Vietnamese SMEs benefit from digital loan | SXTT

Singapore (VNA) – Even though much of the world has experienced economic headwinds, Vietnam’s economy has remained robust, even registering growth after an austere 2022, according to the website fintechnews.sg.

Like most Southeast Asian countries, SMEs play a vital role in Vietnam’s economy. Its capabilities in non-agricultural sectors, textiles, manufacturing, construction, services, as well as wholesale and retail trade will be important in its efforts to increase its participation in global supply chains.

Now, help is coming for the thousands of SMEs registered in Vietnam in the form of digital lending support. Fintech companies are linking up with commercial banks across the country to provide unsecured loans to individuals as well as SMEs.

Interest in consumer and business lending continues to grow, as does the number of digital lending fintechs, both domestic and international, springing up in Vietnam. Fintech companies collaborate with many organizations to provide credit to Vietnamese businesses.

International partnerships have strengthened digital lending capabilities that could enable Vietnamese SMEs to access better financial resources, improve their production capacities and embark on digital transformation campaigns.

These in turn could help SMEs adapt to the shift Vietnam is currently experiencing from exporting raw materials to seeking opportunities in the global market for higher value-added processed products, and strengthen the country’s participation in global supply chains. -VNA.