The 13th National Congress documents also determined: Continue to effectively implement the policy of restructuring agriculture, developing agriculture, rural economy associated with building new rural areas in the direction of ecological agriculture, modern rural areas and civilized farmers. 35 years of steadfastly walking with the three rural areas, Agribank has always been steadfast in its role as a "midwife" in the agricultural and rural credit market, making joint efforts with the Party, the State and the whole society to realize the development goal of taking agriculture as the root, as the fulcrum for the industrialization and modernization of the country.
| Increase capital for agriculture and rural areas. Concentrate capital for agriculture and rural areas. |
Key factor in capital investment for development of "three agriculture"
Sharing at the 8th Congress of the Vietnam Farmers' Union , Mr. Le Hong Phuc, Deputy General Director of Agribank said that in order to implement the Party and State's policies on agricultural, rural and farmer development according to Resolution 26 of the Party and Decree 55 of the Government, Agribank and the Vietnam Farmers' Union have signed Inter-sectoral Agreement No. 01/TTLN-HND-AGRIBANK to coordinate the implementation of transferring loan capital and payment services to households and individuals through the loan group model, meeting the needs of production, business, service and consumption development, increasing income and improving living standards.
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The close coordination between Agribank and the Vietnam Farmers' Association has brought about positive results with 07 credit policies, 02 national target programs on new rural construction and sustainable poverty reduction, achieving remarkable figures: 100% of communes with 4 million billion VND in loans for new rural construction; 637 thousand billion VND in outstanding loans with 2.2 million customers with outstanding loans; 1 million overdraft cards supporting the borrowing needs for payment transactions for purchasing goods and consumption of customers in agricultural and rural areas deployed directly to customers or through the loan group model.
Implementing the State's policy, each year, Agribank spends thousands of billions of VND to apply preferential interest rates to agricultural production. In 2023 alone, Agribank has adjusted the normal interest rate 5 times, adjusted the priority sector lending interest rate 3 times, thereby reducing the lending interest rate level by 2-4%. Agribank's capital has supported and created conditions to help the rural landscape gradually change, and people's lives improve.
For a sustainable agriculture
Along the S-shaped strip of land, many large-scale agricultural production models, high-tech agricultural enterprises, clean agriculture, and high-quality agricultural products have gradually been formed from Agribank's loans. To date, Agribank's lending turnover for clean agriculture and high-tech agriculture has reached over VND25,000 billion, accounting for 50% of the total investment capital for this sector. Agribank also participates in financing and providing banking products and services to subjects under the Project "Sustainable development of 1 million hectares of high-quality and low-emission rice cultivation associated with green growth in the Mekong Delta by 2030".
Agribank's support for the effective implementation of the Project contributes to realizing the goal of forming one million hectares of specialized areas for high-quality, low-emission rice cultivation associated with reorganizing the production system according to the value chain, applying sustainable farming processes that adapt to climate change, and reducing greenhouse gas emissions. Thereby, improving the income and living standards of rice growers, ensuring national food security, social stability, improving the quality and reputation of Vietnamese rice products in the world market and moving towards a transparent, responsible and sustainable rice industry.
In addition, Agribank also cooperates with the Vietnam Farmers' Association to implement plans to support farming households to access loans in the right direction, limiting black credit in the socio-economy.
With persistent determination such as promoting product and service development with 68 mobile transaction points using specialized cars in 345 communes; developing card services with 18 million domestic debit cards and Loc Viet cards. Digital banking serves the payment transaction needs of 24 million customers, more than 3.6 million loan customers; implementing a lending program of 5,000 billion VND under the direction of the Government, the State Bank, lending without collateral, disbursement procedures on the same day... "Agribank is ready to arrange enough investment capital for loans to meet loan needs according to regulations; creating conditions for people and businesses to access loans quickly and most conveniently to develop agriculture and rural areas", Agribank leaders affirmed.
In order to improve the operational efficiency of loan groups, Agribank and the Farmers' Association are coordinating to manage the operations of 25,000 loan groups associated with the digital banking model. At the same time, measures are being taken to improve the operational efficiency of loan groups; strictly comply with regulations on loan group operations, limit credit risks; strengthen the inspection and supervision of banks and Farmers' Associations at all levels over the operations of loan groups. Many synchronous and drastic solutions have been implemented by Agribank to ensure that credit capital reaches the right, accurate, and widespread target customers in rural areas, making continuous efforts for a sustainable Vietnamese agriculture.
Over the past years, thanks to the active and focused coordination between Agribank and Farmers' Associations at all levels, policy credit programs, clean agricultural development, green agriculture, high-tech agricultural production, construction of specialized agricultural production areas, and large-scale fields have effectively brought about economic restructuring in agricultural production, supporting resources for new rural construction.
On the next journey, Agribank is always ready to accompany the people, join hands to support capital, connect the market, and contribute more to the development of agriculture, farmers, and rural areas assigned by the Party and State.
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