Agribank implements high-quality rice loans
On November 27, 2023, the Prime Minister issued Decision 1490/QD-TTg approving the Project "Sustainable development of one million hectares of high-quality and low-emission rice cultivation associated with green growth in the Mekong Delta (MD) by 2030". Immediately after the State Bank of Vietnam (SBV) issued a document guiding the Loan Program, Agribank also issued an internal document guiding the implementation of loans linked to production, processing and consumption of high-quality and low-emission rice products in the MD.
As the key bank implementing loans for subjects under the Project in the pilot phase from now until the end of 2025 and continuing to implement the program until the end of 2030, Agribank does not limit the credit scale and provides loans in Vietnamese Dong or foreign currency to meet short, medium and long-term capital needs of all stages (production, purchasing, processing, consumption) in the rice linkage to serve the Project. With the bank's own resources, Agribank will support a reduction in interest rates for customers by at least 1%/year compared to the lending interest rate of the corresponding term currently applied to each customer group.
The program is for individual customers, farming households participating in the production, processing and consumption of rice products; cooperatives, cooperatives, and enterprises in the list of participating rice linkages announced by the Ministry of Agriculture and Rural Development based on the synthesis of the People's Committees of 12 provinces and cities in the Mekong Delta region under the Project: Can Tho, An Giang, Kien Giang, Dong Thap, Long An, Soc Trang, Bac Lieu, Tra Vinh, Hau Giang, Ca Mau, Tien Giang, Vinh Long.
In the past time, Agribank has surveyed the implementation of linkages in production, processing and consumption of high-quality and low-emission rice products in the Mekong Delta. The implementation of linkages in the rice industry, especially in the 1 million hectare rice project, will bring benefits to all parties involved, from farmers, suppliers to purchasing, processing and exporting enterprises... helping to reduce costs, improve quality, thereby increasing the competitiveness of the Vietnamese rice industry.
Agribank commits to focus maximum resources on prioritizing the implementation of the Preferential Credit Program, together with the banking sector, contributing to the successful and effective implementation of the rice linkage chain and the Project of 1 million hectares of high-quality and low-emission rice cultivation according to the Government's policy, bringing economic, social and environmental values, contributing to the implementation of Vietnam's commitment to developing green and sustainable agriculture, enhancing Vietnam's reputation and position in the world.
Loan program information:
– Deployment scale: unlimited deployment scale.
– Implementation period: from now until December 31, 2030 (pilot implementation until December 31, 2025).
– Preferential interest rate: at least 1.0%/year lower than the loan interest rate of the corresponding term currently applied to each customer group.
– Beneficiaries: individuals, farming households, cooperatives, cooperative unions, and enterprises participating in the 1 million hectare rice project.
Source: https://nhandan.vn/agribank-trien-khai-cho-vay-lua-gao-chat-luong-cao-phat-thai-thap-vung-dong-bang-song-cuu-long-post847041.html
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