As per a Memorandum of Understanding signed with the People’s Committee of District 1 in Ho Chi Minh City, the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) will offer loans up to VND500 billion (US$ 23,7 million) to small traders in markets.
The District 1 People’s Committee on October 18 organized a meeting with businesspersons of the district to introduce the loan program.
Twelve enterprises, homegrown businesses and traders in Ben Thanh Market signed agreements with the bank for total loan amount of VND200 billion at interest rate of 9.99 percent per annum for a period of 3, 6, 9 months for individual loans and interest rate of 8-10 percent per annum for enterprises and traders for a period of 3-5 years.
A Techcombank representative said VND300 billion left in the loan package will be disbursed by December 31, 2013.
The bank has promised to expand the lending package at low interest rate in case businesspersons want more for buying commodities during the Tet holiday season.