VCCI: Actively supporting businesses in accessing financial solutions

Sat, 26 Aug 2023 13:35:00  |  Print  |  Email   Share:

In carrying out its functions and duties, VCCI is also implementing activities to support businesses in accessing and enhancing financial resources and solutions to meet growth demands.

During the seminar "Financial Support on Technological Platforms for Vietnamese Export Enterprises," organized by the Vietnam Chamber of Commerce and Industry (VCCI), Mr. Bui Trung Nghia - Deputy Chairman of VCCI, mentioned that since Vietnam has been promoting its integration into the global economy through the signing of various free trade agreements with countries and regions, including significant agreements like EVFTA and CPTTP, the country's export situation to major world markets has seen positive growth.


Mr. Bui Trung Nghia - Deputy Chairman of the Vietnam Chamber of Commerce and Industry (VCCI).

Specifically, Vietnam's import and export turnover has rapidly increased, reaching up to 200% of GDP, indicating a high level of participation and dependence on the global market for Vietnam's economy. This comes with risks stemming from global economic fluctuations, particularly in a context where exports heavily rely on imported raw materials and 3/4 of the export value comes from domestically-invested FDI sectors.

In the coming time, through proactive trade promotion activities, the export market will continue to expand, especially with major markets from countries participating in the CPTPP and EVFTA agreements. However, for the economy to truly benefit, it is essential to develop a strong domestic business community, enhance the value-added of export commodities, and improve the ability to participate in global supply chains to fully exploit the benefits of the signed FTAs.

According to Mr. Nghia, despite the positive export growth of Vietnam in recent times, the latter half of 2022 and early 2023 have brought many difficulties and challenges to export activities, particularly as major import markets for Vietnamese goods are affected by high inflation and reduced consumer demand. This situation has directly impacted Vietnam's export sectors, especially in important trading partners such as the United States and the European Union.

To continue boosting exports alongside leveraging the advantages of free trade agreements, seeking new potential markets, and enhancing the competitiveness of goods, providing funding solutions, and minimizing payment risks in import-export activities are crucial. Banks and financial institutions have introduced various preferential programs and credit schemes tailored for export businesses, offering effective financial solutions for international payments through diverse services such as letters of credit, guarantees, and remittances. These efforts aim to gradually improve export-import payment transactions, develop customers and markets within the context of intense competition.


Seminar "Financial Support on Technology Platform for Vietnamese Export Businesses"

"With the development of digital technology applications in payment and the provision of intelligent digital financial solutions that align with the digital transformation trend of businesses, while optimizing costs and ensuring uninterrupted business activities, financial service organizations are deploying and introducing these solutions to businesses," said Mr. Nghia.

The Deputy Chairman of VCCI emphasized, "In carrying out its functions and duties, the Vietnam Chamber of Commerce and Industry is also implementing activities to support businesses in accessing and enhancing financial resources and solutions to meet the growth needs of enterprises."

During recent times, we have collaborated with banks, including major banks such as BIDV, VPBank, as well as the National SME Development Fund and business support organizations to facilitate activities connecting financial organizations with enterprises.

Mr. Bui Trung Nghia expressed his delight in collaborating with OLEA Global Company to organize the seminar "Financial Support on Technology Platform for Vietnamese Export Businesses." The goal is to provide opportunities for businesses to understand the current situation and solutions for financial access, including new solutions for financial support for export businesses on OLEA's digital technology platform.

As such, this seminar will also serve as an opportunity for businesses to receive insights from economic experts and international integration specialists about the overall economic landscape, along with the opportunities and challenges facing export businesses due to free trade agreements, aiming to boost their export activities.


By: Translator: LeAnh-Bizic


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