City offers VND13 trillion in low-interest loans for businesses

Nearly 600 companies and households in Ho Chi Minh City have had access to bank loans worth VND13 trillion at an interest of less than 9 percent per annum under a program to connect banks with businesses in 24 districts in the City.

According to Nguyen Hoang Minh, deputy director of State Bank of Vietnam Ho Chi Minh City Branch, the program’s total capital is expected to reach VND17 trillion by the end of this year and will help to foster the credit growth by 2-3 percent to achieve growth of 11-12 percent for this year.

Recently, 62 businesses in Districts 1 and 3 have signed contracts with thirteen commercial banks in the City to lend more than VND3.12 trillion at an interest rate of around 9 percent per annum in next 12 months. These companies operate mainly in five sectors, including agriculture, small and medium enterprises, export, support industries, and hi-tech companies.

By Nhung Nguyen – Translated by Thuy Doan

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