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SMEs receive softer loans
An increasing number of commercial banks in HCM City have launched credit packages at soft interest rates to give small – and medium-d enterprises (SMEs) easier access to bank loans.
However, in order to control credit quality and safety, most banks in the city are still being selective in giving out loans.
One of the banks offering preferential packages is the HCM City Development Joint-Stock Commercial Bank (HDBank). In June, it launched the SME Business package, which covers deposits, loans, interest rates and service fees.
Under the package, the more transactions a company makes, the more privileges they receive.
SMEs are also offered a competitive lending interest rate that is 2 per cent lower than regulated rates.
In addition, service fees on international and domestic settlement have been reduced, and businesses taking part in the package receive free financial consultancy and faster disbursements.
The Southeast Asia Joint-Stock Commercial Bank has also prepared a preferential credit package worth VND2 trillion (US$96 million) for enterprises facing difficulties.
Priority will be given to national SMEs, particularly those involved in production and trading of consumer products, food, home appliances, exports and processing.
Eligible SMEs can enjoy interest rates of only 10.99 per cent per year for loans in Vietnamese dong and 4.5 per cent per year for loans in US dollars. Loan application procedures will be streamlined as well.
The bank's deputy general director, Le Quoc Long, said the package would not only help SME customers but also assist the bank in its capital flow and ensure credit growth.
Similarly, the Ocean Joint Stock Commercial Bank (Oceanbank) has also offered short-term loans for household businesses at preferential interest rates of 14 per cent per year in the first three months and thereafter at the bank's normal lowest interest rate.
Lending procedures will be simplified so that smaller companies can qualify.
Enterprises involved in exports are also coping with difficult economic times, including capital shortages and high interest rates. In addition, they have to deal with foreign-currency scarcity, exchange-rate fluctuations, and higher prices for imported materials and lower export prices.
Many banks, including the Viet Nam International Bank, VPBank and MB, has launched preferential programmes to help export enterprises get longer-term loans at preferential interest rates.
The VIB has also offered services for import and export tax collections and tax guarantees, helping exporters save time and go through customs clearance more speedily.
In addition, SMEs are allowed to pay their taxes at a later date because VIB acts as a guarantor for such payments. This frees up much-needed capital for SMEs to use for their business activities
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