HCM City to offer soft loans to manufacturing firms
HCM City plans to offer low-interest loans of no more than 200 billion VND (8.8 million USD) with a maximum seven-year term to enterprises operating in the manufacturing or support industry.
HCMCity (VNA) - The HCM City People’s Committee plans to offerlow-interest loans of no more than 200 billion VND (8.8 million USD) with amaximum seven-year term to enterprises operating in the manufacturing orsupport industry.
Theaim is to reduce the number of imports by helping domestic companies buy moreadvanced equipment that can make high-value products.
Vietnameseenterprises and business groups operating under the Enterprise Law andCo-operative Law, and non-business units having investment projects, areeligible to receive the loans.
Thecity would cover 70 percent of the interest rate on loans taken out forconstruction projects and 85 percent of the interest for equipment andtechnology projects.
Ifcompanies need more than 200 billion VND and a longer loan term, the People’sCommittee will consider each case and seek support from other sources.
Forloans in foreign currency, the city’s budget will support interest on loans atexchange rates issued by the State Bank of Vietnam.
Thecity will cover 100 percent of the loan’s interest rate for projects related toenvironmentally-friendly equipment and renewable energy or the latest automatictechnologies (controlled by computer software).
Halfof the interest rate will be covered for projects that include construction ofexhibition centres and provision of gas and chemicals for factories andresearch laboratories. Projects on design, research and development of productsfor supporting industries and industry in general will also pay only 50 percentof the interest.
Interestedenterprises can register at the city’s Department of Industry and Trade. Thecity’s People’s Committee said it would issue a decision on each projectsubmission within 15 days.-VNA
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Illustrative image (Photo: VNA) 
