Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Hanoinews
Hanoi helps businesses get loans
Khanh Khanh 16:31, 2022/08/16
The city's authorities will continue focusing on boosting economic recovery while addressing the concerns of the business community.

An agreement signing ceremony to support access to concessional loans between the Hanoi Investment Fund for Development, the city's commercial banks and the business community took place at a conference connecting stakeholders in Hanoi on 15 August.

 An overview of the signing ceremony. Photo:

The municipal Department of Industry and Trade and the Investment Fund for Development also signed an agreement on cooperation and information exchange on the same day to promote the recovery of the city’s businesses in the post-pandemic period.

Speaking at the conference, Acting Director of the Hanoi Department of Industry and Trade Tran Thi Phuong Lan said: “The conference is expected to facilitate the connection between local banks and businesses to support those who need  concessional loans.”

She called on the enterprises to effectively make full use of loans from credit institutions, as well as actively participate in the demand stimulus program and speed up the construction of infrastructure in industrial zones and clusters in the area.

The conference attracted more than 100 enterprises operating in key industrial and commercial sectors, those participating in the market stabilization program, as well as 43 developers of industrial clusters and nearly 20 commercial banks in Hanoi. 

Vice Chairman of the Hanoi Association of Key Industrial Products Manufacturers Luu Hai Minh expected banks will provide full information about credit incentive programs for businesses. 

“Banks should assist enterprises in lending procedures to make it easier for them to access loans,” he told The Hanoi Times.

Besides, for large enterprises to pay more attention to research and development (R&D), Minh wished that the city’s fund should specify criteria for preferential loans to invest in R&D.

Echoing Minh, Hanoi Supporting Industries Business Association (HANSIBA) Vice President Nguyen Van suggested that banks should extend the maturity of long-term loans because an investment needs two or three years, even five to 10 years to be profitable.

“The Hanoi Investment Fund for Development and the State Bank of Vietnam - Hanoi branch are considering lending for workers accommodation and social housing projects, as in the post-Covid-19 context, many businesses are boosting up production,” Van told The Hanoi Times.

Director of the State Bank of Vietnam - Hanoi branch, Nguyen Minh Tuan said banks are trying to keep the interest rates unchanged and find ways to reduce costs.

He called on banks to give the best incentives for the businesses and hoped that associations in collaboration with the municipal Department of Industry and Trade would work with commercial banks to build the best solutions for those who are in need of loans.

For the remainder of the year, the city would continue focusing on economic recovery, especially in addressing the concerns of the business community, according to Chairman of the Hanoi People’s Committee Tran Sy Thanh.

Speaking at the national dialogue between the Prime Minister and the business community on August 11, he noted that Hanoi would allocate VND1trillion ($42.7 million) via the Vietnam Bank for Social Policies – Hanoi branch to provide preferential loans for local and businesses, taking the total budget allocated via the bank to VND6.6 trillion ($282 million).

Hanoi’s mayor expected the city to continue implementing the support program for small and medium enterprises during the 2021-2025 period, a project to aid startups in 2019-25, and the digitalization process for businesses in 2021-25.

TAG: Hanoi\'s authorities access to concessional loans economic recovery
Other news
14:47, 2023/12/08
Hanoi pledged to accelerate Japan’s ODA-funded projects
The completion of these projects would mark a new milestone in the cooperation between the two nations, particularly meaningful during the 50th anniversary of diplomatic relations.
07:49, 2023/12/08
Hanoi weighs launch of Red River waterbus
Once completed, the service would function as both a transportation route and a tourist itinerary linking cultural heritage sites.
07:18, 2023/12/08
Hanoi – Minsk close ties: Highlight of bilateral relations
The two cities have signed a cooperation agreement for the period 2024-2026, aimed at expanding the scope of bilateral relations.
21:35, 2023/12/05
Hanoi sets economic growth target of 7% in 2024
Efforts continue to be directed towards enhancing the investment climate, addressing bottlenecks, and fostering production and business activities.
13:18, 2023/12/05
Hanoi is World's Leading City Break Destination
Dubbed the "Oscar of the World Tourism Industry", the award is a source of pride for Hanoi and a testament to the efforts of the capital's tourism industry.
19:00, 2023/12/04
Hanoi to spend $400 million on fire prevention
In the last 10 years, fires have claimed the lives of some 200 people in Hanoi.