source: https://diendandoanhnghiep.vn/ocb-uu-tien-tiep-von-cho-doanh-nghiep-start-up-10144622.html
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