Signing of the cooperation agreement between Ho Chi Minh City State Investment and Financial Company (HFIC) and the Ho Chi Minh City Business Association (HUBA) at the very beginning of the new year 2024

Implementation of Resolution No. 98/2023/QH15 dated June 24, 2023, of the National Assembly on piloting certain special mechanisms for the development of Ho Chi Minh City, and execution of Resolution No. 09/2023/NQ-HĐND dated September 19, 2023, of the City People’s Council on interest rate support for projects financed by HFIC in priority socio-economic development sectors in Ho Chi Minh City

On February 19, 2024, Ho Chi Minh City State Investment and Financial Company (HFIC) and the Ho Chi Minh City Business Association (HUBA) signed a cooperation agreement to provide preferential loan support to businesses.

Under the cooperation agreement, HUBA will screen and introduce potential businesses that meet HFIC’s lending conditions. HFIC will be responsible for receiving information on businesses’ loan requests to consider lending in accordance with regulations. Both parties commit to diligently implementing the contents of this memorandum, promptly exchanging information, sharing experience, and closely cooperating in related activities.

At the ceremony, the leaders of both units expressed their pleasure and confidence that signing the cooperation agreement at the beginning of 2024 would create opportunities for mutual development and hoped that, following the agreement, relevant subsidiaries would quickly implement and promote cooperative activities.

HFIC and HUBA leaders signing the agreement 

At the ceremony, Mr. Nguyễn Ngọc Hòa, Chairman of HFIC’s Board of Members, stated that the city’s investment stimulus program has been implemented for 20 years but was interrupted in 2020. The program’s restart and the signing of the cooperation between HFIC and HUBA will help businesses access and participate in interest rate support programs from the very first steps of promotion and consultation. HFIC commits to guiding HUBA businesses in preparing loan application documents and procedures to promptly implement investment projects.

Signing the memorandum of understanding 

In its development strategy for 2021–2030, HFIC will focus on promoting investment in key city sectors, investing in socio-economic infrastructure such as transport, energy, and environmental treatment; priority industries and supporting industries; logistics development projects; healthcare, education, science and technology; residential and urban infrastructure; smart city programs; high-interaction creative urban areas in the eastern city; and the city’s digital transformation programs.

Mr. Nguyễn Quang Thanh, Deputy General Director of HFIC, added that projects meeting the city’s target criteria will receive loan support of up to VND 200 billion for a period of seven years. Restarting this program will create a “lever” to help businesses return to growth.

Exchange of commemorative gifts between the two units

The cooperation between HFIC and HUBA in investing in key socio-economic sectors to improve the investment environment in the city is not only a guiding principle for both organizations but also a continuous and necessary goal to achieve the city’s overall objectives. At the same time, it promotes a circular economy aligned with sustainable development goals, particularly contributing to the successful implementation of breakthrough and key programs of the 11th City Party Congress Resolution, term 2020–2025; and the prompt implementation of Resolution No. 98/2023/QH15 dated June 24, 2023, of the National Assembly and Resolution No. 09/2023/NQ-HĐND dated September 19, 2023, of the City People’s Council.

 Nguyễn Hồng Long