The State Bank of Vietnam has instructed four commercial banks to provide businesses with low interest loan to buy and stockpile seafood in dead fish affected provinces in the north central region.
|Fish catch in Quang Binh province (Photo: SGGP)|
The program is in accordance with the Prime Minister’s instruction on urgent aid to citizens in the four provinces and will cover owners of seafood businesses, traders and logistics vessels, who will buy and stockpile seafood products caught in waters determined to be safe by the Ministry of Agriculture and Rural Development.
It will be applied to loans disbursed from May 5 until June 5 this year. Interest rate will be the lowest short term rate in priority fields and not exceed 7 percent a year. The state budget will assist businesses with 100 percent of the interest within six months starting on disbursement day.
Loan deadline will be negotiated by the banks and their customers to suit the time to preserve and consume seafood.
The four banks include Vietnam Bank for Agriculture and Rural Development (Agribank), Bank for Investment and Development (BIDV), Bank for Foreign Trade (Vietcombank) and Bank for Industry and Trade (VietinBank).