When the bank understands and accompanies Vietnamese SMEs
The invisible pressure of the business
The report on socio-economic situation in April 2022, recently published by the General Statistics Office, shows the overall picture with strong prosperity of the business environment.
The number of newly established enterprises reached the highest ever with 15 thousand enterprises, equivalent to a registered capital of 164.1 trillion dong and the number of registered employees of nearly 104.8 thousand employees.
The whole country also had 7,034 enterprises returned to operation, an increase of 63.6% over the previous month and an increase of 22.4% over the same period in 2021.
Besides the positive signs of the market’s recovery after the epidemic, small and medium enterprises (SMEs) have had to overcome many difficulties. The Southeast Asian SME Transformation Study, conducted by UOB, highlights the pressing concerns of businesses during this time.
Accordingly, 48% of businesses are concerned about ensuring sufficient cash flow, 46% are concerned about a decrease in sales/possibility to close the business. 42% of businesses surveyed are worried about not being able to contact customers and provide customer service due to social distancing measures. 30% of businesses are concerned about difficulties in repaying their loans due to banks/financial institutions.
For SMEs, seemingly insignificant expenses are also invisible pressures, such as financial transaction costs. The costs that these businesses are incurring can be mentioned as remittance fees, salaries, collection fees, fees for opening and maintaining corporate credit cards…
When the bank understands the business
To help SMEs cope with business disruptions, the Governments of Southeast Asian countries have launched many initiatives to help SMEs survive such as deferring corporate income tax payment, lending support, support. salary, real estate tax refund, business transformation support.
SMEs themselves also deploy solutions internally. UOB research shows that the top 5 cost management measures implemented by SMEs include: Reducing costs by improving business performance, Finding ways to repay loans, Negotiating obligations contracts, Receive funding from COVID-19 mitigation measures, Reduce rental costs.
In addition to government support and self-effort, external support from banking and financial partners is also very important to SMEs. Southeast Asian SMEs see banks as trusted partners that will help them overcome business challenges. Nine out of 10 businesses surveyed said they needed more funding from a bank and nearly half (46%) had applied for more loans.
With funding support and damage mitigation measures from banks, 78% of Southeast Asian SMEs said they were satisfied with the support from banks to help them cope with the impact of Covid-19.
“Hoang Gia Seafood is a leading company in the import and distribution of fresh seafood products in Vietnam. The seafood industry has very fast market fluctuations that require international transactions to happen quickly. With the BizSuper payment account of UOB Vietnam Bank, Hoang Gia Seafood has greatly optimized operating costs and international payments thanks to its fast, convenient and free payment service. at all Vietinbank branches nationwide, shared Mr. Tran Van Truong- CEO of Hoang Gia Seafood.
Mr. Tran Van Truong – CEO of Royal Seafood.
‘BizSuper’ by UOB Bank Vietnam is currently an effective financial solution package for SMEs in Vietnam. Businesses can use priority payment accounts with many attractive incentives to save financial costs such as Free domestic and international money transfer, Free internal payment transfer, Free regular money transfer Unlimited amount, Free foreign money transfer transactions, Free deposit/cash collection service, Free corporate ATM card issuance, support for foreign trade and investment connections in Vietnam countries with branches and representative offices of UOB Group.
UOB BizSuper Account – Priority account to serve customers’ business growth needs, including domestic transactions and international payments.
Mr. Fred Lim, Senior Director, Retail Banking Division, UOB Vietnam, said, “The BizSuper payment account package was developed by UOB Vietnam with the goal of supporting SMEs in the context of Covid-19 is an attempt to demonstrate a commitment to constantly innovate to provide innovative and breakthrough solutions in parallel with the dynamic development of SMEs in Vietnam.”
To find out more details about BizSuper payment account for SME, please visit at this.
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