Interest Rate Support for Ho Chi Minh City Tourism Businesses
The Ho Chi Minh City Department of Tourism has recently informed businesses operating in the tourism industry about Resolution No. 09/2023/NQ-HĐND, which stipulates interest rate support policies for investment projects in the tourism sector within the city. This resolution is currently being implemented by the Ho Chi Minh City Finance and Investment Company (HFIC).
“This is a significant policy that provides favorable conditions for tourism businesses to access preferential capital, thereby boosting investment, enhancing service quality, and strengthening competitiveness,” stated a representative from the Ho Chi Minh City Department of Tourism.
Ho Chi Minh City’s tourism businesses have the opportunity to access subsidized interest rate capital. Image: International visitors inquiring about tour products in Ho Chi Minh City
According to Resolution No. 09, investment projects in priority areas that receive loans from HFIC will be eligible for interest rate support ranging from 50% to 100%, depending on the field. The maximum period for interest rate support is seven years. The maximum loan amount for a project with subsidized interest from the city budget is VND 200 billion per project. Up to 70% of the investment in construction works and up to 85% of the investment in technology and equipment are supported. The support funds are allocated from the city’s budget.
Which Enterprises Are Eligible?
Enterprises in the tourism industry with projects related to high technology, digital transformation, startups, and innovation are eligible for interest rate support. Additionally, projects involving the construction and operation of static traffic parking lots as per the approved master plan by the Prime Minister, as well as projects for the development of infrastructure and means of water-based tourist transportation within the city, such as ports and vessels, will also receive support.
The Ho Chi Minh City Department of Tourism encourages tourism businesses seeking capital to thoroughly understand the specific conditions, criteria, and application procedures to avail of the interest rate support. They can reach out to the department or HFIC for more information.
Currently, the department is reviewing related regulations to expand the scope of beneficiaries of this policy post-merger. They aim to propose and suggest supplementary resources to ensure the effective implementation of this policy in the coming time.
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