Vietnam's access to credit increased three steps
(Updated at 17:0, 24/4/2018)
In four recent World Bank reporting periods, Vietnam's access to credit has improved significantly and remained stable in the group of 30 countries with the highest score.
At the workshop on “Administrative reforms - Measures to improve access to credit” held on April 20, Mr. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam (SBV), said that credit access in Vietnam has improved significantly, especially in the last six months and in the first three months, which is much higher than a year ago. In 2017, credit growth was high, supplying more than VND 1.2 million billion of loans to the economy.
 
According to Mr. Tu, Vietnam's access to credit in the four most recent reporting periods of the World Bank has been significantly improved and stabilized in the top 30 countries. In the Business Environment Report 2018, Vietnam ranks 29/190, or 75 points on a 100 scale, increased three steps and ranking fourth in the ASEAN region, on par with Singapore, higher than Thailand's 42nd ranking, Indonesia’s 55th raking, 77th ranking of Laos and 142th ranking of the Philippines.
 
This result shows the effectiveness of implementing administrative reform solutions, removing difficulties and creating conditions for enterprises which the State Bank has drastically implemented in recent years. Only in 2017, the banking sector has organized more than 370 meetings, dialogues between banking sector and businesses; disbursed to over 60,000 customers with a total amount of up to VND 80,000 billion; conducted debt rescheduling, loan repayment restructure, reduction of lending rates on old loans to nearly 4,000 businesses and more than 9,000 other clients.
 
Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said that credit growth in 2017 has contributed to promoting the development of enterprises, in 2017, the number of newly set up enterprises increased sharply. According to Loc, there are many factors behind the development of the business, but the contribution of credit capital from banks is indispensable.
 
However, at the workshop, many comments said that enterprises, especially small and medium enterprises, still have difficulties in accessing credit capital. The main reason is due to the internal problems of the enterprise itself such as weak financial capacity, failure to prove the feasibility and effectiveness of the project, production and business plans, etc.
 
Experts and enterprises together with representatives of the State Bank of Vietnam and Vietnamese banks have jointly discussed and studied difficulties and proposed solutions to remove difficulties for enterprises in accessing credit, thereby improving the business investment environment.
 
According to Deputy Governor Dao Minh Tu, in the upcoming period, the State Bank will continue to direct credit institutions to publicize lending procedures and provide services to customers; improve the loan procedures in the direction of simplifying administrative procedures, reducing difficulties for borrowers.

 
Huong Nguyen
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