Twenty commercial banks in Ho Chi Minh City have registered to provide preferential credit for local businesses in 2023 totaling over VND453 trillion ($18.9 billion), according to the State Bank of Vietnam (SBV) branch in the city.

The capital represents a year-on-year increase of 4 per cent.

The credit package is part of the city’s program connecting banks with businesses.

It will target priority sectors, fields under the investment and interest rate support program of the city’s People’s Committee, and the agriculture and rural development sector under Government Decree No. 55, and offer support for services and administrative procedures.

The initiative is expected to help tackle difficulties and challenges facing businesses, contributing to the city’s socio-economic development.