Sixteen banks sign credit contracts to support firms affected by the COVID-19 pandemic. — Photo courtesy of Sacombank

Sacombank and 15 other banks have signed credit contracts to provide preferential loans to corporate customers to support them in their efforts to restore and expand business and production after the COVID-19 pandemic.

Sacombank has set aside VNĐ1trillion (US$43.13 million) for the purpose and will lend at interest rates starting at 6 per cent.

The contracts were signed at a bank-enterprise connection conference in 2020 held in HCM City last week as part of the bank-enterprise connection programme carried out by the city People's Committee in collaboration with the State Bank of Việt Nam’s HCM City branch.

Since joining the programme in 2012, Sacombank has given nearly VNĐ20 trillion ($861.72 million) in preferential loans to businesses in all 24 districts of the city and in other provinces to help them maintain production and business, and enable further development in the coming years.

The bank has also set aside more than VNĐ500 billion ($21.55 million) to lend to businesses taking part in the city’s price stabilisation programme this year.

Besides loans on easy terms, Sacombank also offers companies modern banking services that enable them to open account, do international money transfers, get Letter of Credits, and apply for bank loans online 24/7.

This helps them optimise the efficiency of capital use, improve their competitiveness and be more active in financial management. — VNS