HCMC offers support, low-interest loans to businesses

Some 17 commercial banks in HCM City have been offering low-interest loans to local businesses. – VNA photo

HCM CITY – Businesses in HCM City have received support to access favourable loans to bolster production and operation activities, a top official said.

During a meeting on the city’s socio-economic matters on August 15, Nguyễn Đức Lệnh, deputy Director of the State Bank of Vietnam’s HCM City branch, said that during the first seven months of the year, the bank-business linkage programme in the city granted loans totaling VNĐ350 trillion (US$14 billion) for more than 100,000 customers.

Some 17 commercial banks have offered loans with lowered interest rates and increased credit limits for local businesses, individuals and organisations.

He said that the SBV has been working with the Department of Industry and Trade to implement a favourable-interest loan programme for businesses as part of the city’s market stabilisation programme.

By the end of July, total outstanding loans under this programme reached around VNĐ4.4 trillion.

The city is focusing on disbursing funds to build or renovate social housings for labourers under a VNĐ120 trillion credit package managed by the State Bank.

There is also a 2024 credit package for businesses in the forestry and fisheries sectors of up to VNĐ30 trillion, with interest rates at least 1-2 per cent/year lower than standard rates.

As of June, cumulative disbursements since the start of the programme have reached over VNĐ2.8 trillion. Commercial banks’ outstanding loans amounted to over VNĐ1.4 trillion across 2,015 customers.

Nguyễn Quang Thanh, deputy general director of HCM City Finance and Investment State-owned Company (HFIC), said that HFIC is working with relevant parties to launch favourable loan policies for investment projects in sectors that are prioritised for the city’s socio-economic development, including healthcare, key industries, education and digital transformation. – VNS