Agribank Lowers Rates on Loans for Rice Stockpiling

In response to Government Decision 812/QD-TTg dated July 2, 2012 and the State Bank of Vietnam’s Document 4157/NHNN-TD dated July 9, 2012, the Vietnam Bank of Agriculture and Rural Development (Agribank) issued Document 6577/NHNo-KHTH concerning reductions in interest rates on loans for purchasing food for temporary storage.

 

Accordingly, food companies assigned to purchase foods for temporary storage, which lasts no more than three months, will be offered at most 11 percent per annum from 11.5 percent.

 

This is the second document Agribank issued to instruct its branches to lend rice-hoarding purchases under the guidance of the government. As of August 10, 2012, the lender funded over VND280 billion for food purchases as directed in the mentioned Government Decision 812.