Interest-free loans to lure businesses

The HCM City government will offer interest-free loans to local companies doing business in the city, Laos and Cambodia.
With a stimulus package of 8 trillion dong (US$381 million), HCM City has approved interest-free loans of up to 100 billion dong (US$4.7 million) over a seven-year period.

Representatives of more than 100 companies in the HCM City Enterprises Association attended a conference held Sept. 16 in HCM City to learn about the policy.

Priority will be given to projects related to medicine, education, culture, production and environment.

The city has promoted the use of high technology at hospitals, educational facilities, vocational training schools, theatres, cinema, waste treatment systems, forest plantations and others.

Other projects such as trade investment in Laos and Cambodia, automobile production, food production and others will receive a 50 percent interest rate subsidy.

Pham Linh, deputy general director of Orient Commercial Joint-Stock Bank, said during the conference that he supported companies and will try to help overcome their difficulties.

“I believe the support will contribute to stabilising the economy in the city and the country as well,” he added.

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial, Vietnam interest rates

Posted by VBN on Sep 20 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry