The loan deals were struck as part of the bank-business connectivity program aimed to help companies borrow at preferential interest rates.

As part of the program, VietinBank and the HCMC Union of Business Associations (Huba) inked a cooperation agreement over the weekend to support enterprises operating in the city.

VietinBank chairman Nguyen Van Thang said the bank’s total outstanding loans for HCMC-based enterprises are VND70 trillion.

In the year to date, VietinBank has implemented a dozen of preferential credit packages worth nearly VND230 trillion with the lowest interest rate of 5% applied to corporate borrowers in various sectors.

Thang said the packages are expected to offer businesses lending with reasonable interest rates and simplified procedures to recover production and trading activities.

Companies in the city had borrowed a total of VND2.5 trillion from VietinBank as of early October, accounting for 17% of the total lending by banks for corporate borrowers under the bank-enterprise connectivity program.

At the present, the city government and VietinBank are conducting a number of programs to fuel social-economic development and sales, and aid enterprises in their production and trading plans.

Source: The Saigon Times