ABBank Funds HCM City-based Businesses

An Binh Commercial Joint Stock Bank (ABBANK) together with nine other commercial banks, namely Agribank, Sacombank, Navibank, Vietcombank, Vietinbank, Eximbank, MHB, Dong A Bank and NCB, recently signed a syndicate agreement to provide concessional loans of VND1,192 billion (US$50 million) for 52 companies and business households in Tan Binh District, Ho Chi Minh City. The signing ceremony at the Working Office of the Tan Binh District People’s Committee was witnessed by the State Bank of Vietnam (SBV) - Ho Chi Minh City Branch, the Ho Chi Minh City Department of Industry and Trade, and the Tan Binh District People’s Committee.

 

To provide the best credit support for contract-signing borrowers, ABBANK launched a preferential credit package of VND1,500 billion called "Connecting businesses - Increased values" with an interest rate of only 7.4 percent per annum onwards.

 

The “Supporting preferential loans for HCM City-based businesses” programme was launched by the SBV - Ho Chi Minh City Branch and the Ho Chi Minh City People’s Committee in July 2013, with the aim of providing low-rate loans for businesses. To date, the programme provided soft loans of VND10,128 billion (US$500 million) for 474 enterprises and 66 business households in 22 out of 24 districts in Ho Chi Minh City.