CITY (Biz Hub0 — Thirty-four small and medium-sized businesses in District 1 received total bank loans of nearly VNĐ3.1 trillion (US$139.1 million) at preferential interest rates under the banking-enterprise linkage programme.

A customer borrows loan at Kien Long Bank. Thirty-four small and medium-sized businesses in District 1 received total bank loans of nearly VNĐ3.1 trillion (US$139.1 million) at preferential interest rates under the banking-enterprise linkage programme. — Photo hochiminhcity.vn

HCM

The State Bank of Việt Nam's HCM City branch in collaboration with the People's Committee of District 1 and the Department of Industry and Trade organised a ceremony to sign credit contracts between companies and banks on September 9.

The banking-enterprise linkage programme was instituted four years ago to ease the funding and interest difficulties faced by companies based in the city.

As of today, nearly VNĐ159.95 trillion (US$7.17 billion) has been lent to 18,916 enterprises in the city, Trần Đinh Cường, deputy director of the SBV's HCM City branch, said.

This year 16 banks have pledged to earmark VNĐ211.55 trillion ($9.48 billion) and an additional US$15 million in foreign currency to provide preferential loans to small and medium-sized enterprises and firms, with a maximum interest rate of 7 per cent for short-term loans and around 9 per cent for medium and long-term loans. — VNS