Agreement signed to disburse loans worth $836 million to wean workers off sharks

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VIETNAM, October 11 – HCM CITY – HDBank subsidiary HD SAISON Finance Company Limited and a finance company owned by VPBank have signed an agreement with the Vietnam General Confederation of Labor to provide loans of 20 trillion VNĐ (836, $6 million) to workers in industrial parks around the country.

The agreement followed instructions from the Prime Minister and the State Bank of Vietnam to provide workers with loans at preferential interest rates to protect them from loan sharks.

The signing ceremony in Hà Nội on October 7 was attended by the permanent deputy governor of the central bank Đào Minh Tú, the vice-president of the General Confederation of Labor of Vietnam, Phan Văn Anh, the director general of HD SAISON, Nguyễn Hữu Nhân, and the general manager of Fe Crédit.

HD SAISON has pledged to deploy a package of 10 trillion VNĐ ($418.3 million) in the form of consumer loans, loans for basic needs and credit cards at half the interest rate market for workers in industrial parks and factories across the country.

It will also regularly update and prioritize promotions and incentives for workers, and continue to help local union confederations support grassroots unions that organize activities and events to improve social welfare.

Speaking at the ceremony, a company spokesperson said: “HD SAISON is honored to have been commissioned by the government and the State Bank of Vietnam to implement a loan package of 10 000 billion VNĐ for workers. HD SAISON undertakes to carry it out with the highest sense of responsibility.

“With a network of more than 24,000 service referral points and a diverse portfolio of lending products, HD SAISON quickly responds to the personal consumption financial needs of many people, particularly middle and low income earners and the self-employed, who have a high demand for loans but do not qualify for loans from banks.

“Workers are among the customer groups that HD SAISON has focused on serving.”

HDBank will not disburse directly but will do so via HD SAISON, the finance company with the largest network in the market.

With HD SAISON’s more than 24,000 transaction points in 63 provinces and cities, workers and employees even in remote areas will have easy access to this preferential loan package.

In addition, the HD SAISON application, integrated with the most modern technology available today, helps customers easily access loans.

In June 2022, shortly after being tasked with providing the loan package, HD SAISON coordinated with the Vietnam General Confederation of Labor to conduct study tours to some grassroots unions and industrial parks to design a loan package that meets the practical needs of workers. .

In the past, HDBank was one of four lenders selected by the central bank to support other weak banks, underscoring its prestige and liquidity. —VNS

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