HCMC is committed to being a responsible partner and actively facilitating cooperation between businesses of Vietnam and Indonesia, particularly small and medium-sized enterprises (SMEs) and startups.
The Vietnam Trade Promotion Center for Agriculture (Agritrade) on February 28 signed a deal on strategic cooperation with TikTok to improve the digital transformation capacity for the SMEs and cooperatives taking part in the OCOP program.
The Vietnam Innovation Challenge 2022 was launched on October 25, aiming to seek innovation solutions from around the world to help the country address major challenges and achieve prosperous and sustainable development.
The wood export industry in Vietnam is facing two anti-fraud investigations from the US Department of Commerce (DOC) for plywood products and wooden cabinets.
The report on the 500 largest Vietnamese Private Enterprises (VPE500) was published last week, which included a lot of valuable information on the current state of businesses in the country.
Representatives of 20 enterprises in export processing zones and industrial parks (EPZs-IPs) and four commercial banks signed and re-signed credit contracts worth more than VND4.66 trillion (US$200 million) at a recent conference to connect banks and businesses.
The Ministry of Science and Technology (MoST) has been accelerating support for Vietnamese companies to promote technology transfer and develop new technologies for the creation of higher-quality and value-added products under the national technology innovation program by 2030, according to an official.
The Vietnam Association for Software and IT Services (VINASA) has just announced frameworks for digital transformation for Small and Medium Enterprises (SMEs) in 26 fields in commerce, service, and manufacturing.
To support enterprises to recover production and business activities, especially at the end of the year and the upcoming Lunar New Year, many banks have increased the rate of loans without collateral or with collateral that are assets to be formed in the future.
Many banks have been extended credit by the State Bank of Vietnam for the third time, ever since credit rebound sharply after the economy began to reopen. This move has created more expectations that businesses will be injected with more capital to help in the recovery process.
Amid the complicated developments of the Covid-19 pandemic, many enterprises said that they need authorities to research and find solutions to help them reduce costs, especially costs related to the implementation of three-on-site production.
Vietnamese small- and medium-sized enterprises (SMEs) are facing barriers in digital transformation and have a passive response to market changes, said Hoang Minh Chien, deputy head of the Vietnam Trade Promotion Agency (Viettrade).
Many economic experts said that with the current credit scale of over VND10 quadrillion if banks reduce the lending interest rate by 0.5 percent per annum, enterprises will have tens of trillions Vietnamese dong more to overcome difficulties. However, these experts also said that they barely expected a deep and wide wave of interest rate cuts because banks are enterprises themselves, so they must consider carefully when they give loans.
Recently, the People's Committee of Ho Chi Minh City has requested the infrastructure investors of export processing zones and industrial parks (EPZs and IPs) to quickly complete infrastructure and diversify the land fund to meet the maximum investment needs of enterprises.
The total foreign investment capital in Vietnam in the first three months of this year was US$10.13 billion. According to many foreign enterprises, Vietnam is still the country with the safest and most attractive investment environment in Asia in the coming years. Meanwhile, many domestic enterprises complained that “there were still many thumbtacks under the red carpet".
More than 90 percent of domestic enterprises are small and medium-sized. The advantage of this business model is that it quickly responds to market fluctuations. However, in the opposite direction, due to small scale and weak internal resources, it is also vulnerable when the market experiences shock.
The International Finance Corporation (IFC) – a member of the World Bank Group – will provide another US$40 million for the Orient Commercial Bank (OCB) to help with the support of COVID-hit clients, especially small and medium enterprises (SMEs).
