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BIDV helps farmers stockpile rice

Update: March, 20/2012 - 10:27

HA NOI — The Bank for Investment and Development of Viet Nam (BIDV) will lend about VND150 billion (US$7.1 million) to traders in the Cuu Long (Mekong) Delta provinces to purchase rice for their reserves.

The loans, expected to help traders buy about 18,000 tonnes of rice, are part of a programme designated to buy a million tonnes of rice for reserves between March and April under the latest Government instruction.

The aim is to help local rice growers sell at reasonable prices for a bumper harvest.

Rice traders who are part of the programme will enjoy a preferential interest rate of 14 per cent per year for the loans made between March 15 to June 15.-VNS

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