Agribank is not simply a financial solution

Floods in the last months of the year have left infrastructure and factories in many northern provinces in ruins.

The damage caused by floods has made businesses worried and uncertain, not knowing when they will be able to recover. However, the timely and proactive intervention of Agribank has become a solid support, helping customers revive production. This is not simply a financial solution, a lifebuoy, but also helps customers "put the burden on their shoulders" to move on.

Flood comes, tears fall

In early October, the severe natural disaster left serious consequences not only on people's lives but also on businesses in Thai Nguyen province. The raging floodwaters in the pitch-dark night caused the entire factory of Viet Cuong Vermicelli Cooperative in Nam Hoa commune to be submerged nearly 2 meters deep. After the water receded, the entire vermicelli factory was in disarray, the brick floor covered in mud and smelled strongly of humidity. More than 200 tons of pre-processed vermicelli, raw materials and finished products, along with machinery, soaking tanks, and packaging systems worth nearly 15 billion VND were completely destroyed.

The vermicelli factory of Viet Cuong Vermicelli Cooperative was completely submerged in floodwater. Photo: Nguyet Ho

Mr. Nguyen Van Ba, Director of Viet Cuong Vermicelli Cooperative, stood in a daze amidst the ruins. The middle-aged man's back was bent, his hands were trembling, and his steps were unsteady.

“The water rose so fast that we had no time to react. In just a few hours, everything was submerged in murky water. We have been doing this all our lives, and in just a few days, we lost everything. We really don’t know where to start again. When will we be able to repay this debt?”, Mr. Ba choked up.

Not far from Viet Cuong Cooperative, Ha Lan Trading and Tourism Joint Stock Company (Ha Lan Company), one of the largest passenger transport enterprises in Thai Nguyen province, also suffered unprecedented damage. The torrential rain that lasted all night caused the company's factory area to be deeply flooded, water flooded the parking lot, hundreds of vehicles were submerged; engine oil, spare parts, and components were damaged en masse, causing an estimated loss of 30 billion VND.

This incident has almost completely disrupted the supply chain and passenger transport services that are the lifeblood of Thai Nguyen province. A prolonged shutdown could lead to loss of market share and loss of trained human resources. What worries Mr. Nguyen Manh Ha, Chairman of the Board of Directors and General Director of Ha Lan Company the most is the lack of cash flow, while the company will have to face huge expenses for salaries, insurance, and repairs.

The number of broken vehicles and lost fuel caused the company to lose up to 30 billion VND. Photo: Nguyet Ho

“Vehicles were flooded, power lines were short-circuited, spare parts warehouses were broken, roads were cut off… Almost all transportation activities were paralyzed. Drivers and employees were confused. At this time, what businesses need most is a large enough support policy to resume production,” Mr. Ha shared.

More than just a lifebuoy

Faced with the situation of many customers falling into exhaustion, Agribank Thai Nguyen Branch quickly activated emergency support solutions. The entire affected credit portfolio was reviewed. Loans were reduced in interest rates, terms were restructured, repayments were extended, payment fees were waived and reduced, and guidance on accessing preferential capital sources to restore production and business.

Mr. Bui Trung Dung, Deputy Director of Agribank Thai Nguyen Branch, said that after the flood, the unit put everything aside and went to each facility and each production household to find solutions to help customers recover. The prerequisite for damaged businesses and production households to be able to stand up is to relieve debt pressure and access new capital sources. Immediately after the storm, Agribank Thai Nguyen Branch deployed an emergency process, shortened procedures to assess the extent of damage and applied special policies.

After the natural disaster, Agribank Thai Nguyen Branch staff came to encourage and find solutions to help customers recover. Photo: Nguyet Ho

For customers like the Viet Cuong Cooperative, old debts are evaluated to restructure the repayment period and reduce interest rates, hoping to help the Cooperative have time and resources to clean up and repair machinery. Agribank actively disburses new loans with preferential interest rates, focusing on the goal of restarting the business. For customers in desperate situations, Agribank's financial support is not only a lifebuoy but also a timely and humane sharing.

Amidst the hardships, a hand is held; amidst desolation and despair, the fate of Agribank's customers is not left behind. Agribank does not promise to erase all damage caused by natural disasters, but commits to accompany and provide maximum support to customers to restart production and business. And that belief, placed at the center, will be the driving force for customers to firmly embark on the journey of recovery and rise stronger.

Mr. Pham Toan Vuong, General Director of Agribank, worked with branches in Thai Nguyen province, visited workers and customers who suffered losses. Photo: Nguyet Ho

Mr. Nguyen Van Quang, Chairman of the People's Committee of Nam Hoa Commune, Thai Nguyen Province, said that the bank's support and solidarity is not only a lifeline but also a great source of spiritual encouragement, helping customers "put down the burden on their shoulders" to move forward. It is this timeliness that has helped the locality maintain social security and help people stabilize their lives soon.

“Each loan is a livelihood. When the storm and flood pass, what customers need most is capital to restore production. Implementing the policy of the State Bank and Agribank, we quickly took action, on the one hand to encourage and on the other hand to find the best solution to support customers,” said Mr. Bui Trung Dung, Deputy Director of Agribank Thai Nguyen Branch.

Source: https://nongnghiepmoitruong.vn/agribank-khong-chi-don-thuan-la-giai-phap-tai-chinh-d780488.html