Bank accompanies to remove difficulties and obstacles of export enterprises

Mr. Nguyen Duc Lenh - Deputy Director of State Bank Region II shared information at the Conference

The conference attracted more than 200 representatives of enterprises to attend, receive and answer questions related to solutions to cope with exchange rate fluctuations, preferential loan policies for import-export enterprises, policies to support enterprises in accessing bank capital, procedures for registering changes in foreign loans, instructions on import-export payment methods, etc.

Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Region II, said that this conference aims to remove difficulties and obstacles for export enterprises in the city in the banking sector, arising from the context of the US government's tariff changes that have a direct impact on a number of industries and enterprises exporting goods to the US market.

Although the US government is currently postponing the imposition of high tariffs for 90 days and Vietnam is in the process of negotiating, in order to proactively grasp the difficulties of the business community, the city government and the State Bank of Vietnam in the area want to use the Conference to have a timely information channel to support the business community.

“Recently, the Government, Ho Chi Minh City People's Committee, and the State Bank have paid great attention to import-export activities, because this is the driving force for economic growth. In the spirit of quickly resolving difficulties and obstacles in administrative procedures and delays in capital transactions with banks for businesses, the State Bank of Vietnam, Region II, will listen and synthesize recommendations to the superior management agency to promptly provide timely and effective support for production, business, and export of goods to the US market to maintain good growth momentum,” Mr. Lenh emphasized.

In the context of the ongoing US-China trade tensions, the exchange rate will change continuously, making it difficult to "anchor" the exchange rate, so many businesses are worried that this issue will have a direct impact on import-export businesses in general and the mechanisms and policies of the State Bank to manage exchange rates, commercial banks have accompanied the business community to overcome the current difficult period.

Regarding the issue that businesses are concerned about, the State Bank of Vietnam has an important and consistent task of promoting economic growth and stabilizing the macro economy. Stabilizing the exchange rate and the dong creates the premise for sustainable and effective economic growth. However, to further promote the economic growth target of over 8% as expected by the Government, prioritizing the promotion of economic growth is the key task.

Currently, commercial banks are maintaining low interest rates and stable exchange rates. Despite the objective impacts of the world economic situation, the State Bank of Vietnam is still steadfast in stabilizing exchange rates and the foreign exchange market. As evidence of this, the money market, foreign exchange, and exchange rates are still stable, inflation is under control, despite fluctuations in gold prices.

“In terms of meeting the legitimate foreign currency needs of import-export enterprises, the banking sector has always met them. However, enterprises should also use derivative instruments, swaps, forward trading, etc. so that enterprises can have a certain source of foreign currency. In addition, import-export enterprises are also "designed" by commercial banks with many preferential programs such as the right to borrow, buy foreign currency, and borrow foreign currency in VND at low interest rates, for 5 groups of industries and fields, including export with interest rates not exceeding 4%/year. Therefore, enterprises can rest assured to maintain import-export activities in a stable and sustainable manner, contributing to promoting the country's economic development," Mr. Lenh affirmed.

Source: https://thoibaonganhang.vn/ngan-hang-dong-hanh-thao-go-kho-khan-vuong-mac-cua-doanh-nghiep-xuat-khau-163370.html