Vietnam: Increasing maximum loans granted to small and medium-sized enterprises from January 01, 2018

Recently, the National Assembly of Vietnam has officially issued the Law on provision of assistance for small and medium-sized enterprises 2017, which officially takes effect from January 01, 2018.

Tăng tỷ lệ dư nợ cho vay đối với DN nhỏ và vừa, Luật hỗ trợ doanh nghiệp nhỏ và vừa 2017

According to Article 8 of the Law on provision of assistance for small and medium-sized enterprises 2017 of Vietnam, in each period, the Government shall introduce policies on provision of assistance for credit institutions in increasing maximum loans granted to small and medium-sized enterprises (SMEs); encouraging credit institutions to provide loans for SMEs according to their credit ratings and other criteria; encouraging the establishment of independent consulting firms that assign credit ratings to SMEs.

Concurrently, SMEs will be assisted in formulating their feasible plans for business operation, intensifying their management capacity and skills and financial transparency to increase the opportunities for the access to credit.

Moreover, SMEs will be provided with the credit guarantee from the credit guarantee funds for SMEs as follows:

1. The credit guarantee fund for SMEs is a state fund other than the state budget which operates without profits and is established by People’s Committee of the province.

2. The credit guarantee fund for SMEs shall provide credit guarantee for SMEs.

The credit guarantee for SMEs is based on the guaranteed property or the feasible plan for business operation or credit ratings of SMEs.

3. The credit guarantee fund for SMEs shall fulfill fully the committed guarantee obligations and shall not refuse to provide guarantee for eligible SMEs.

View more details at the Law on provision of assistance for small and medium-sized enterprises 2017 of Vietnam, effective from January 01, 2018.

Ty Na

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