City banks create $5b link-up programme

Created 18 June 2017
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A banking-enterprises link-up programme in HCM City has enabled 4,138 businesses to borrow over VNĐ124.3 trillion (US$5.5 billion) from banks in the first five months of this year, a conference heard on Friday.

“The banking – enterprises connection programme has actively and directly affected the production activities of the local business community,” Nguyễn Hoàng Minh, deputy director of the State Bank of Việt Nam (SBV)’s HCM City office, said.

“Businesses have been able to approach capital with proper interest to expand and develop their business.”

Minh said in future the SBV would continue to monitor the credit available for businesses, organise link-ups and provide credit support for production, export, support industry, food processing and small and medium-sized enterprises and promote lending to enterprises based in industrial and processing zones.

“This year the banking – enterprises link-up programme will focus on agriculture, high-tech application, household businesses that expand into enterprises and start-ups.”

According to the SBV, complaints from businesses about difficulties in getting credit had reduced, and in fact banks are meeting with enterprises to find customers since they are awash in funds.

Deputy minister of Industry and Trade Hồ Thị Kim Thoa hailed the fact that HCM City can instruct banks to lend to small and medium-sized enterprises, which otherwise find it very difficult to get credit.

“The country has created the most favourable conditions for enterprises to do businesses well, and I hope the banking – enterprises connection programme will keep developing and help enterprises, reducing their difficulties.”

At the conference, organised by the city People’s Committee, the SBV’s HCM City office and Việt Nam Joint Stock Commercial Bank for Industry and Trade (Vietin Bank), Vietin Bank signed contracts with 100 enterprises to provide credit of VNĐ8 trillion ($354 million).

HCM City has been having this programme since 2012. It has since been expanded throughout the country and was recently added to the National Target Programme to support enterprises.

Sixteen banks are part of the programme in HCM City.

 

Source: VNS

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