SBV provides hi-tech farming credit package with many incentives

The State Bank of Vietnam (SBV) on Tuesday decided to provide a credit package for hi-tech applied and clean agriculture with lot of incentives.

Hi-tech farming without soil at Kien Tuong agricultural company (Photo: SGGP)

Hi-tech farming without soil at Kien Tuong agricultural company (Photo: SGGP)

According to a loaning program, in accordance with a Government resolution to develop hi-tech farming, borrowers comprise legal entities and individuals in need of funds to implement hi-tech projects.
Norms on hi-tech projects are stipulated at Decision 738 by the Ministry of Agriculture and Rural Development in March.
Commercial banks will provides short, medium and long term loans in Vietnamese dong with the interest rate 0.5-1.5 percent lower than annual normal rate for the same terms of the banks.
Mortgage item will be negotiated by customers and the banks and customers can use properties built from the loans they get under the program for collaterals.
In case customers meeting with difficulties in paying debts because of objective and majeure reasons, commercial banks will consider restructuring payment deadline to suit customers’ payment ability.
When restructuring the payment time, creditors will provide those having feasible production and trading projects with new loans.
Basing on their current regulations and financial capability, lenders will consider other assistance measures to help customers remedy difficulties and restore production and trading. For instance interest and overdue interest payment will be exempt or reduced and banks will reclaim original debts first and interest debt later.

By HAM YEN – Translated by Hai Mien

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