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$90 million MPI fund for SMEs

Released at: 16:03, 23/04/2016

$90 million MPI fund for SMEs

Loans available from 5.5 to 7 per cent per annum.

by Minh Tuyet

The Ministry of Planning and Investment introduced its Small and Medium Development Fund on April 22, with VND2 trillion ($89.8 million) to assist small and medium-sized enterprises (SMEs).

The fund is important for the development of the SME community and providing motivation for the private sector, Deputy Minister of Planning and Investment Dang Huy Dong said.

The fund will support enterprises in need of capital and with a solid business plan. It will also receive, manage and use both government and non-government capital, participate in encouraging enterprise policy, and implement international support for SMEs.

The fund will offer loans at interest rates of 5.5 per cent per annum on short-term loans and 7 per cent per annum on long-term loans.

It is expected to improve the competitive capacity of SMEs and encourage them to develop new products with a high level of competitiveness and environmental friendliness by applying modern technology while also improving support industries and enterprise management.

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