Participating in the forum as the only companion in the banking sector, Techcombank approached difficulties to introduce outstanding solutions and incentives, contributing to increasing value and promoting digital transformation for logistics businesses.
The National Digital Transformation Program to 2025, with a vision to 2030, has been approved by the Prime Minister. Logistics is one of the eight priority industries that need to undergo digital transformation quickly and earlier to support other manufacturing and commercial industries.
Mr. Duong Nguyen Vu - Regional Corporate Customer Director of Techcombank shared at "Vietnam Logistics Forum 2023". Photo: Techcombank
However, there are still many obstacles for logistics businesses to transform digitally, especially in the context of many challenges after the pandemic. On the other hand, to maintain competitiveness, businesses need capital to continuously expand investment. This becomes even more urgent for sub-segments in the industry with high investment capital needs.
According to the General Statistics Office, 99% of SMEs/MSMEs have difficulty accessing capital. The difficulties of enterprises are mainly due to the fact that a large number of enterprises need loans and are advised on optimal loan structures but have not received timely support.
Another part is that the financial capacity of enterprises is not fully reflected through reporting systems, requiring credit institutions to have deep understanding and flexibility in assessment based on non-traditional data channels.
With an understanding of each industry group "serving businesses in their own way", Techcombank constantly increases effective financial solutions suitable to their characteristics and helps businesses access capital.
Sharing at the Vietnam Logistics Forum 2023 event, Mr. Duong Nguyen Vu, Director of Regional Enterprise Customers, Techcombank, said that for small and medium enterprises and micro enterprises, the bank aims to optimize through the application of digital credit solutions, multi-source data for evaluation, thereby providing solutions such as 100% online funding, helping them quickly access the best capital sources.
Focus on developing along the value chain instead of spreading resources to create distinct competitive advantages through connections in the chain. This also helps optimize the exploitation capacity of invested assets.
"Building a sustainable value chain through chain finance solutions will be a good solution for businesses, helping to add flexibility and security to trade and capital transactions, and cutting down on assessment procedures.
At the same time, apply and propose preferential interest rates for loans of each supplier and distributor. From there, Techcombank's chain financing solution also contributes to improving the competitiveness of the entire chain, optimizing asset exploitation productivity," Mr. Nguyen Vu, representative of Techcombank, shared more.
Increasing advantages for logistics businesses from digital transformation
Most recently, Techcombank Business platform was honored to be voted "World's Best Digital Banking Platform for Businesses" by Global Finance.
Digitalization 4.0 and taking advantage of the inevitable advantages of businesses in general, therefore, traditional business activities with logistics businesses are of course no longer suitable.
With the increasing level of market competition, large companies with capital advantages have a systematic technology system, creating an increasingly large competitive advantage, creating greater pressure on local logistics enterprises as well as small and medium enterprises. From there, businesses are easily "abandoned" in the market and lead to loss of market share if they do not keep up with digital transformation.
At the forum, many businesses shared that they also heard that digital transformation will help bring about many benefits, but where to start and whether it is costly are things we always wonder about.
Another business, seeing things as okay, tried to get through the season, and was hesitant to digitally transform because "we're still okay."
In addition, the logistics industry is a unique industry with many stages and many participants, so it is unclear which technology solution is suitable and effective. Businesses are afraid that the disclosure of customer information will affect their reputation and competitiveness in the market...
In fact, many logistics businesses are struggling with many of the above challenges and the digital transformation problem can be set as a goal in the near or distant future, requiring catalysts to accelerate this process.
Techcombank leaders said that businesses should boldly invest in testing digital transformation on a small scale by purchasing packaged software in small modules. For example, the platforms of Bravo, MISA... or take advantage of the technological strengths of partners to computerize a part of internal operations & optimize operating costs through technology solutions from partners.
At the same time, choosing digital transformation from financial management for businesses with digital banking solutions for businesses will help them "stand on the shoulders of giants" to succeed".
As a leading digital transformation unit with a long-term strategy based on 3 pillars "Data - Digitalization - Talent", Techcombank has gradually built digital experiences for over 12 million individual and corporate customers, and received recognition from the world's leading prestigious organizations.
Most recently, Techcombank Business platform was honored to be voted "World's Best Digital Banking Platform for Businesses" by Global Finance.
With strong investment in digital transformation, along with in-depth understanding of industry specifics, Techcombank is confident in becoming a companion bringing superior and effective digital solutions to logistics businesses.
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