Struggling tourism businesses in Ho Chi Minh City are in dire need of credit to recover but are finding it very difficult to access the subsidised loans under the Government’s Decree 31 that took effect in May, according to the city's Department of Tourism.
HCM City banks and tourism businesses discuss solutions to help the later access loans with an interest rate subsidy of 2% under Government support policies. (Photo: VNA)
HCM City (VNS/VNA) - Struggling tourism businesses in Ho Chi Minh City are in dire needof credit to recover but are finding it very difficult to access the subsidisedloans under the Government’s Decree 31 that took effect in May, according tothe city's Department of Tourism.
Bui Thi Ngoc Hieu, its deputy director, said implementation of the decree,which involves a 2% interest subsidy, would keep businesses hit by the COVID-19crisis afloat.
The tourism industry, which accounts for more than 10% of the city’s economy,desperately want the subsidised loans to recover, she told a conference on August18.
But their access is blocked due to their non-performing loans or failure tomeet requirements, she said.
Travel firms have no assets to mortgage for the loan, she said.
The conference was organised by the department and the State Bank of Vietnam tolink travel firms with banks and resolve the issues that are preventing theformer from borrowing, she said.
Flexible policies are needed to make it easier for businesses to get thelow-interest loans, she added.
Nguyen Duc Lenh, deputy director of the central bank’s HCM City branch, saidthe banking industry would have more support packages for businesses in thesecond half of this year and coming years.
The State Bank would work closely with the tourism department to removeobstacles faced by travel businesses and support their recovery and growth inline with the city’s socio-economic recovery and development programme, Lenhsaid.
At the conference, eight banks and travel businesses signed agreements forloans.
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HCM City banks and tourism businesses discuss solutions to help the later access loans with an interest rate subsidy of 2% under Government support policies. (Photo: VNA) 
