Ho Chi Minh City has relaunched its interest-subsidized loan program, hoping to create new momentum for businesses during the current period of economic recovery.
On August 27th, Mr. Nguyen Quang Thanh, Deputy General Director of the Ho Chi Minh City State Financial Investment Company (HFIC), announced that the Ho Chi Minh City People's Committee had issued Decision No. 42 on implementing interest rate support policies for investment projects financed by HFIC in priority socio-economic development sectors in Ho Chi Minh City, in accordance with Resolution No. 09 of the Ho Chi Minh City People's Council. The decision takes effect from July 29th, 2024.
According to Decision 42, the interest rate support policy for projects financed by HFIC focuses on priority sectors such as: high technology, digital transformation; startups, innovation; trade, serving agricultural production; healthcare, education and training, vocational education, culture and sports; economic, technical and environmental infrastructure, along with four key industries and supporting industries.
Domestic businesses, economic organizations, or public service units with projects in priority socio-economic development sectors in the area will have the opportunity to receive interest rate support for loans ranging from 50% to 100%. The maximum loan amount eligible for interest rate support is VND 200 billion per project (excluding deductible value-added tax). The interest rate support period will not exceed 7 years, starting from the date the project is approved by the City People's Committee and after the first loan disbursement at HFIC. Of this, the construction investment portion will receive a maximum interest rate support of 70%, while the technology and equipment investment portion will receive a maximum support of 85%.
Specifically, projects in the fields of healthcare, education and training, vocational training, and culture and sports, invested by public service units of the city, are eligible for interest rate support up to 100% of the construction investment capital and 100% of the technology and equipment investment capital. In addition, preschool and general education projects invested by public service units of the city are eligible for interest rate support on loans up to 100% of the total project investment.
"Instead of waiting for businesses to contact us for loans before assessing their applications, immediately after Resolution 98 was issued, HFIC coordinated with departments, agencies, and units to organize many activities to introduce the program to eligible beneficiaries; proactively inviting businesses to participate. To date, the legal basis for the program is complete, and all parties continue to cooperate closely to implement the program," said Mr. Nguyen Quang Thanh.
From now until the end of the year, HFIC will continue to coordinate with the Department of Industry and Trade, the Management Board of Export Processing Zones and Industrial Parks, and the Ho Chi Minh City High-Tech Park… to disseminate information and guide businesses with projects suitable for the city's priority development sectors, the four key industries, and supporting industries to participate in the program. In addition, HFIC will also coordinate with the Ho Chi Minh City Business Association and Thu Duc City to organize implementation conferences to ensure the program reaches all businesses in Ho Chi Minh City's priority sectors. Those meeting the conditions will be considered for loans under the program in the fourth quarter of 2024.
According to Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's Ho Chi Minh City branch, in the first seven months of the year, Ho Chi Minh City provided support to businesses totaling over 350,000 billion VND for more than 100,000 customers. Simultaneously, the city implemented programs to stabilize the market, provide loans for social housing, housing for workers, and the renovation and reconstruction of old apartment buildings in accordance with Government Resolution 33/NQ-CP; and supported customers facing difficulties through debt restructuring and maintaining the same debt classification.
In addition, the tax sector has also issued a series of documents implementing tax and fee exemption and reduction policies in 2024 to support businesses in their recovery. According to Mr. Vo Tien Dung, Deputy Head of the Taxpayer Support and Propaganda Department of the Ho Chi Minh City Tax Department, these include Decree No. 94/2023/ND-CP stipulating the policy of reducing value-added tax; Decree No. 64/2024/ND-CP extending the deadline for paying value-added tax, corporate income tax, personal income tax and land rent in 2024; Decree No. 65/2024/ND-CP extending the deadline for paying special consumption tax on domestically produced or assembled automobiles; Decree No. 72/2024/ND-CP stipulating the policy of reducing value-added tax...
According to VNA
Source: https://doanhnghiepvn.vn/doanh-nhan/tp-ho-chi-minh-tai-khoi-dong-cac-goi-ho-tro-lai-suat-giup-doanh-nghiep-phuc-hoi/20240827031000762
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