Credit institutions in Ho Chi Minh City disbursed over VND375.23 trillion ($15.8 billion), or 82.8 per cent, of a credit package for local businesses in the first half of the year, according to the State Bank of Vietnam (SBV) branch in the city.

The credit package was launched by 20 commercial banks in the southern city early this year to provide preferential credit to local businesses in 2023 totaling over VND453 trillion ($18.9 billion).

It focuses on sectors considered to be growth drivers in the city, such as exports, agriculture, small and medium-sized enterprises (SMEs), supporting industry, and businesses applying high technology.

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

It targets priority sectors, fields within 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 offers support in services and administrative procedures.

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

Total credit in the city in the first half was estimated at VND3.3 quadrillion ($139.9 billion), an increase of 3.5 per cent compared to the end of 2022.