VOV.VN - Despite banks making moves to lower annual interest rates by up to 1.5% whilst simultaneously offering a range of support packages, many businesses have no need for loans in the current climate due to the consumption market facing plenty of difficulties.
A fifth of all Vietnamese enterprises do not have access to financial loans, according to the Vietnam Chamber of Commerce and Industry (VCCI).
Small- and medium-sized enterprises (SMEs) are unable to borrow from banks because they do not have property to mortgage, Tran Viet Anh, Vice Chairman of the HCM City Business Association, has said.
Vietnamese banks are struggling to recover overdue car loans since many customers mortgage vehicles bought using bank loans.
Though Vietnam is considered to offer a strong potential for investments in startups, domestic investors are inexperienced in startup evaluation and foreign investors are discouraged by the complex legal environment, according to an expert.
The Saigon Jewellery Association (SJA) will continue to call on the State Bank of Vietnam to make it easier for jewellery businesses, who seek to invest in upgrading their production and trading technology, in accessing bank loans, its chairman said.
Credit growth of the entire banking system in the last 10 days of September rose 1.14%, pushing the total increase in the first nine months of this year to 12.16%, the latest report from the State Bank of Vietnam (SBV) showed.
Nearly 70% of 2,600 surveyed small-and-medium sized enterprises (SMEs) had to seek loans on the black market as they were unable to access bank loans.
The central bank has tightened lending criteria for household and other unregistered businesses, meaning they will not be eligible for bank loans.
The HCM City Credit Guarantee Fund provided guarantees to eight projects of small- and medium-sized enterprises (SMEs) in 2016 so they could get loans worth a total of VND360 billion (US$16.07 million).
Vietnam’s 600,000 small and medium-sized enterprises continue to grapple with limited access to credit even though they play an important role in the economy and account for 52% of total employment, the Vietnam Chamber of Commerce and Industry (VCCI) said.
Vietnam is paying special attention to business development, with the government promoting start-up movements so that nationwide businesses will double to a million within the next five years.
Tasco Joint Stock Company is seeking to form international partnerships to pursue large upcoming projects.
Only about 30% of small and medium-sized enterprises (SMEs) have gained access to bank loans, while the rest have to borrow from other sources at high interest rates, according to the Science Institute of SMEs Management (SISME).
A Qatari sovereign wealth fund has officially denied that it planned to spend US$800 million acquiring a Hanoi skyscraper that is the tallest in Vietnam.
(VOV) - If the beef industry does not undergo a remarkable transformation, it will not be sufficiently competitive with imported beef in the future to survive, according to Nguyen Dang Vang, President of the Vietnam Husbandry Association.
(VOV) -The Vietnam Cashew Association (Vinacas) has called for commercial banks to lower interest rates for local cashew nut exporters in a bid to stimulate lending to revamp the industry and increase competitiveness.
A national survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI) has revealed growing business confidence for the new year.
(VOV) - The government has proposed major solutions for realising major socio-economic targets for 2014, aiming to achieve a GDP growth rate of 5.8% and keeping inflation at 7%.
(VOV) - Ministry of Planning and Investment (MPI) statistics show that the national economy has made substantial progress in the first seven months of this year, with major economic indexes on track.