This news was heard at today’s dialogue between enterprises and the city government organized by the Ho Chi Minh City Investment and Trade Promotion Center (ITPC), in collaboration with the State Bank of Vietnam (SBV)’s Ho Chi Minh City branch. This dialogue aimed to help enterprises overcome difficulties and obstacles in accessing credit capital and to connect export enterprises with banks.
During the conference, many enterprises expressed keen interest in banks' preferential loan interest rate packages. Additionally, those involved in the import-export sector highlighted the importance of exchange rate stability for their activities.
A leader of Cainver Company, a firm focused on exporting wooden furniture, stated that they are experiencing a surge in demand from European and American clients. As a result, the company is eager to secure stable preferential credit from banks. Presently, the available preferential interest rate packages are only temporary, which means businesses eventually face fluctuating interest rates once those periods end.
Responding to the above question, Deputy Director Nguyen Duc Lenh of the State Bank of Vietnam’s Ho Chi Minh City branch affirmed that the banking sector has a preferential credit policy for export enterprises. He added that export enterprises are one of the five priority sectors and fields under the short-term credit program in Vietnam dong with preferential interest rates. Currently, the lending interest rate for this sector is over 4 percent a year to create conditions for enterprises to expand and grow production and business activities, contributing to promoting the growth of this import-export activity.
Mr. Lenh addressed concerns about exchange rates, assuring businesses that the State Bank's policies are aimed at stabilizing the macroeconomy, including the exchange rate. This stability is vital for maintaining a healthy investment climate and ensuring the smooth operations of import-export businesses. The State Bank's credit and monetary policies are designed to meet the diverse foreign currency needs of these enterprises, providing them with the necessary financial resources to support their production, business activities, and export goals.
Concerning import-export credit in Ho Chi Minh City, Mr. Lenh reported that as of now, the total outstanding export loans in Vietnam dong with preferential interest rates have reached VND105,305 billion (US$4.17 billion), which represents 6.2 percent of the total outstanding loans allocated to five priority sectors in the city.
Furthermore, the total outstanding credit in foreign currency has amounted to VND130,500 billion, accounting for 3.4 percent of the overall outstanding credit in the region. Credit institutions are also fulfilling the requirements for payment services, money transfers, and other related services for businesses, offering numerous conveniences and advantages in the pursuit of international market development.
In addition to dialogue to address challenges which businesses have been facing with, the Conference also featured a credit contract signing ceremony between the Vietcombank Ho Chi Minh City branch and 20 export enterprises in the city, aimed at fostering connections between banks and businesses. This initiative is designed to create favorable conditions for businesses to enhance their export capabilities, upgrade technology, and satisfy their credit requirements in the final months of 2024.
