The seminar recently took place in An Giang, co-organized by Agribank Insurance, the Department of Cooperative Economics (Ministry of Agriculture and Natural Resources and Environment), An Giang Department of Agriculture and Natural Resources and Environment, Agribank An Giang and GIZ.
“2 in 1” solution package
Director of Agribank An Giang - Tran Van Soul said, Agribank is the main bank serving "three farmers". In An Giang alone, outstanding loans for agriculture account for over 70%, mainly for rice production. Agribank is pioneering the implementation of a credit program to serve the 1 million hectare rice project. The role of insurance in this chain is to "preserve credit capital", creating a "closed circle of protection": Agribank - credit investor: Provides capital for farmers and cooperatives participating in the 1 million hectare rice project; Agribank Insurance: Provides protection solutions for farmers' loans and assets. When risks occur, Agribank Insurance pays compensation, farmers have money to repay bank loans and reproduce, thus the credit flow is not interrupted. Representatives of Agribank An Giang pledged to continue expanding credit for the rice industry and closely coordinate with Agribank Insurance to spread the model, helping people "have stable capital - peace of mind in production - protect the golden season".
To implement this value chain, Agribank Insurance has designed a comprehensive financial - insurance solution package, closely integrated "two in one" with Agribank's credit packages. And recently, at least 05 households in An Giang have benefited from this value chain. Specifically, Agribank Insurance has coordinated with GIZ to pilot rice crop insurance at 11 Cooperatives in An Giang. During the heavy rains on August 21-22, 2025, 5 households had rice growing areas damaged. Agribank Insurance promptly worked with the people to collect documents and pay compensation of 61,865 million VND to households in Phu An Hung Cooperative. The significance of this compensation lies not only in its material value, but also in its spiritual encouragement and timely capital source to help people restore production and stabilize their finances during the crop season.
Also at the event, Agribank Insurance paid nearly 350 million VND to families participating in Credit Security, further emphasizing the humane meaning of the comprehensive insurance package. This affirms the commitment to protect the entire production force, helping families of insured people pay off bank debt when they unfortunately encounter unexpected risks to health and life - the pillars of production, ensuring social security.
Deputy Secretary and Chairman of the People's Committee of An Phu Commune (An Giang) Nguyen Xuan Tien affirmed that this payment is a "great source of spiritual encouragement" for the people in the area. The local government pledged to closely coordinate with Agribank and Agribank Insurance to "increase propaganda and dissemination to each household" about the benefits of insurance.
To let people proactively protect themselves
The event that 05 households in An Giang received compensation from Agribank Insurance for damage to their rice crops mentioned above has shown the practical economic and social security values of the linkage chain between Agribank and Agribank Insurance. However, there are still many difficulties and challenges for these values to spread more widely and strongly.
Agribank Insurance Board Member Do Minh Hoang said that Agricultural Insurance is identified as an effective risk management tool. However, implementation still faces many challenges: The legal framework (Decree 58/2018/ND-CP) is still inadequate, the list of supported crops and livestock is still narrow, and procedures are not simplified for farmers to easily access. Current policies only focus on social security (support for poor households) but do not serve large-scale commodity production; production depends on weather and epidemics, so it is difficult to accurately determine the cause and extent of damage, leading to high risks of profiteering, making insurance companies hesitant. Along with that, we lack a common database on production, risks, weather, etc., making product design, risk assessment and loss assessment difficult; fragmented production and small-scale production increase insurance implementation costs and make it difficult to control technical processes.
With the above difficulties and shortcomings, many delegates agreed that the key solution is the synergy of the Agribank – Agribank Insurance ecosystem. This closely linked value chain will both minimize risks for farmers and ensure capital security for banks.
Agreeing with the above viewpoint, Head of Poverty Reduction and Social Security Department, Department of Cooperative Economics Dinh Thi Hoa, highly appreciated the experience and extensive network of Agribank Insurance, and at the same time suggested that Agribank Insurance continue to improve its products to better serve the 1 million hectare rice project.
From the perspective of the unit directly implementing the 1 million hectare rice project, Deputy Head of the Department of Economic Cooperation and Rural Development Tran Hung Thanh (Department of Agriculture and Environment of An Giang province) also emphasized the important role of agricultural insurance for rice production in particular and the entire agricultural sector in general. Mr. Thanh especially noted that for insurance to truly come into life, the key lies in propaganda and dissemination work. It is necessary to make people clearly understand the rights and practical benefits that insurance products bring, thereby proactively participating to protect their own livelihoods.
Source: https://daibieunhandan.vn/giai-phap-tai-chinh-bao-hiem-toan-dien-cho-de-an-1-trieu-hec-ta-lua-10393853.html
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