Continue preferential capital policies to support small and medium enterprises

Along with the Government 's preferential mechanisms and policies, currently, banks and credit institutions (CIs) in the area are implementing preferential programs for businesses and people, especially small and medium enterprises (SMEs). Thereby, contributing to increasing access to capital, promoting production and business activities of enterprises, and developing the socio-economy.

Since the beginning of August 2023, Agribank Binh Xuyen district branch has implemented a preferential loan program with interest rates from only 5.3%/year for small and medium enterprises.

In early August 2023, SMEs were overjoyed when Agribank offered a solid financial solution with many incentives to support SMEs in the last months of the year with a loan package size of up to 10,000 billion VND.

Implementing the above policy, Agribank Binh Xuyen District Branch (Agribank Binh Xuyen) actively propagates to customers who have outstanding loans at the bank and new customers through many forms such as open letters, fanpage, zalo, facebook, direct consultation to increase access to capital for SMEs, help businesses overcome difficulties, and promote production and business activities.

Mr. Dao Nam Duong, Deputy Director of Agribank Binh Xuyen said: The preferential loan program is applied to all SME customers (excluding enterprises operating in the wholesale - retail sector) with short-term loan terms (up to 12 months), loan interest rates from only 5.3%/year, depending on each term.

In which, priority is given to the fields of production, processing, and trading of agricultural, forestry, and aquatic products, high-tech agriculture , and clean agriculture....

Accompanying businesses, especially small and medium enterprises, to overcome difficulties, Agribank Binh Xuyen previously implemented a program to reduce 0.5%/year of lending interest rates for all customers with existing medium and long-term debt, applicable from May to the end of September 2023.

Along with providing capital for rural agriculture, in recent times, Agribank Binh Xuyen has always paid attention to and focused on customers who are enterprises, effectively serving the development of local industry, handicrafts, and craft villages.

As of July 31, 2023, Agribank Binh Xuyen's outstanding loans reached VND 2,100 billion, with 2,885 borrowers. Of which, outstanding loans to businesses reached VND 335 billion with 42 borrowers.

In the context of many fluctuations in the world and domestic economies, directly affecting socio-economic development and production and business activities of enterprises, especially small and medium-sized enterprises, from the beginning of 2023 to present, the State Bank of Vietnam (SBV) has proactively, flexibly and synchronously managed monetary policy tools and solutions.

From March to June, the State Bank of Vietnam has continuously adjusted interest rates down 4 times with a reduction of 0.5 - 2.0%/year, contributing to controlling inflation, stabilizing the macro economy, and creating a favorable environment for production and business activities of people and enterprises.

Implementing the direction of the Government and the State Bank of Vietnam, in the first 6 months of 2023, banks and credit institutions in the province have seriously implemented regulations on interest rates, adjusting deposit interest rates down from 0.2% - 0.5%/year for all terms; reducing operating costs to maintain stable lending interest rates to support businesses to recover and develop production and business.

Commercial banks have applied many interest rate reduction programs or preferential credit packages with interest rates lower by 1 - 3%/year to help businesses and individuals reduce capital costs and easily access credit sources.

In addition, the provincial branches of the State Bank have directed credit institutions to effectively implement preferential credit programs such as the Bank - Enterprise Connection Program, promptly remove difficulties and obstacles in accessing bank capital; focus on credit serving agricultural, rural and new rural development; high-tech agriculture, clean agriculture...

To date, the province has over 15,000 enterprises, of which over 9,500 are operating, mainly SMEs. Identifying the difficulties and challenges of enterprises in the context of international integration, the province has issued many mechanisms and policies to support enterprise development.

With the goal of increasing the number of newly established enterprises by 1,300 - 1,500 each year by 2025; 100% of newly established enterprises are popularized and aware of digital transformation, at the end of 2022, the province approved the Project to Support Small and Medium Enterprises in Vinh Phuc province for the period 2022 - 2025.

Accordingly, the province will support units to transform from business households, creative startups, and participate in industry clusters and value chains. In addition, the province will continue to deploy, review, amend, and supplement mechanisms and policies to support businesses in the area in accordance with reality.

Strive for the period 2022 - 2025, SMEs create new jobs for 7,700 workers each year; GRDP created next year compared to the same period last year increases by 10 - 15%; budget contribution increases by 7 - 10%/year.

Article and photos: Hong Tinh

Source