HCM City — The banking sector in HCM City is set to assist businesses in managing the effects of new tariffs imposed by the United States on Vietnamese exports. This initiative is part of broader macroeconomic measures introduced by the Government and the city, as announced by the State Bank of Vietnam.
On April 2, the US introduced a 46% reciprocal tariff on Vietnamese goods, which took effect on April 9. This move has significantly impacted exporters.
The State Bank of Vietnam’s Region 2 branch in HCM City emphasized the need for immediate support for businesses, especially exporters, who are facing the most severe effects of the tariffs. Focus areas include reducing operational costs, enhancing the business environment, and improving access to capital and banking services.
In response, the banking sector will implement the central bank’s policies on monetary management, credit, and interest rates to ensure stable and affordable financing for businesses. Exporters will continue to benefit from short-term loans in đồng with interest rates below 4%, part of the central bank’s support for five priority sectors, including small and medium-sized enterprises, agriculture and rural development, high-tech industries, and supporting industries.
Additionally, banks will expand preferential loan packages. A dedicated credit package for the forestry and seafood sectors will offer interest rates 1-2% lower than standard rates, helping businesses manage external challenges and maintain operations.
The city plans to strengthen its bank-business connection program to help businesses access capital and other banking services. The disbursement of preferential credit will also be accelerated and directed to the appropriate beneficiaries.
Export-import companies will receive advisory support on hedging and using foreign exchange derivatives to manage currency risks and reduce exposure to market volatility.
A survey conducted by the HCM City Union of Business Associations (HUBA) in the first quarter of the year highlighted several challenges faced by businesses. Around 50% of businesses reported being negatively affected by declining consumer demand, 39% struggled with a lack of working capital, and 38% cited rising input costs. Other concerns included recruitment difficulties, increasing land rental fees, and high taxes.
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