AsemconnectVietnam - In 2024, Vietnam's import-export activities continue to set new records. This result is partly contributed by monetary policy with preferential credit packages, reasonable interest rates and flexible and effective exchange rate management.

In 2024, Vietnam faces significant challenges from the global economic situation and internal factors.
Specifically, the world economy grows slowly and unevenly. Many countries that are major import markets of Vietnam continue to adjust monetary policies, but inflation remains high, causing people to tighten spending. Domestically, the internal situation of many businesses is still difficult, affecting their ability to repay debts. Vietnam is an economy with a large openness, so it is also affected by external challenges.
To support banks in effectively implementing credit programs, in 2024, the State Bank assigned credit growth targets to credit institutions and proactively adjusted credit targets in August and November to promptly meet the capital needs of the economy.
As of December 13, 2024, credit in the whole economy had grown by about 12.5% compared to the end of 2023, with a large part focused on the manufacturing and export sectors.
Despite the above difficulties, the domestic economy still maintained positive growth momentum, inflation was well controlled... In that context, to respond to challenges and take advantage of opportunities, the State Bank (SBV) has proactively managed monetary policy to stabilize the macro economy, control inflation and support growth.
One of the important solutions is the management of interest rates and exchange rates. In the context of high global interest rates, the SBV decided to keep the operating interest rate unchanged in 2024, creating conditions for credit institutions to access capital from the SBV at a lower cost. This not only helps maintain stability in the monetary market but also indirectly promotes economic growth, including exports.
At the same time, the SBV flexibly and appropriately manages the exchange rate, contributing to absorbing external shocks. As a result, the foreign exchange market remains stable, foreign currency liquidity is smooth, the economy's foreign currency needs are fully met; the exchange rate fluctuates flexibly in both directions, increasing/decreasing, in accordance with market conditions.
Another important factor is that the banking system has implemented preferential credit packages, supporting businesses to restore production and business and expand their scale of operations. Preferential credit policies focus on priority areas such as export, manufacturing and the economy's driving forces.
For example, large commercial banks such as Vietcombank, VietinBank, BIDV and Agribank, along with many joint stock commercial banks, have regularly implemented preferential credit packages for import-export enterprises. Products such as aquatic products, agricultural products, forestry products and processing industry are often given priority for support, as these are key export sectors of Vietnam.
According to businesses, these credit packages help businesses reduce capital pressure when they need to prepare raw materials or produce for export orders.
In particular, in 2024, the credit package for forestry and fisheries had an initial scale of about VND 15,000 billion, but due to good disbursement, it has continuously increased. As of mid-September 2024, the entire banking sector had disbursed this package at VND 36,000 billion, exceeding VND 6,000 billion compared to the scale of VND 30,000 billion added in February 2024.
These credit packages often have features such as lower interest rates than conventional loans, longer loan terms and flexible loan conditions. At the same time, many banks have promoted digitalization, from online lending to providing management and transaction services, etc. to facilitate businesses and reduce costs.
CK
Source: VITIC/ haiquanonline.com.vn