Ho Chi Minh City allocates 3,400 billion VND for businesses to borrow at low interest rates

The city will spend 3,400 billion VND to support capital for businesses investing in high-tech projects, key industries,education , healthcare... with a maximum loan of 200 billion VND.

The content was approved by the Ho Chi Minh City People's Council at a special session on September 19. Enterprises investing in industries that the city encourages, especially high-tech industries, four key industries, focusing on six priority industries, education - training, health ... will receive capital support. The lending is carried out through the Ho Chi Minh City State Financial Investment Company.

Depending on the investment sector, businesses will be able to borrow from 70-100% of the total project investment capital. The maximum loan amount for each project is 200 billion VND, the loan term is no more than 7 years. It is expected that by 2025, about 3,400 billion VND will be disbursed.

The maximum supported interest rate does not exceed the average 12-month VND savings interest rate (interest paid at the end of the term) of 4 commercial banks in the city ( Agribank , BIDV, VietinBank, Vietcombank) plus an annual management fee of 2%.

This interest rate is announced monthly by the State Bank of Vietnam, Ho Chi Minh City branch according to regulations.

Previously, in 2015, Ho Chi Minh City had a stimulus program through investment under Decision 50. After 5 years of implementation, there were 296 participating projects with a total investment of more than 25,200 billion VND, of which the loan capital with interest rate support from the budget was nearly 12,000 billion VND. The average investment capital of a project during this period was over 88 billion VND.

In this program, the city budget has spent more than 2,330 billion VND to support loan interest for projects.

Another program is to stimulate investment in the supporting industry sector according to Resolution 16, implemented in 2018. The average interest rate is 8% per year, the loan term is also 7 years. From 2018-2020, 17 projects of 16 enterprises were approved with a total investment of nearly 1,400 billion VND, of which the loan capital supported by the budget is over 727 billion VND. The average cost of each project is over 82 billion VND, the part supported by the budget is over 42 billion VND.

Le Tuyet

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