Vietnam State Bank extends Crédit Agricole to seven billion dollars
Vietnam State Bank (BEV) has increased total credit ceiling for agriculture, forestry and aquaculture sectors to 185,000 billion Dôngs (about seven billion dollars), as part of a program to stimulate the growth and sustainability of these essential sectors.
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| Rice harvest in the province of An Giang (Mékong Delta). |
| Photo : VNA/CVN |
The announcement was made through document 8333/NHNN-TD de la BEV, which enjoins credit institutions to continue to grant preferential loans to customers carrying projects or viable business plans in these sectors.
This initiative is part of the wider strategy of the central bank aimed at stimulating rural development, the resumption of production and exports.
Under this updated policy, participating banks are required to offer lower interest rates at least one to two percentage points at their average interest rates for equivalent durations (short, medium or long term). This guarantees borrowers more advantageous financing conditions than standard credit offers.
Currently, 18 banks participate in the program. Among them, large public commercial banks such as Agribank, Bidv, Vietink and Vietcombank, as well as MB and 13 other private banks. Each bank is responsible for monitoring loan disbursements, monitoring the results of the implementation and ensuring compliance with the conditions of the program and commitments in terms of interest rate.
BEV has also invited other commercial banks to participate in the initiative, thus promoting wider access to capital in the agricultural sector.
The credit support program has already recorded measurable success. To date, nearly 23,800 customers have benefited from loans from participating banks, helping them maintain or develop their activities despite economic difficulties.
To meet growing demand, the BEV gradually noted the credit limit of the program, from 15,000 billion Dôngs initially in 2023 to 30,000 billion Dôngs, then to 60,000 billion Dôngs, then to 100,000 billion Dôngs, and finally to the current record amount of 185,000 billion Dôngs.
The field of application of eligible borrowers has also been widened and now includes a wider range of customers active in agricultural, silvicultural and aquaculture production, as well as in business planning.
The BEV stressed that expanding access to credit and the relaxation of financing conditions are essential to overcome commercial obstacles, in particular in rural and underdeveloped areas. These efforts should significantly contribute to the long -term sustainability of the sectors of agriculture, forestry and aquaculture of Vietnam, while fueling the broader economic growth of the country.
VNA/CVN
