Since the Government’s subsidized lending came into effect, the number of agricultural machines being bought by farmers has sharply increased, said the ministries of Agriculture and Rural Development, and Industry and Trade recently.
|Farmers are able to access the Government's subsidized loans to buy agriculture machinery.|
Vietnam Engine and Agricultural Machinery Corporation has seen the number of water pumps being sold increase by over four times compared to the same period last year, a three-fold increase in insecticide sprayers and 50 percent increase in tractors and mowers.
Trading villages and other manufacturers have also seen an increase in orders.
Under the prime ministerial Decision 497/QD-TTg, the Government provides interest-free loans to farmers for production related machinery and tools, such as tractors and computers.
The policy also offers farmers four percent one year loans to buy fertilizers, pesticides and construction materials.
The loan period is 12 and 24 months.