Agribank Provides VND10,000 billion for Agricultural Loans

The Bank for Agriculture and Rural Development of Vietnam - Agribank has publicised loans of VND10,000 billion for rural agriculture, focusing on buying food, agricultural and aquatic products, fertilisers and developing household businesses. This is a new move from the Agribank to help implement efficiently the “Three agricultural issues” policy initiated by the Party and the Government.

More than VND176,000 billion out of the VND252,000 billion of the current debt balance (around 70 percent) is spent on agriculture, rural area and rural people. Therefore, with VND10,000 billion, Agribank is planning to pour thousands of billions of dong into the agricultural and rural sectors while reducing their lending rates for those who work in agricultural and rural development.

 

Agribank is presently one of the first banks to reduce its lending rates and share the burden with its customers in order to boost production, stabilize the macro economy and assure social safety and sustainable development. Specifically, Agribank cut its lending rates from 21 percent to 20.5 percent and now to 19.8 percent for Vietnamese dong, from 10 percent to 8 percent and now to a minimum of 7.2 percent for U.S dollars over 2,200 at its branches and transaction offices nationwide on July 17, 2008.