Agribank finances credit programme for hi-tech agriculture
Agribank finances credit programme for hi-tech agriculture
The Viet Nam Bank for Agriculture and Rural Development, or Agribank, is piloting a credit programme that encourages customers to apply sciences and high technology in agricultural production.
The bank made this announcement late last week following directives from the Government and the State Bank of Viet Nam (SBV).
Within the programme, it offers the maximum annual interest rates of 7 per cent for short-term loans, 10 per cent for medium terms, and 10.5 per cent for long terms.
It applies these for businesses, cooperatives and farmer households which sign contracts to connect production, processing and distribution phases for farm produce. Enterprises certified by the Ministry of Agriculture and Rural Development as hi-tech agricultural firms are also included.
Agribank has already signed in principle contracts with three companies in the southern province of An Giang and a firm in the Central Highlands province of Lam Dong, to disburse loans worth over VND411 billion, or US$19.57 million, as part of the scheme.
"The pilot project will open a new path in terms of high economic efficiency that will facilitate strong and sustained development in the domestic agriculture sector in the future," the SBV wrote on its website.
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