The central bank has instructed banks based in the Mekong Delta to prioritize lending to the catfish and rice sectors following Prime Minister Nguyen Tan Dung’s instructions.
|Processing catfish for export|
The governor of the State Bank of Viet Nam, Nguyen Van Giau, held a meeting with banks and provincial leaders from Tien Giang, Long An, An Giang, Kien Giang, Hau Giang, Tra Vinh, Vinh Long and Lam Dong provinces on August 18-19.
He ordered the banks to lend to processors for buying tra and basa catfish and to exporters for buying rice.
This comes on top of the VND838 billion (US$50.2 million) they have lent until the end of July to buy 141,596 tons of rice.
He told state-owned and joint stock banks to lend to rice buyers at prime rates.
The Vietnam Bank for Industry and Trade (VietinBank) has earmarked VND5.5 trillion ($300 million) for lending to firms buying summer-autumn rice for export.
The prime rates are expected to be in the band of 19.8 to 20.5 percent per year.
These are 0.7 percent per year lower than the non-prime rate.