An worker counts Vietnamese banknotes at a financial institution in Hanoi. Picture by VnExpress/Giang Huy
Solely 1 / 4 of Vietnam’s small companies can receive loans from formal lenders as a result of administration and planning points, an official of the Ministry of Planning and Funding stated.
It’s not unusual that small companies poorly handle their capital circulate and lack transparency of their paperwork and experiences, Bui Thu Thuy, deputy head of the Company for Enterprise Improvement (AED), stated at a convention on digital transformation and entry to finance Tuesday.
Additionally they fall wanting collateral belongings, enterprise plans, transparency in enterprise paperwork and experiences, and different mortgage necessities, thus decreasing their likelihood of acquiring loans from formal establishments.
Apart from, Thuy additionally identified 4 challenges that Vietnamese small companies face throughout the digital transformation course of, together with lack of capital, infrastructure, human assets, and techniques.
Due to this fact, the AED and the U.S. Company for Worldwide Improvement have been working hand-in-hand to resolve the funding challenges of Vietnamese corporations in recent times.
Within the final 12 months and a half, they offered in-depth recommendation on debt restructuring and a complete mortgage of $5 million for 14 enterprises.
The 2 have additionally offered digital transformation manuals to almost 400,000 companies, and launched two on-line instruments for companies to simply entry paperwork on digital transformation and capital mobilization.