The exchange rate shocks seen in 2022 were a lesson for businesses about focusing resources on the balance sheet, exchange rate differences, and interest rates, Deputy Director General of the Orient Commercial Joint Stock Bank (OCB) Bui Thanh Trung told the Vietnam Economic Scenario Forum  2023, which opened in Hanoi on January 11.

These are also professional operations in which banks want to accompany businesses, he said, adding that 2022 was not just a difficult year for businesses but also for the banking system.

OCB and other commercial banks will propose long-term development strategies of three to five years for businesses, with priority given to risk management.

The State Bank of Vietnam (SBV) has allowed commercial banks to provide products relating to exchange rate insurance, interest rates, foreign currency swaps, and on using floating for fixed interest rates. “These are measures that we hope enterprises will focus on, from the lessons learned in 2022,” he said.

“The OCB and other banks will accompany businesses and help ensure stability so they can focus their internal strengths on production and trade.”