'Enterprises have lost their ability to absorb, but banks still die when they put ginseng in'

On the afternoon of September 21, the State Bank of Vietnam (SBV) organized a conference connecting banks and businesses in Hanoi , chaired by SBV Governor Nguyen Thi Hong; Chairman of the Hanoi People's Committee Tran Sy Thanh and representatives of many relevant agencies, bank leaders, businesses, etc. attended.

Chairman of Hanoi People's Committee Tran Sy Thanh requested the State Bank and commercial banks to consider reducing and exempting penalties for early debt repayments.

Reporting on the issue of credit access and increasing capital absorption capacity for the economy , Ms. Ha Thu Giang, Director of the Department of Credit for Economic Sectors (SBV), said that as of September 15, credit for the entire economy reached nearly 12.6 million billion VND, an increase of only 5.56% compared to the end of 2022.

Meanwhile, in Hanoi, by the end of August, outstanding credit balance is estimated at over 3.2 million billion VND, an increase of 10.35% compared to the end of 2022, higher than the increase of the whole country and the Red River Delta region of 8.35%.

Mr. Tran Sy Thanh, Chairman of the Hanoi People's Committee, said that the conference between the State Bank of Vietnam and enterprises was only within the capital city but was very important. Hanoi has about 370,000 enterprises and is also the headquarters of many corporations and enterprises operating nationwide and globally.

In recent times, the economy in general and the banking industry in particular have faced a very strong "storm" in finance and currency, with the potential risk of a series of system collapses... But up to now, many difficulties and challenges have passed thanks to the great efforts of the entire political system, the business community, and in which the banking industry has made a great contribution.

Many representatives of businesses and banks attended the conference.

Regarding the reflection of enterprises related to the fact that enterprises have to pay a penalty fee when paying off debts early, even in cases where they borrow capital from other banks to pay as prescribed by the recently issued regulations, according to Mr. Thanh, in favorable production and business circumstances, there is no problem. However, considering the difficult times like the past, present and future, it is necessary to reduce or waive interest penalties to support enterprises.

Mr. Thanh suggested that the banking industry and Governor Nguyen Thi Hong study and consider providing further support to the business community to overcome this difficult period.

Hanoi has 370,000 enterprises, just like 370,000 fates, it is impossible to list all the difficulties of each enterprise. We only hope that the policies of the State Bank and commercial banks are the most comprehensive so that enterprises can access credit capital better, faster, and more promptly while enterprises still have the ability to absorb it, then it will be effective.

"When businesses still have the ability to absorb, just adding water or a little bit of porridge will make them live. But when businesses lose their ability to absorb, even if banks add ginseng, they will still die," Mr. Thanh said.

Need to widely communicate monetary and financial policies

The Chairman of the Hanoi People's Committee also spoke about shortcomings in communication work related to financial and monetary policies. Mr. Thanh cited many credit support packages, even one with an interest rate support package of up to 29%, which the business community did not know about when surveyed.

"We think that if we put it on TV at 7pm, 12am... then the whole population will know. Meanwhile, the TV market share is currently competitive, not everyone has time to watch. Businesses are busy working, constantly traveling by car, and if they haven't gotten home by 7-8pm, when will they watch it? We suggest that the banking industry come up with a way to communicate so that businesses and people can deeply and widely know about monetary and financial policies and support packages and seek loans," said Mr. Thanh.

Governor of the State Bank of Vietnam Nguyen Thi Hong said that opinions from businesses, commercial banks, Chairman of Hanoi People's Committee... will be compiled and reported to the Prime Minister.

In her concluding remarks at the conference, Governor Nguyen Thi Hong acknowledged the opinions of the business community, representatives of commercial banks and the Chairman of the Hanoi People's Committee. The recommendations will be compiled by the State Bank and reported to the Prime Minister as soon as possible.

Ms. Hong also said that in the coming time, the banking industry will continue to implement credit solutions for the region, remove difficulties, support customers, direct credit institutions to implement customer support tasks, and connect deeply with businesses and people to promote lending.

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