Central bank announces $4.41 billion credit package for agriculture

The State Bank of Vietnam (SBV) will instruct commercial banks to provide a credit package worth VND100 trillion (US$4.41 billion) in April for hi-tech farming projects in accordance with the Government’s instruction.

Golden honeydew melons grown at HCMC High-Tech Agricultural Park (Photo: SGGP)

In an announcement sent yesterday, SBV said that the package would offer yearly interest rate 0.5-1.5 percent lower than normal.

Commercial banks have been willing to support the policy and registered over VND100 trillion for efficient and feasible projects with suitable preferential interest rates.

The program is not subject to state assistances so loaning must abide by regulations, SBV said. Projects must operate efficiently and meet hi-tech farming regulations by the Ministry of Agriculture and Rural Development.

According to SBV, loaning hi-tech project investors has meet with difficulties in need of solving such as collaterals to develop the field.

In addition, hi-tech projects usually have large value with long capital recovery time. So authorized agencies should have a development direction for this field, estimate and forecast target markets to make investment projects proficiently.

By Nhung Nguyen – Translated by Hai Mien

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