Financial statement transparency and its impact on access to bank loans: Survey results in Vietnamese Small and Medium Enterprises

Abstract

Small and Medium Enterprises (SME) have accounted for a significant proportion of active businesses and make vital contributions to the economy. However, Small and Medium Enterprises currently still face difficulties in accessing bank loans due to various reasons, including the lack of financial statement transparency. Utilizing a text analysis approach of relevant studies and an analysis of results gathered from a survey of 515 diverse subjects, including managers, chief accountants, and accounting staff in Small and Medium Enterprises, conducted from November 2024 to August 2025, this paper has clarified the current status of financial statement transparency and the effect of Small and Medium Enterprises financial statement transparency on access to bank loans. Consequently, the paper proposed solutions for Small and Medium Enterprises to enhance financial statement transparency to improve their access to bank loans, focusing on aspects such as: Compliance with accounting standards; strengthening auditing and financial statement disclosure; and raising awareness among managers and the accounting team regarding the crucial role of financial statement transparency.