Banks inject capital to support export businesses accelerating at the end of 2024

Advantages of Preferential Credit Packages

With just over a month left until the end of 2024, export businesses in Vietnam are racing against time to meet their business plans. At this moment, many export orders are being completed, while companies are also seeking financial resources to maintain production and deliver on schedule. To help businesses overcome year-end challenges, banks have launched a series of preferential credit packages, particularly targeting the export sectors.

The year-end business environment always puts export companies under financial strain as they must maintain production to complete orders. However, with support from banks, many businesses have been able to ease their financial burdens. Mr. Đào Duy Khánh, Deputy General Director of Viet Tien Garment Corporation, shared that this year, the company has signed contracts with partners through the first quarter of 2025 and is negotiating for the entire next year. With a stable order volume, Viet Tien has received active support from banks, particularly in terms of preferential loans and other financial services.

Mr. Khánh also mentioned that by the end of the third quarter of 2024, the company's total revenue reached 7,643 billion VND, exceeding 92% of its annual revenue target. Although this year has been more favorable than the previous one, this achievement would not have been possible without support from credit institutions, especially in securing loans for production and export activities.

According to Mr. Nguyễn Quốc Huy, Deputy Director of the State Bank of Vietnam’s Hanoi branch, the demand for credit loans from export businesses in the final months of the year is very high. In response to this, credit institutions have continuously offered preferential credit packages to help businesses easily access capital. The current short-term lending interest rate in VND for export businesses is only about 3.6% per year, a very competitive rate compared to the market.

By the end of October 2024, the total outstanding export loans from banks in Hanoi had reached 207,645 billion VND, accounting for 5.14% of the total outstanding credit in the entire system. This indicates that the export sector is being given special attention and priority in the banks' credit policies.

Banks Boost Credit Packages to Support Exports

Major banks such as Vietcombank and MB have continuously worked to support export businesses in recent times. Vietcombank has launched a series of special financial products exclusively for import-export businesses. The preferential credit packages from Vietcombank not only include attractive interest rates but also offer supporting services such as reduced international transfer fees, preferential foreign exchange rates, and free transfers on VCB DigiBiz.

MB Bank has also launched the "super preferential solution combo" package for import-export businesses. The benefits associated with this credit package include loans with low interest rates, free international transfers, preferential exchange rates for currency exchange, and services such as EASY LC & FREE. These products are extremely useful in helping businesses save on financial costs and enhance production and export efficiency.

In addition to credit support, Vietnamese export businesses are also receiving many opportunities from international markets. Mr. Lê Anh Tuấn, Deputy General Director of Hanoi Trade Corporation (Hapro), stated that the demand for clean agricultural products such as rice, coffee, and pepper is growing rapidly in international markets. To meet this demand, Hapro has proactively expanded production and sought new partners, thus expanding its export market.

Especially, in the context of fluctuating foreign exchange rates, export businesses also face many risks. However, timely support from credit institutions not only helps reduce costs but also provides stable financial tools for businesses to maintain sustainable production and export activities.

With strong support from banks and preferential credit mechanisms, Vietnam's export sector is gaining a solid momentum to overcome challenges in 2024 and move toward 2025. Export businesses, such as Viet Tien and Hapro, are showing positive signs of development and increasing orders.

In particular, as countries are shifting towards clean agricultural products and processed foods, the continuation of preferential credit policies by banks will be a key factor in helping export businesses maintain growth momentum and dominate international markets. In 2025, if economic conditions remain favorable and credit continues to be loosened, Vietnam's export sector could experience strong growth, contributing to the country’s overall economic development goals.

PV