Viet A Commercial Joint Stock Bank (VietABank) has launched preferential loans for start-ups at a total value of VND1.5 trillion to finance members of the Viet Nam Young Entrepreneurs Association.

VietABank is the only bank supporting the Viet Nam Private Sector Forum 2016, gathering more than 500 participating firms.

Under the programme, businesses could be provided loans with a preferential interest rate of 7.5 per cent per year and a short application approval process as well as simplified procedures.

In addition, firms will receive advice on financial solutions that best suit their business to reduce the interest rate and maximise the benefit of the loan.

VietABank has become one of the pioneering banks to launch specific products for start-ups, where many face difficulty in obtaining start-up capital.

By the end of last year, the bank’s total assets reached more than VND42 trillion (US$1.86 billion), while its charter capital was VND3.5 trillion. Its pre-tax profit in 2015 was VND115 billion, increasing 92 per cent from the previous year. The bank employs some 2,000 personnel and has 87 transaction points nationwide. — VNS