Credit for small and medium enterprises in Thai Nguyen province plays an important role in promoting production, business and local economic development. However, in recent times, although credit capital has grown positively, many small and medium enterprises still face many difficulties in accessing capital. This reality requires the continued need for appropriate credit support policies to create favorable conditions for businesses to develop sustainably.
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The province currently has about 8,500 small and medium-sized enterprises (SMEs) operating, accounting for the majority of the total number of enterprises in the area. These enterprises focus on industrial production, agricultural processing, trade and services.
In 2024, credit turnover for SMEs in Thai Nguyen will reach VND 41,246 billion, of which outstanding loans will reach VND 20,500 billion, an increase of 2.09% compared to the end of 2023.
The number of enterprises with outstanding loans is currently 1,544 units, with loans accounting for 17.63% of the total outstanding loans in the province. This shows the interest of banks in this business sector, and also reflects the huge demand for credit loans of SMEs.
Recently, many banks have introduced loan programs with preferential interest rates specifically for SMEs, especially in the fields of supporting industries, high-tech agriculture and exports.
For example, Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has implemented the program "Preferential loans for SMEs" with interest rates 1-2% lower than the market, with a maximum loan term of 7 years.
The Bank for Agriculture and Rural Development (Agribank) has launched a credit package "Accompanying small businesses" with preferential interest rates of 5-7%/year, supporting loans of up to 80% of businesses' capital needs.
The Bank for Investment and Development of Vietnam (BIDV) has launched a program called "Supporting SMEs for sustainable development" with flexible loan limits, competitive interest rates, and priority given to businesses operating in the fields of export and green production.
The Military Commercial Joint Stock Bank (MB Bank) has launched a "Digital Business Financing" package for SMEs in the technology and e-commerce sectors, with special incentives on interest rates and transaction fee exemptions...
From the above preferential credit packages, many SMEs have effectively utilized the loan capital to expand production, improve productivity and develop the market. Thang Thao Plastic Company Limited (Song Cong City) with a loan of 2 billion VND from Agribank has invested in a production line and trading of plastic products, helping to increase production output by 30% in the past year.
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| With a preferential credit package from Agribank, Thinh An Tea Cooperative (in Song Cau town, Dong Hy) has expanded the area of clean tea cultivation, applying advanced processing technology. |
Thinh An Tea Cooperative, thanks to a preferential credit package of 5 billion VND from Agribank, has expanded the area of clean tea cultivation, applied advanced processing technology, and increased revenue by 25% compared to the previous year.
Truong Son Steel Factory (Song Cong City) used a bank loan to invest 35-40 billion VND to renovate production lines and innovate technology specializing in the production of precision mechanical products to help improve the quality of export products.
Or units and enterprises such as Nam Viet Joint Stock Company, Ngoi Sao Hy Vong Company Limited, Hoang Linh Chopsticks Production Facility... also make good use of bank loans to improve production, expand the market, and contribute to creating jobs for many workers.
In reality, thanks to appropriate credit policies and the proactiveness of enterprises, many SMEs in the province are having favorable conditions to develop and expand their operations, thereby actively contributing to the local economic development. By the end of 2024, SMEs contributed about 45% of the province's GRDP and created jobs for more than 120,000 workers. In addition, this sector is also a significant source of budget revenue, contributing nearly 30% of the total provincial budget revenue thanks to corporate taxes, personal income taxes and fees related to production and business activities.
Despite positive signs, SMEs still face many difficulties in accessing credit. Mr. Pham Van Binh, Director of Ngoi Sao Hy Vong Company Limited (Ba Hang Ward, Pho Yen City), shared: Many small and medium enterprises have not met the conditions for borrowing capital due to lack of collateral or poor credit history. Despite support, some enterprises still face difficulties because interest rates are still high compared to their tolerance. In particular, regarding administrative procedures, many enterprises said that the borrowing process of credit institutions still takes a long time and requires a lot of paperwork...
To increase credit support for SMEs, according to Mr. Nguyen Van Cuong, Permanent Vice Chairman of the Provincial Association of SMEs, Chairman of the Pho Yen City Business Association, Director of Cuong Dai Company Limited, credit institutions need to build more flexible credit guarantee mechanisms, reducing requirements for collateral. Regarding lending interest rates, banks need to introduce support policies, reducing interest rates for businesses facing difficulties. Credit institutions also need to shorten loan procedures, simplify procedures, increase the application of digital technology in the credit approval process...
With active support policies and synchronous solutions, credit for SMEs in Thai Nguyen is expected to continue to grow, contributing to promoting socio-economic development in the province.
Source: https://baothainguyen.vn/kinh-te/202502/tin-dung-doi-voidoanh-nghiep-nho-va-vuaday-manh-chinh-sach-ho-tro-fc61fb1/
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