Boosting the private sector

Recognizing the role and potential of the private sector, banks in Khanh Hoa province have been actively implementing various solutions to support the development of private enterprises through preferential credit policies, reduced interest rates, streamlined loan procedures, and specialized credit programs.

Financial support for businesses

One of the tasks and solutions to effectively implement Resolution No. 68 dated May 4, 2025, of the Politburo on the development of the private economy is to promote and diversify sources of capital for the private economy. Resolution No. 68 encourages banks to become strategic partners of businesses, creating conditions for businesses to access capital, undergo digital transformation, and achieve sustainable development. Therefore, bank branches in the area have been actively implementing many solutions to accompany and support the development of private businesses through preferential credit policies, interest rate reductions, reforms in loan procedures, and the implementation of specialized credit programs. For example, Agribank has just launched the preferential program "Breakthrough Transformation - Elevating Businesses" to accompany and support individual business households in transforming their operating models and enhancing their competitiveness. The program runs from now until July 15, 2026, and is dành for business households converting into enterprises and enterprises opening payment accounts at Agribank for the first time, with incentives such as: Free account management, free electronic banking services (Agribank Corporate eBanking), a free 1POS sales management solution package and an Invoice electronic invoicing solution to help businesses improve operational efficiency and modernize financial management. In addition, small and medium-sized enterprises (SMEs) can borrow capital at preferential interest rates, reduced by 0.8% to 1.2% per year compared to the normal lending interest rate. Previously, Agribank implemented a program with a scale of VND 60,000 billion in short-term preferential capital at interest rates up to 1.2% lower than the normal lending interest rate floor for SMEs.

The customer conducts transactions at a bank branch within the province.

Not only state-owned banks, but also joint-stock commercial banks quickly contributed to realizing the spirit of Resolution No. 68 with specific policies. Mr. Tu Tien Phat - General Director of Asia Commercial Bank (ACB ) said that as soon as Resolution No. 68 was issued, ACB announced a series of special policies to contribute to the implementation of the resolution revolving around four issues: capital sources, digital transformation, market expansion, and sustainable development. Accordingly, ACB implemented a support package totaling VND 40,000 billion, of which VND 20,000 billion was specifically for small and medium-sized enterprises (SMEs); VND 20,000 billion was for large enterprises investing in infrastructure and digital technology to promote credit along the supply chain. Preferential interest rates were 2% or more lower than normal interest rates. In addition, ACB provided payment solutions to help businesses and households easily manage their operations and optimize their finances; Connecting businesses and household businesses with over 8 million potential customers through networking events and providing free promotional solutions on ACB's digital banking channel; advising, granting credit, and accompanying businesses in green transformation and sustainable development activities.

Prioritize funding for private enterprises.

In recent times, banks have proactively facilitated private enterprises' access to credit. Statistics from the State Bank of Vietnam (SBV) Branch 10 show that, as of the end of June 2025, credit to small and medium-sized enterprises (SMEs) in Khanh Hoa province reached VND 29,514 billion; credit to the export sector reached VND 7,872 billion; credit to the supporting industries sector reached VND 1,776 billion; and credit to high-tech enterprises reached VND 380 billion. Credit institutions in the area continue to actively promote the Bank-Enterprise Connection Program. Through this program, many businesses have gained access to the SBV's policies to alleviate difficulties and access to credit with preferential interest rates. By the end of June, credit institutions in the province had disbursed nearly 1,841 billion VND, with outstanding loans under the bank-business connection program reaching 1,593 billion VND with 225 customers. In the first six months of the year, banks in the province organized 18 signing ceremonies and dialogues with businesses.

The Khanh Hoa Young Entrepreneurs Association signed a cooperation agreement with the Military Commercial Joint Stock Bank, Khanh Hoa Branch.

Mr. Bui Huy Tho, Director of the State Bank of Vietnam's Region 10, stated that the State Bank of Vietnam has issued an Action Plan for the banking sector to implement Resolution No. 68 and Resolution No. 138 dated May 16, 2025, of the Government on the development of the private economy. In Region 10, the State Bank of Vietnam branch has directed credit institutions to disseminate Resolution No. 68, Resolution No. 138, and the State Bank of Vietnam's Action Plan to all officers, employees, and workers to raise awareness of the importance of implementing these resolutions in order to support the rapid and sustainable development of the private economy. At the same time, the State Bank of Vietnam Region 10 actively and decisively directed credit institutions to prioritize capital allocation to private enterprises, especially small and medium-sized enterprises, supporting industrial enterprises, and innovative startups, to borrow capital for investment in machinery, equipment, new technologies, green transformation, digital transformation, and export credit, and supply chain credit. Simultaneously, the State Bank of Vietnam Region 10 encouraged credit institutions to increase capital financing for businesses and households along value chains, supply chains, digital transformation, and export credit; lending based on production and business plans, plans for expanding output markets; lending based on value chains, supply chains, and lending based on payment data, cash flow, intangible assets, and future assets…

In the context of the country having over 940,000 private enterprises and more than 5 million business households in operation, accounting for over 97% of the total number of enterprises, contributing approximately 50% of GDP, over 30% of total state budget revenue, and creating jobs for millions of workers, the banking sector recognizes the role of credit institutions not only in providing credit but also as long-term partners, faithfully accompanying businesses to jointly achieve sustainable development.

Mr. Nguyen Quang Duy, Standing Vice Chairman of the Provincial Young Entrepreneurs Association and General Director of DT Group, stated: The private sector is a crucial driving force, making a significant contribution to GDP and job creation, especially in key sectors such as tourism, marine economy, and high-tech agriculture. For sustainable development, this sector requires a transparent business environment and stable capital from banks. In recent times, banks have played a vital role in providing capital, supporting businesses in expanding production, innovating technology, seizing market opportunities, and enhancing competitiveness. Preferential credit packages for agriculture, marine economy, logistics, etc., are helping local businesses gain momentum. To truly implement Resolution No. 68, banks need to design credit products that are relevant to the specific needs of each sector and build an ecosystem connecting banks, businesses, associations, and the government. In this new phase, businesses in Khanh Hoa should focus on their advantageous sectors, apply technology, develop green strategies, and maximize the support of banks to achieve breakthroughs and contribute to the province's strong economic development.

HOANG DUNG

Source: https://baokhanhhoa.vn/phat-trien-kinh-te-tu-nhan/202508/tiep-succhokinh-te-tu-nhan-7fa1012/