世界银行-湄公河地区的贸易融资：对柬埔寨、老挝人民民主共和国和越南的研究（英）-2023-96页_7mb

Trade Finance in the Mekong Region: Summary

Introduction

Cambodia, the Lao People’s Democratic Republic (LPRD), and Viet Nam—known as the Mekong-3—have experienced rapid trade growth over the past decade. However, growth could be significantly boosted by improving access to trade finance for locally owned businesses seeking to engage in global trade. This study, conducted by the International Finance Corporation (IFC) and the World Trade Organization (WTO), examines the current state of trade finance, identifies constraints, and explores the potential impact of expanding trade finance access.

Current State of Trade and Trade Finance

• Trade Growth: The trade-to-GDP ratio in Cambodia and Viet Nam exceeded 210% and 185%, respectively, compared to the global average of 62%. The Mekong-3 region has tripled its trade flows in Cambodia and Viet Nam and more than doubled them in the LPRD.
• Foreign Investment: Viet Nam’s trade is heavily influenced by multinational enterprises, accounting for approximately 70% of its imports and exports. Foreign-owned firms rely less on local trade finance, limiting its contribution to inclusive trade.
• Trade Finance Market: The local trade finance market in Viet Nam is worth approximately US$150 billion, supporting 21% of trade flows. In Cambodia, the market is estimated at US$1.6 billion, supporting only 3% of trade. The LPRD has the smallest market, with limited data available.

Key Constraints

1. Rejection Rates: Local banks reject 15% of trade finance requests (23% in Cambodia and 12% in Viet Nam). Rejection is often due to insufficient collateral, high credit risk, or lack of documentation.
2. Correspondent Banking Relationships: Limited access to correspondent banking relationships (CBRs) in Cambodia restricts local banks’ ability to provide international trade finance. Inflation, competition, and regulatory hurdles are additional challenges.
3. Prices: Trade finance costs in Cambodia and Viet Nam are higher than global benchmarks, particularly for letters of credit and working capital loans.
4. Sectoral Coverage: Trade finance coverage is limited in sectors like textiles and electronics due to involvement of foreign-owned firms and related-party trade.
5. Gender and Climate Gaps: Women-owned SMEs face significant barriers to accessing trade finance, and only a small fraction of banks fund climate-related trade activities.

Projected Impact of Closing the Trade Finance Gap

Counterfactual scenarios show that:

• A 20 percentage point increase in trade finance coverage could raise imports by 5-6% and exports by 8-9% in Cambodia and Viet Nam.
• Trade finance expansion could increase merchandise trade by US$3.5 billion in Cambodia and US$55 billion in Viet Nam annually.
• The largest contribution to trade growth arises from expanding trade coverage.

Recommendations

For Viet Nam and Cambodia:

• Diversify trade finance products, strengthen regulatory frameworks, broaden customer bases to SMEs, and improve banks’ agility and international relationships.

For Cambodia and the LPRD:

• Expand traditional instruments like letters of credit while piloting innovative solutions like supply chain finance (SCF) and digital trade finance.
• Support evidence-based solutions, including better data collection and capacity building for banks and SMEs.
• Address constraints such as high financing costs, collateral requirements, and regulatory barriers.

Improving trade finance access can enhance economic inclusiveness, integrate local businesses into global supply chains, and support sustainable development.