HCM CITY (Biz Hub) — HCM City Development Bank (HDBank) has been selected as one of the three banks that will support the newly established small and medium-sized enterprises (SMEs) support foundation.

HDBank will act as a conduit for credit the foundation will provide SMEs in the sectors of agriculture, forestry and fishery; processing; manufacturing; water supply; waste treatment; and supporting industries.

The SMEs will enjoy a priority interest rate of 7 per cent for medium- and long-term loans.

HDBank said it is committed to strongly supporting SMEs in the form of consultancy and ensuring quick and simple procedures.

The other two authorised banks are BIDV and Vietcombank.

The foundation was launched by the Ministry of Planning and Investment with a capital of VND2 trillion (US$91 million).— VNS