Businesses in Ho Chi Minh City still report significant obstacles in accessing bank financing, despite the government having launched various preferential credit programs. In a dialogue conference between businesses and relevant authorities, business representatives highlighted the disparity between available policies and the reality on the ground, particularly regarding administrative requirements deemed burdensome.
Startups and the export sector are the hardest hit by tight bank policies. For instance, Hasa Bio Foods, a company operating in the organic food sector, claimed it struggled to obtain credit facilities due to a three-year operational history rule. Despite having promising revenue projections, the lack of long-term financial statements forced them to borrow at high interest rates.
On the other hand, collateral constraints remain a major stumbling block for long-operating businesses that lack sufficient fixed assets. Mr. Pham Dong Huy from Global Breadfruit Co., Ltd. emphasized that many companies already have clear international markets, yet remain hindered in expanding production capacity due to rigid physical collateral requirements.
Responding to these complaints, the banking sector, represented by HDBank, emphasized a paradigm shift in credit assessment. Analysis is now focused more on the effectiveness of business plans, cash flow, and supply chain reputation. Banks are starting to look at the potential of contract-based financing, where the reputation of large partners in the supply chain can serve as a substitute for physical collateral.
The government, through the State Bank of Vietnam (Regional Branch 2), is committed to cutting barriers by strengthening coordination and providing direct consultation points for entrepreneurs. This step is expected to accelerate the disbursement of various stimulus credit packages, including incentives for the green economy, social housing, and digital transformation, to ensure economic growth remains stable and inclusive for all business scales in the region.
