HCMC – HCMC has extended low-interest loans totaling VND9.78 trillion to 37 businesses to help stabilize local market prices, according to the Government news website (baochinhphu.vn).
These loans, offered at an average interest rate of about 4% per share, are part of an initiative aimed at reducing production costs and stabilizing prices for businesses integral to the city’s supply chain.
Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s HCMC branch, said that the program also seeks to mitigate price volatility in the market.
As of October, HCMC’s total outstanding loans had reached VND3.78 trillion, a 0.98% increase from the previous month and a 12.7% rise against the same period last year.
With year-end festivals and the Lunar New Year approaching, the central bank anticipates further increases in credit demand.
The city’s retail sales and service revenue rose by 10.1% in the first ten months of 2024, totaling VND979 trillion. This growth is credited to supportive consumption policies and market-stabilization measures, said Bui Ta Hoang Vu, director of HCMC’s Department of Industry and Trade.
To further support market stability, the department has worked with the central bank’s HCMC branch to connect businesses with preferential credit sources. Following city government directives, the department expanded the 2024 price-stabilization program, adding 10 more businesses for a total of 69 participants.
These businesses have increased their stock levels for market stabilization by 4-6% from last year. The program now covers an estimated 21-32% of the city’s monthly demand, rising to 24-41% during the Lunar New Year season.
