On July 1st, the Saigon Investment and Finance page of the Sai Gon Giai Phong newspaper, in collaboration with the Institute of Digital Economy Strategy (IDS), hosted a seminar on “National Comprehensive Financial Strategy – a new approach for small and micro Vietnamese businesses to access capital.”
Dr. Tran Van, Director of the Institute of Digital Economy Strategy (IDS), shared that a national comprehensive financial strategy is a tool to ensure equitable access to social resources. Designing policies, solutions, and tools to achieve balanced development between regions, social classes, and economic sectors, especially for disadvantaged groups in society, is the goal of the “National Comprehensive Financial Strategy by 2025, with a vision towards 2030” approved by the government in Decision No. 149/QD-TTg/2020.
 Seminar Overview |
According to Mr. Nguyen Nhat, Deputy Editor-in-Chief of Sai Gon Giai Phong newspaper, innovative and digitally-driven financial products and services come with inherent risks, underscoring the urgency of enhancing the legal framework.
Mr. Nhat emphasized the existing gap in the provision of financial products and services to those residing in rural and remote areas, particularly the poor and low-income earners. He asserted that ensuring their access to formal financial services is the true essence of a comprehensive financial strategy.
Echoing this sentiment, Dr. Nguyen Duc Kien, former Head of the Prime Minister’s Economic Advisory Group, pointed out that traditional financial and credit institutions seem to fall short of reaching all target groups, especially those with low incomes or living in remote areas.
Professor Tran Ngoc Tho, a member of the Monetary and Financial Policy Advisory Council, highlighted the importance of financial education for potential borrowers. He emphasized the need for equitable access to capital, suggesting that individuals and businesses should be able to obtain financial products that cater to their needs at reasonable costs. Furthermore, he drew attention to the challenge of achieving equality without favorable interest rates or collateral.
“White credit,” or credit without discrimination, is a right that the underprivileged should possess when seeking capital. Professor Tho referenced the United States, where banks refrain from discriminating against individuals seeking credit, and any financial institution violating this principle faces boycotts. He advocated for the establishment of a similar legal framework in Vietnam to underpin the future development of a comprehensive financial strategy.
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