Resolution 68 gives confidence to private enterprises

Resolution 68 is a strong push, encouraging the financial-banking system to change its thinking and service methods to accompany businesses more closely - Photo: VGP/Minh Thi

From the perspective of a commercial bank that has been closely associated with small and medium enterprises (SMEs) for many years, Mr. Tu Tien Phat, General Director of Asia Commercial Joint Stock Bank (ACB), said that Resolution 68 is a strategic turning point when it identifies the private economic sector as "the most important driving force of the socialist-oriented market economy". According to him, this is not only an honor but also a heavy responsibility, requiring synchronous efforts from the entire political system to economic organizations.

"As a commercial bank, ACB is determined to be not only a lender, but also a strategic partner of enterprises. Resolution 68 is a strong push, promoting the financial-banking system to change its thinking and service methods to accompany enterprises more closely. Banks are a solid financial backing, helping them to break through," Mr. Tu Tien Phat emphasized.

One of the core contents of Resolution 68 is to improve the credit mechanism, giving priority to a part of commercial credit for SMEs - a force that accounts for a large proportion but faces many difficulties in accessing capital. Mr. Tu Tien Phat said that in order for this policy to be effective in practice, there needs to be a clear legal corridor, a flexible and transparent credit limit allocation mechanism among banks. In particular, many businesses are still "capital locked" because they do not meet the collateral standards or their financial records are not transparent.

Mr. Tu Tien Phat, General Director of Asia Commercial Joint Stock Bank, spoke at the seminar - Photo: VGP/Nhat Bac

Therefore, the development of the Credit Guarantee Fund and the SME Development Fund is extremely urgent. According to Mr. Phat, this will be an "intermediary platform" to share risks with credit institutions, thereby encouraging banks to boldly provide capital to enterprises with potential and creative business models, but not yet qualified to borrow capital in the traditional way.

ACB - accompanying more than 1 million Vietnamese SMEs and business households

Another highlight of Resolution 68 is the policy of encouraging large enterprises to lead domestic supply chains, connecting with SMEs and business households. This is a strategic direction, helping to strengthen connections in the domestic business ecosystem, reduce dependence on foreign supply chains and increase autonomy for the national economy.

ACB is one of the private banks that was established and developed during the renovation period, after 1993. Up to now, ACB is serving nearly 300,000 small and medium enterprises, more than 800,000 business households - an impressive number showing the close connection between the bank and the private sector.

Fully aware of its role in the context of Resolution 68 establishing the private economy as the "top important pillar", ACB has proactively implemented many appropriate credit policies to accompany and support businesses.

One of the outstanding programs is the credit package "Unblocking capital, welcoming opportunities" with interest rates from 5.5%/year, helping businesses improve their competitiveness and create growth momentum at the end of 2024. This loan package is for businesses in Ho Chi Minh City, with short-term interest rates from 5.5%/year and long-term from 6.4%/year, applied until the end of the year.

Currently, ACB is spending about VND5,000 billion to finance Vietnamese SMEs in the fields of production, business and import-export - Photo: VGP/Minh Thi

The program's highlight is its flexibility and digital technology application: businesses can sign digitally and receive money in just a few minutes without having to go to the bank to sign paper documents. This is a step in line with the digital transformation trend, helping to save time and costs for business customers.

ACB is currently allocating about VND5,000 billion to finance Vietnamese SMEs in the fields of production, business and import-export. Depending on actual demand, the scale of this credit package may increase to VND10,000 billion or VND20,000 billion, especially for enterprises with a "green" development orientation, to meet the environmental standards of international partners.

In addition to financial support, ACB also focuses on developing payment infrastructure and digital technology to create the most favorable environment for businesses. According to Mr. Phat, when businesses feel comfortable and confident in financial transactions, that is also when the bank clearly demonstrates its strategic support role for the development of the private sector.

Resolution 68 is a strong policy signal, demonstrating the determination of the Party and State in promoting the role of the private economy as a driving force for sustainable growth. In that journey, commercial banks such as ACB are demonstrating their pioneering, responsible and companionship spirit - not only through preferential credit packages, but also through a comprehensive, modern and sustainable financial development strategy.

Minh Thi

Source: https://baochinhphu.vn/nghi-quyet-68-trao-niem-tin-cho-doanh-nghiep-tu-nhan-102250509181728676.htm