The HCM City People’s Committee has decided to provide interest rate support for loans for priority projects to boost socio-economic development.

These projects will get loans from the HCM City Finance and Investment State-owned Co. (HFIC).

They include projects in various fields, including high-tech and digital transformation, commerce and agricultural production services, healthcare, education and vocational training.

Projects within four key industries (mechanics; electronics and information technology; pharmaceuticals, rubber and plastics; and food processing) are also eligible for the policy.

The maximum loan amount for each eligible project to get interest rate support is VND200 billion ($7.9 million), excluding deductible value-added tax.

Depending on the project type, the loan interest rate subsidy can range from 50-100% of the total borrowed amount.

The subsidy period is capped at seven years from the date the project is approved by the municipal People's Committee to the initial loan disbursement by the HFIC.