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VietNamNews

BIDV offers loan for high-tech farming

Update: March, 15/2017 - 09:00

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.VNS

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