Young en­trepreneurs seek mon­e­tary pol­icy loos­en­ing

Viet Nam News - - Front Page -

HAØ NOÄI — Young en­trepreneurs have asked the State Bank of Vieät Nam (SBV) to con­sider loos­en­ing mon­e­tary pol­icy to in­ject more cap­i­tal into the mar­ket and stim­u­late eco­nomic growth.

The pro­posal was made at the meet­ing be­tween the Vieät Nam Young En­trepreneurs As­so­ci­a­tion (VYEA) and the SBV this week. The on­line news web­site bao­dautu. vn, quoted SBV Gov­er­nor Nguyeãn Vaên Bình’s im­me­di­ate re­ply: “The cur­rent mon­e­tary pol­icy is very open. Credit caps for most eco­nomic sec­tors have been lifted and banks have a lot of money. The ques­tion is whether com­pa­nies are com­pe­tent enough to meet bor­row­ing con­di­tions.”

Of­fi­cial fig­ures showed that as of end- Au­gust, out­stand­ing loans for agri­cul­tural and ru­ral de­vel­op­ment in­creased by 6.1 per cent while out­stand­ing loans for other pur­poses in­creased as well, in­clud­ing ex­ports by 4.37 per cent, tech­no­log­i­cal ap­pli­ca­tion by 12.73 per cent, support in­dus­tries by 6.12 per cent, small and medium-sized en­ter­prises by 2.57 per cent, and real es­tate by 9.85 per cent. How­ever, th­ese growth rates re­mained rel­a­tively low.

“Banks will knock at your doors if your com­pa­nies are good,” Bình re­marked. While it will be un­likely for the SBV to lower bor­row­ing stan­dards and con­di­tions, it is cur­rently im­ple­ment­ing projects that con­nect banks and en­ter­prises,...

... with support from lo­cal au­thor­i­ties.

En­trepreneurs urged the SBV to make it eas­ier for startup com­pa­nies to ac­cess bank credit, es­pe­cially trust loans. B nh noted that Vie t Nam ’ s pol­icy mak­ers have al­ready is­sued doc­u­ments that aim at boost­ing the pro­vi­sion of trust loans, and com­mer­cial banks and credit rat­ing agen­cies were likely to take their first cau­tious steps to­ward pro­vid­ing loans with­out re­quir­ing col­lat­eral by eval­u­at­ing company port­fo­lios and lead­er­ship.

Nguye n Th Ho ng, the SBV deputy gov­er­nor, said ear­lier this month that if as­sess­ments of com­pa­nies’ pay­ment ca­pac­ity and business plans were posi- tive, credit in­sti­tu­tions may pro­vide trust loans.

Ex­perts said both banks and com­pa­nies needed each other to spend cap­i­tal, but much work re­mained to be done to de­velop trust be­fore ad­di­tional credit would be ex­tended. —

Work­ers se­lect drag­on­fruits for ex­port at Hoaøng Haäu Dragon Fruit Farm Co,Ltd in cen­tral Bình Thuaän Prov­ince’s Haøm Myõ Com­mune. The State Bank of Vieät Nam should con­sider loos­en­ing mon­e­tary pol­icy to stim­u­late eco­nomic growth, young en­trepreneurs said. — VNA/VNS Photo Ñình Hueä.

Newspapers in English

Newspapers from Viet Nam

© PressReader. All rights reserved.