Some 16 commercial banks in Ho Chi Minh City have committed to providing credit totaling VND11 trillion ($462 million) to enterprises, cooperatives, and household businesses in the city with interest rates of 7 per cent and 10 per cent per annum for short-term loans and medium and long-term loans, respectively.

The commitment was signed at the Banking-Business Connection Conference 2023, held recently in the city.

Thirteen commercial banks in the city registered for the preferential credit package of more than VND434.2 trillion ($18 billion) last year.

Through the banking-business connection program, commercial banks in the city disbursed over VND568.3 trillion ($24 billion) in 2022, exceeding the registered preferential capital package by 131 per cent and up 16.65 per cent year-on-year. Interest rates were 6 per cent on short-term loans and 10 per cent on long-term loans.