HCMC – Commercial banks in Ho Chi Minh City are introducing new preferential loan packages to meet the rising credit demand in the fourth quarter of this year, with a particular focus on supporting businesses, according to local reports.
On October 14, the Department of Industry and Trade of HCMC, the State Bank of Vietnam’s (SBV) HCMC branch, and the Asia Commercial Joint Stock Bank (ACB) held a conference aimed at connecting banks with local small- and medium-sized enterprises (SMEs).
At the event, banks outlined their plans to offer competitive credit packages, specifically targeting manufacturers and exporters.
Tu Tien Phat, general director of ACB, announced two major credit packages worth a total of VND9 trillion. One of the packages makes VND5 trillion in loans available, with interest rates starting at 5.5% for short-term loans and 6.4% for long-term loans. The other package, worth VND4 trillion, supports green production businesses, with interest rates starting from 5.7%.
Other commercial banks in HCMC are also rolling out loan packages with interest rates ranging from 5.5% to 7.5%, aiming to stimulate borrowing and assist businesses in the final months of 2024.
Nguyen Duc Lenh, deputy director of the SBV’s HCMC branch, emphasized that the program has been effective in helping companies stabilize production. The initiative will continue to prioritize small and medium-sized enterprises (SMEs), offering more favorable loan terms to support their growth and recovery.
According to data from the SBV’s HCMC branch, the city’s outstanding loans in the first nine months of 2024 increased by 5.83% compared to late 2023 and grew 11.7% year-on-year.
Under the city’s bank-business matching program, over VND425 trillion preferential loans have been disbursed to nearly 147,000 customers, providing crucial financial support to businesses recovering from economic woes.
