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Interest-free loans to lure businesses

Update: September, 19/2011 - 11:04
HCM CITY — The HCM City government will offer interest-free loans to local companies doing business in the city, Laos and Cambodia.

With a stimulus package of VND8 trillion (US$381 million), the city has approved interest-fee loans of up to VND100 billion ($4.7 million) over a seven-year period.

Representatives of more than 100 companies in the HCM City Enterprises Association attended a conference held last Friday in HCM City to learn about the policy.

Priority will be given to projects related to medicine, education, culture, production and environment.

The city has promoted the use of high technology at hospitals, educational facilities, vocational training schools, theatres, cinema, dormitories, waste treatment systems, forest plantations and others.

Other projects such as trade investment in Laos and Cambodia, automobile production, food production and others will receive a 50 per cent interest rate subsidy.

Pham Linh, deputy general director of Orient Commercial Joint-Stock Bank, said during the conference that he supported companies and would try to help overcome their difficulties.

"I believe the support will contribute to stabilising the economy in the city and the country as well," he added. — VNS

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