Credit priority for key industries
According to State Bank Governor Nguyen Thi Hong, outstanding credit for the private sector currently accounts for 92-93% of the total outstanding credit of the entire system. This shows the growth of the private economic sector as well as the efforts to "inject capital" from the banking sector.
“We have directed credit institutions to properly implement Resolution 68 of the Politburo , accompanying private enterprises in accordance with the policies of the Party and State,” said Ms. Hong.
Commercial banks are implementing preferential credit packages, reducing interest rates, simplifying procedures and applying technology to increase access to capital. Priority sectors include: agriculture , aquaculture, high technology and social housing real estate.
Even as global interest rates rise, Vietnam’s banking sector is still making efforts to reduce domestic interest rates. Statistics show that more than VND60,000 billion has been “pumped” out through support packages for businesses affected by COVID-19 and natural disasters. Loans in this program are entirely funded by credit institutions, not dependent on the budget.
At Agribank, total outstanding loans currently reach more than 1.7 million billion VND, of which 60% are directed to the agricultural and rural areas - mostly private economic households. Agribank Deputy General Director Phung Thi Binh said that 90% of outstanding loans to legal entities belong to private enterprises. In 2025, this bank will be granted a credit limit increase of 13%, equivalent to 230,000 billion VND, with priority given to the private sector.
In the joint stock banking sector, ACB General Director Tu Tien Phat assessed that the 2% interest rate support mechanism for small businesses, innovation and ESG is necessary. However, he said that many problems still exist, especially administrative procedures. He proposed the need to digitize the credit granting process soon and build a clearer green credit framework.
Capital still has difficulty flowing to the right place
Resolution 68 is considered a “boost” that paves the way for private enterprises to easily access credit. However, many enterprises report that they still face difficulties.
Mr. Luong Quoc Toan, Deputy General Director of Phu Giang Paper and Packaging Company, said that although the company owns modern machinery and large inventories, it is still difficult to get unsecured loans. Banks still prioritize real estate as collateral - which is not easy for many manufacturing enterprises.
On the other hand, banks also face risks. A commercial bank leader revealed that businesses preparing two financial reports – one for borrowing capital, one for paying taxes – reduces trust and increases the risk of bad debt. “High-risk credit not only affects profits but can also lead to legal liability for bank staff,” he said.
Experts say financial transparency is key. Businesses must demonstrate their capacity and growth prospects with clear, transparent data to access sustainable capital.
Chairman of the Vietnam Association of Small and Medium Enterprises Nguyen Van Than proposed that the Government study preferential interest rate policies or increase credit guarantees to help small businesses access cheap and stable capital sources.
Expert Can Van Luc suggested establishing a Central Credit Guarantee Fund, reactivating 28 local funds and soon building a Green Transformation Support Fund with a preferential interest rate of 2%. He also emphasized the role of venture capital funds - the main capital channel for start-ups and innovative businesses, instead of relying solely on traditional bank credit sources.
Governor Nguyen Thi Hong said the banking sector is recommending the Government issue specific instructions to develop the financial market and make credit guarantee policies more effective, especially in increasing access to capital for small and medium-sized enterprises.
Ms. Hong also noted that other barriers such as lengthy investment and production procedures are causing interest costs to increase. Streamlining the administrative apparatus and amending laws such as the Investment Law and Bidding Law will help shorten project implementation time, support rapid capital turnover and reduce interest pressure.
Resolution 68 not only affirms the role of the private economy as a growth engine, but also opens up greater access to capital through preferential credit policies. However, for this capital flow to be truly effective, it requires synchronous coordination from banks, state policies and transparent efforts from businesses themselves.
As Vietnam aims to become a developed country by 2045, the private sector needs timely support to truly “take off”.
Source: https://baodaknong.vn/ngan-hang-giam-lai-suat-tang-tin-dung-cho-doanh-nghiep-tu-nhan-254499.html
Comment (0)