Ho Chi Minh City will mobilize unprecedented capital for development goals by 2025.

Nine major banks signed a cooperation agreement with Ho Chi Minh City State Financial Investment Company (HFIC), which is an important boost to open up many large cooperation spaces and promote the role of the interest rate support program.

Signing ceremony of cooperation agreement between Ho Chi Minh City State Financial Investment Company (HFIC) and nine major banks on the afternoon of January 6 - Photo: N.BINH

On the afternoon of January 6, at the signing ceremony of a cooperation agreement between the Ho Chi Minh City State Financial Investment Company (HFIC) and nine major banks, Chairman of the Ho Chi Minh City People's Committee Phan Van Mai emphasized the important role of banks in realizing the city's socio-economic development goals.

Unprecedented fundraising plan

Mr. Phan Van Mai said that to achieve the economic growth target of at least 10% by 2025, Ho Chi Minh City needs to mobilize about 620,000 billion VND in total social investment capital.

Of which, VND110,000 billion will come from public investment sources and VND510,000 billion will be mobilized from outside the budget, including FDI capital, remittances and cooperation programs.

The banking system is expected to provide VND370 trillion, while the remaining VND140 trillion will come from other sources, including the cooperation between banks and HFIC signed today.

"The economic scale of Ho Chi Minh City in 2024 is estimated to reach 1.78 million billion VND. To increase by at least 10%, this is a huge challenge, requiring strong mobilization from all resources. We need to ensure sufficient capital mobilization not only for 2025 but also to maintain growth in the medium and long term," Mr. Mai emphasized.

The Chairman of the Ho Chi Minh City People's Committee also shared that the city's growth target for the 2026 - 2030 period is 9 - 10%, with a total social investment capital needing to be mobilized of at least VND 4.4 million billion.

According to the Prime Minister's direction, this figure could reach VND5 quadrillion. Mr. Mai affirmed that the role of the banking system will continue to be the main driving force to achieve these goals.

"This is a large number and the city considers the bank's contribution to be very important. Especially in the context that the city is about to implement many key projects such as the ring road, urban railway system, and the Vietnam International Financial Center in Ho Chi Minh City," said Mr. Mai.

Promote effective project disbursement

Mr. Truong Tuan Anh, Director of HFIC, acknowledged that with the special mechanism from Resolution 98, HFIC has been granted more financial autonomy, including retaining after-tax profits and using revenue from equitization to increase charter capital. HFIC is also the focal point for implementing the interest rate support program for priority socio-economic projects.

"This is an opportunity for HFIC to strengthen its financial potential, expand resource mobilization, and at the same time receive authorization to issue local government bonds, supporting businesses to access capital with preferential interest rates," said Mr. Tuan Anh.

Banks participating in the agreement include Vietcombank, VietinBank, BIDV, Agribank, VPBank, MBBank, ACB, Sacombank and SaigonBank.

Mr. Dang Hoai Duc, representative of Vietcombank, said the credit stimulus program has helped many businesses grow and created a positive impact on social development.

Ho Chi Minh City hopes that through this cooperation, the program will not only mobilize capital but also lead and ensure safe and effective use of capital. With the management experience and capital resources of banks, credit projects will be promoted quickly, contributing to creating new development spaces for the city.

Source: https://tuoitre.vn/tp-hcm-se-huy-dong-nguon-von-lon-chua-tung-co-cho-muc-tieu-phat-trien-nam-2025-20250106175437139.htm