Since the beginning of 2024, the USD exchange rate has been on a constant upward trajectory due to market influences such as surging domestic gold prices, trade deficits, and declining deposit interest rates. In this context, many businesses have proactively expanded their markets and sought alternative payment options to diversify their foreign currency sources and reduce their dependence on the USD, thereby mitigating risks associated with exchange rate pressures.
Businesses face challenges amid rising exchange rates since the beginning of the year
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Mr. Khánh, director of a company specializing in importing and exporting electronic components and mobile devices in Hai Ba Trung, Hanoi, shared: “The sharp increase in exchange rates since the beginning of the year has impacted our input costs, so we had to find ways to expand our markets to EU countries, Japan, China, and Southeast Asia. Fortunately, during this period, our company was able to access suitable capital from the bank with attractive preferential interest rates.”
The program Mr. Khánh mentioned is a credit package with a total limit of VND 2,000 billion exclusively for import and export businesses, offered by Vietnam Public Commercial Joint Stock Bank (PVcomBank) until December 31, 2024. Accordingly, organizational customers in the import and export sector who meet PVcomBank’s conditions will enjoy an attractive interest rate of only 7.5%/year, along with preferential exchange rates and waiver of early repayment fees.
Ms. Ánh, a customer using PVcomBank’s preferential loan package for import and export businesses in Tan Binh District, Ho Chi Minh City, also utilizes the bank’s international money transfer service as a “combo” to optimize her company’s cash flow. “With the nature of frequently transacting with overseas partners, I opted for PVcomBank’s BizMax 6 combo package. This solution enables my company to transfer money internationally without any limits on the number of transactions or the amount transferred within six months from registration, saving costs and providing convenience and speed in terms of procedures and paperwork,” Ms. Ánh shared.
 PVcomBank offers preferential policies to support corporate customers
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Notably, in addition to the preferential interest rate lending program, PVcomBank also supports import and export businesses and trade financing for international transactions until June 30, 2024. Specifically, import and export enterprises that newly register for CIF and have at least one international payment transaction will receive a premium account number from PVcomBank (VND/USD), along with attractive fee discounts. For international payment services, customers are exempt from PVcomBank’s transfer fees for the first three international money transfers, and a 50% discount is applied from the fourth transaction onwards. For domestic payment services, PVcomBank offers a 50% discount on cash transaction fees, transfer fees, and counting fees. Moreover, organizational customers in the trade finance category also enjoy a 50% discount on Letter of Credit, Collection, and CAD service fees when transferring money internationally on “golden days” every Wednesday.
“The current phase is a critical period for the economy, requiring various supportive measures to accelerate the recovery process and adapt to high exchange rate pressures. Therefore, the need for quick and flexible capital access among enterprises in the import-export and international trade sector is relatively urgent. Understanding this need, PVcomBank has endeavored to develop preferential credit packages with attractive interest rates and implement additional policies to support customers in international transactions and payments. We hope to contribute to the market by providing timely capital, enabling businesses to seize opportunities and expand their operations, overcoming this period of economic volatility,” emphasized the representative of PVcomBank.
