BIDV provides US$669 million loans to dairy, beef businesses

The Bank for Investment and Development of Vietnam (BIDV) yesterday announced that it has launched a credit package worth VND15 trillion (US$669.05 million) to assist businesses from beef and dairy industries to implement their hi-tech applied projects.

A dairy farm in HCMC (Photo: SGGP)

The bank made the announcement at a seminar on Vietnam’s beef and dairy industry development hosted by BIDV, the Australia and New Zealand Banking Group (ANZ) and Meat and Livestock Australia Limited (MLA) in Hanoi.

Stating at the event, Deputy Prime Minister Hoang Trung Hai appreciated the cooperation relationship between Vietnam and Australia in many fields.

Australia has invested in large and modern agricultural projects, contributing to change of Vietnam’s agricultural industry structure.

Seventy percent of Vietnamese population is living in agricultural areas but the country has to import some products in big volume. Last year, Vietnam imported up to 240,000 beeves mainly from Australia and 1.5 million tons of milk raw material.

Therefore, he proposed Vietnamese and Australian businesses to closely work together on sustainable development of the dairy and beef industries, set up large scale production model, apply science and technology and improve added value in enhancement of global integration.

By Bao Minh – Translated by Hai Mien

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