The banks are Agribank, Vietcombank, VietinBank, BIDV, VPBank, MBBank, ACB, Sacombank and Saigonbank.

(HFIC) and nine banks held a cooperation agreement signing ceremony on January 6 in Ho Chi Minh City to mobilise and promote investment capital for key socioeconomic infrastructure development projects.

Speaking at the ceremony, Chairman of Ho Chi Minh City People's Committee Phan Van Mai said the need for capital to serve investment in infrastructure development and socioeconomic development projects of Ho Chi Minh City was remarkable.

“We therefore wish to mobilise large capital sources, focus investment capital on developing ring roads, the urban railway system, the Vietnam International Financial Centre and many other large-scale developments,” Mai said.

Through this cooperation agreement, HFIC and banks commit to accompany and provide preferential capital and flexible financial solutions, contributing to improving the quality of people's lives and developing the city into a leading dynamic and modern economic and financial centre in the region.

Truong Tuan Anh, general director of HFIC said that this cooperation was a leveraged opportunity to help HFIC strengthen its financial potential and expand resource mobilisation to carry out important tasks that the committee assigned.

"I think this is a new turning point in the mechanism and a valuable opportunity for HFIC to have the responsibility to contribute more to the development of the city,” Anh said.

Dang Hoai Duc, deputy general director of Vietcombank, said that with a wide network system, Vietcombank had 137 branches nationwide, including 19 branches in Ho Chi Minh City.

“In the past, Vietcombank branches in the city have coordinated closely with HFIC to promptly provide preferential capital as well as banking services to businesses, contributing significantly to the economic growth of the city,” Duc said.

Specifically, Vietcombank has been syndicating 41 stimulus projects with HFIC, with a total loan value of $120 million. Of those, $84.9 million was disbursed, equivalent to 70.5 per cent.

Chairman Mai said that despite many difficulties in 2024, Ho Chi Minh City's regional GDP growth reached a growth rate of 7.17 per cent. In 2025, the city is determined to grow it up to 10 per cent.

“With the scale of the current country and Ho Chi Minh City’s economy, double-digit growth is not a simple target,” Mai said.

To achieve the economic growth target of 10 per cent in 2025, the City needs investment capital of about $25.8 million.

Of which, public investment has been allocated from the state’s budget of $4.58 billion. Thus, in addition to the resources from the budget mentioned above, the city needs to mobilise additional capital of over $2.1 billion.

"We will focus on mobilising at least $25.8 million for total social investment for the city's economy in 2025. With this capital, the target of reaching double-digit growth this year could be achieved," Mai said.

He added that this capital would be mobilised from different sources such as from the local banking system, foreign investment, remittances and the above-mentioned cooperation programmes of HFIC and commercial banks.