Govt Funds Coffee Stocking

The Ministry of Finance has recently issued the Circular No. 83/2010/TT-BTC dated June 8, 2010 for guidance of supporting interest rates for loans to purchase coffee for storing purposes in the 2009-2010 crop. The Vietnam Bank for Agriculture and Rural Development (Agribank) will finance this programme.

 

Borrowers must show required documents and conditions for the soft loan in the 2009-2010 crop. The coffee storage period lasts until October 15, 2010. The borrowers who purchase coffee for storage purposes will receive loans with supporting lending rates at Agribank from the purchasing date to the selling date, but before October 15, 2010.

 

The Ministry of Finance will review borrowing applications and help enterprises complete the procedure. The supporting interest rate is 6 percent per annum. This support is written on the other incomes items on the balance sheet and is levied corporate income tax as stipulated by the laws.