Export enterprises are part of the five priority sectors under Ho Chi Minh City's preferential short-term credit program in Vietnam dong with an interest rate capped at 4 per cent per year, according to the State Bank of Vietnam (SBV) Branch in the southern metropolis.

Currently, the lending interest rate for this sector is over 4% a year to create conditions for enterprises to expand and develop production and business activities, Deputy Director of the SBV Branch in HCM City Nguyen Duc Lenh said.

In the first ten months of 2024, the total outstanding credits in Vietnam dong with preferential interest rates for export enterprises in the city reached over VND105.3 trillion ($4.17 billion), he said at a dialogue held on October 31 between the municipal authorities and businesses to discuss measures to tackle difficulties and obstacles in getting access to credits.

The figure accounted for 6.21% of the total outstanding loans allocated to five priority sectors.

The SBV Branch also reported that in the ten-month period, local banks disbursed over VND548.3 trillion ($21.5 billion) worth of credits for 166,291 household businesses and cooperatives in the city under the city’s program connecting banks with businesses.