15 banks attend $20 billion credit package for businesses

Fifteen commercial banks in HCMC on January 10 registered to provide businesses a credit package of VND241,100 billion (US$10.68 billion) and $10 million under the HCMC Program of Bank-Business Connectivity this year.

The banks registered with the State Bank of Vietnam (SBV) in HCMC and the Department of Industry and Trade at a conference hosted by the city People’s Committee and SBV to review the program’s results last year.

In 2017, the program will focus on hi-tech agro field assisting former trading and production households who have upgraded into businesses and startups, said Mr. Nguyen Hoang Minh, deputy director of SBV HCMC.

Short term interest rate will be 7 percent at the maximum while medium and long term rates will be 8-10 percent.

According to Mr. Nguyen Hoang Minh, last year the program provided nearly 22,000 customers with more than VND281 trillion ($12.45 billion) in loans, 60 percent higher than 2015.

Appreciated results of the program last year, Deputy Chairwoman of the city People’s Committee Nguyen Thi Thu said that the connectivity among banks, districts, businesses and individuals had improved the program’s efficiency, contributing to the city Gross Regional Domestic Product of VND1,024 trillion ($45.37 billion), up 8.05 percent over the previous year.

This year, the program should further corporation with district authorities to promote its achievements, she added.

By Hanh Nhung – Translated by Hai Mien

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