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BIDV offers VNĐ10 trillion loan for high-tech agriculture

Update: March, 14/2017 - 16:00
BIDV offers a preferential loan of VNĐ10 trillion to hi-tech agriculture projects. — Photo cafef.vn
Viet Nam News

HÀ NỘI — The Bank for Investment and Development of Việt Nam (BIDV) will offer preferential loans up to a total of VNĐ10 trillion (US$439 million) this year to support high-tech agricultural businesses.

Customers can choose from different loan packages, with the interest rate of 6.5 per cent per annum for loans less than 12 months and 7.5 per cent for more than 13 months.

Companies and agricultural production establishments will be given loans to invest in agricultural machines and equipment, expand production scale, buy fertilisers and spend on irrigation, harvesting and plant protection products.

The development of hi-tech agriculture is considered as one of the Government’s key agendas.

Last month, Prime Minister Nguyễn Xuân Phúc asked the State Bank of Việt Nam (SBV) to increase the preferential credit package for high-tech agricultural firms to VNĐ100 trillion from VNĐ60 trillion. Agriculture is one of the pillars of the country’s economy, and the central bank should direct commercial banks to provide more support and raise the limit of credit packages, the PM said.

Phúc said he wanted more attention paid to developing human resources geared towards high-tech agriculture, and to expanding markets, promoting trademarks and improving packaging, thus ensuring stable consumption.

The SBV is also required to amend and supplement the Government Decree No 55/2015/NĐ-CP dated June 9, 2015, on credit policy for agricultural and rural development, which aims to motivate enterprises investing in agriculture, especially high-tech agriculture, and issue medium-term credit for agricultural investors. — VNS

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