Agribank to increase loans for agricultural sector

The Agriculture and Rural Development Bank (Agribank), the largest State-owned commercial bank in Vietnam, has announced an increase in loans for the agricultural sector.

Agribank plans  to allocate VND2,300 for rubber sector ( Photo: U. Phuong)

Agribank said it will increase loans for the agricultural sector by 18 per cent. In addition, it will improve conditions for accessing loans so that farmers have little or no difficulty, said Nguyen Ngoc Bao, the bank’s chairman.

Specifically, the bank will allocate VND10 trillion (US$ 483 million) for short-term crop loans, out of which VND 5,400 billion will be given to rice farmers, VND350 billion for maize farmers, VND1,300 billion for sugarcane farmers, VND200 billion for vegetable and bean farmers and VND2,750 billion for other plants or crops.

Moreover, the bank will allocate a total of VND20,950 billion for the food processing sector, which includes a short-term loan of VND18,500 billion and a long-term loan of VND2,450 billion.

The bank also plans to allocate VND12,100 billion for the aqua-products sector in 2012; VND3,800 billion for the coffee sector; VND2,300 for rubber; VND1,600 billion for cashew and pepper; VND1 trillion for tea; and VND13,300 billion for cattle breeding.

Agribank will also allocate VND2,478 billion for losses incurred by farmers after harvest, as per Prime Minister’s directive.

By B. Minh - Translated by Uyen Phuong

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