When the market shifts: The adaptation journey of SMEs

In the early months of 2026, the global economic outlook continues to be complex and unpredictable. Geopolitical tensions, especially the escalating conflict in the Middle East, are exerting strong pressure on international commodity and financial markets. As a result, energy prices—particularly oil—have surged, and the risk of supply-chain disruptions has returned, pushing input costs higher and heightening inflationary pressures. In response to this pressure, central banks tend to maintain cautious monetary policies, making rate cuts difficult or leaving rates elevated. Consequently, the cost of capital has risen, cash flows have tightened, and access to financing has become more constrained, placing significant strain on production and business activity, especially for the small and medium-sized enterprise (SME) sector. According to the Vietnam Association of Small and Medium Enterprises (VinaSME), this sector accounts for about 98% of all enterprises, contributes nearly 50% of GDP, and employs over 80% of the workforce, underscoring its importance to the economy. However, this group currently accesses only about 30% of total credit outstanding, indicating that access to capital remains limited and not proportional to its contribution. This reality suggests the issue is not merely the availability of capital, but the way credit is accessed. At present, credit institutions are shifting from asset-based lending toward a data- and cash-flow-based evaluation model, complemented by credit scoring systems and guarantee mechanisms. This transition is reallocating capital toward more transparent and well-governed enterprises, while presenting challenges for those slow to adapt to the new standards. Building on this, the Vietnam Economic Journal (Tạp chí Kinh tế Việt Nam/VnEconomy) is organizing a panel discussion on the topic “When the market shifts: SMEs’ adaptation journey,” featuring speakers: Dr. To Hoai Nam, Vice Chairman and General Secretary of the Vietnam Association of Small and Medium Enterprises (VinaSME); Prof. Dr. Hoang Van Cuong, Vice Chairman of the Vietnam Economic Science Association; Journalist Ngo Xuan Vu, Deputy General Secretary of the Vietnam Economic Journal/VnEconomy and program moderator. The panel aims to clarify bottlenecks in credit access, analyze the shift toward a data-based credit model and guarantee mechanisms, and discuss solutions from banks, businesses, and regulators to improve capital access for this key economic sector. We cordially invite readers to follow the panel on VnEconomy’s platforms and on the VnEconomy Fan Page at 9:00 a.m. on 29 April 2026. The event is supported by VietinBank, one of the banks actively advancing flexible financial solutions to help enterprises strengthen resilience, manage cash flow, and gradually reinforce a sustainable development foundation.