Only 7.34% of surveyed enterprises have accessed credit from the fund.

SGGPO 08/22/2023 13:02

On August 22 in Hanoi , the State Bank of Vietnam (SBV) held a workshop with the theme "Enhancing the ability to access and absorb capital of the business sector: Difficulties, challenges and determination"

Permanent Deputy Governor of the State Bank Dao Minh Tu speaks at the workshop

Speaking at the workshop, Deputy Governor of the State Bank of Vietnam Dao Minh Tu stated that the current domestic and international economic context has many obstacles and challenges, causing great pressure on the operations of enterprises in the economy. In that situation, removing difficulties for production and business, maintaining and restoring the health of the business sector is the top priority, in which the decline in the ability to access and absorb capital is an issue of particular concern, and it is necessary to quickly put forward effective solutions and policies to remove them.

According to the representative of the State Bank, the Government has recently closely directed the synchronous implementation of many comprehensive support policies, affecting both supply and demand to support businesses. These include policies on tax exemption and reduction, financial and credit support, export promotion and supply chain protection.

However, there are still “bottlenecks” in the economy’s ability to absorb credit capital. Regarding the cause, according to Dr. Nguyen Minh Thao, Head of the Business Environment and Competitiveness Research Department, Central Institute for Economic Management (CIEM), there are still some limitations such as the ineffective 2% interest rate support package. Enterprises have difficulty accessing capital from the Small and Medium Enterprise Development Fund and the Small and Medium Enterprise Credit Guarantee Fund.

“According to a survey by VCCI, only 7.34% of surveyed enterprises have accessed credit from the fund,” said Dr. Nguyen Minh Thao, Head of the Business Environment and Competitiveness Research Department, Central Institute for Economic Management .

Ms. Nguyen Minh Thao also cited more evidence, for example, related to the issue of delayed VAT refunds, wood exporting enterprises have been delayed in refunding taxes with a figure of up to thousands of billions of VND. In addition, the business environment has many potential risks, not only has it not improved but also created more barriers and cost burdens for businesses.

In fact, the economy's ability to absorb credit capital has decreased due to the "phase difference" between banks and businesses. Specifically, on the banking side, many banks are more cautious in credit growth as concerns about bad debt and even capital loss are increasing in the context of an unfavorable economy. Meanwhile, on the business side, many businesses also said that they are not eligible for loans because of bad debt, due to the difficult and complicated economic context, so businesses do not dare to expand production and business... Therefore, to solve this macro problem, there must be more synchronous and drastic solutions from the Government and related ministries, departments and branches.

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