Proactively and actively implement policy credit programs, bringing preferential capital to the people.
Agribank has seriously and proactively implemented solutions and directed the monetary policy of the State Bank to support agricultural and rural development, effectively promoting its leading role in the banking system in providing credit and lending for agricultural and rural development. Agribank continues to effectively implement preferential credit policies to contribute to the successful implementation of national target programs and ensure social security for agriculture, farmers and rural areas.
Agribank capital contributes to the development of rural agricultural economy.
Agribank continues to implement credit programs and policies for industries, sectors, economic recovery and development programs under the direction of the Government and the Prime Minister; carry out the tasks of the banking sector to implement national target programs on new rural construction, national target program on sustainable poverty reduction, thereby promptly providing preferential credit to organizations and individuals operating in the agricultural and rural sectors.
Agribank has signed a cooperation program with the Central Office for New Rural Development Coordination in building new rural areas for the period 2016-2020, and at the same time issued documents directing each branch in the entire system to implement the cooperation program and build a pilot new rural model. Starting the pilot with 11 communes in 2011, by the end of 2012, the program had been deployed nationwide. Up to now, Agribank has provided loans to 100% of communes implementing new rural construction with nearly 8,300 communes, with loan turnover since the program was implemented of more than 4 million billion VND, outstanding loans of more than 610 thousand billion VND with more than 2.2 million customers. Agribank's capital has supported and created conditions to help the appearance of the countryside gradually change.
Agribank lends to support poor districts according to Resolution 30a/2008/NQ-CP of the Government on supporting rapid and sustainable poverty reduction, for 61 poor districts, with a total loan turnover of over 13 trillion VND, with nearly 220 thousand poor households and policy beneficiaries receiving loans from Agribank. The current outstanding loan balance at Agribank is 395 billion VND, with a total number of customers with outstanding loans of 2,759 customers; Agribank has supported interest rates for poor households and policy beneficiaries to borrow capital under the program of over 530 billion VND. Agribank's capital has contributed to creating conditions for people to increase their income, eliminate hunger and reduce poverty; contributing to reducing the poverty rate of the whole country from 14.5% in 2008 to 4.03% in 2022.
Agribank lends according to Decision 63, 65, 68 on support policies to reduce losses in agriculture. Implemented since 2011, up to now, Agribank has disbursed loans with turnover reaching over 14,400 billion VND, outstanding loans of 226 billion VND with a total number of customers with outstanding loans of over 1,200 customers.
Agribank's capital has contributed to promoting the mechanization of agricultural production, contributing to improving productivity, quality, competitiveness, meeting the domestic market and the world's leading high-end markets. Agribank lends according to Decree 67/2014/ND-CP of the Government on a number of policies for fisheries development, creating conditions for fishermen to go offshore, stick to the sea, and fish offshore in 28 coastal provinces. Agribank lends for coffee replanting: The loan turnover from the beginning of the program to date is nearly 1,000 billion VND, the current outstanding loan is 136 billion VND with a total of 246 customers with outstanding loans. Agribank's loan capital has supported people to effectively carry out coffee replanting, increase harvest productivity, increase output, contributing to making Vietnam one of the leading coffee producing and exporting countries in the world.
For cooperative loans, up to now, the total outstanding loans to cooperatives of Agribank is more than 1,630 billion VND (accounting for 15.5% of the total outstanding loans to cooperatives in the entire commercial banking system) with 653 cooperatives. The average outstanding loan balance per cooperative is 2.5 billion VND. In which, the outstanding loans are mainly concentrated in the following sectors: Agriculture, forestry, fishery; Wholesale, retail; Transportation, warehousing; Processing and manufacturing industry; Outstanding loans with collateral account for about 95% of the total outstanding loans to cooperatives.
Agribank also focuses on investing in high-tech agriculture. In particular, starting from November 2016, Agribank has implemented a preferential credit program with a minimum scale of VND 50,000 billion to serve clean agricultural production. By the end of September 2023, Agribank's loan turnover since the program began has reached over VND 30,000 billion, with outstanding loans reaching over VND 2,000 billion with nearly 300 customers.
Promote preferential credit programs to support customers to overcome difficulties.
In addition, Agribank has proactively balanced capital sources to fully and promptly meet capital needs for the agricultural and rural sectors and implemented many specific credit programs to support businesses and people to invest in developing some of Vietnam's key agricultural products such as rice and seafood. Agribank has actively implemented solutions to stabilize capital sources, reduce input costs to reduce lending interest rates to support and share with customers. Specifically: Agribank has adjusted normal interest rates 5 times, adjusted lending interest rates 3 times for priority sectors (thereby reducing the lending interest rate level by 2-4% in 2023).
Agribank actively implements interest rate support programs to help increase access to bank capital for businesses and people.
Agribank has implemented a preferential credit program for small and medium-sized enterprise (SME) customers to supplement working capital to implement customers' production and business plans, prioritizing the fields of production, processing, and trading of agricultural, forestry, aquatic products, salt production, high-tech agriculture, and clean agriculture. The preferential credit program to finance import and export customers applies to enterprises that produce and trade in export and import goods (export of rice, meat, seafood, coffee, agricultural products, handicrafts, etc.; import of beverages, fertilizers, machinery and equipment, gasoline, cosmetics, construction materials, etc.).
Preferential credit program for forestry and fishery sectors for legal entities and individuals with projects/plans serving production and business activities in the forestry and fishery sectors. Consumer loan program for health sector staff with preferential loan interest rates up to 1.5%/year lower than current interest rates, depending on the loan term. Preferential consumer loan program for cadres, civil servants, public employees and workers receiving salaries from the state budget who need consumer loans to serve their living needs.
In addition, Agribank also actively implements interest rate support programs according to Decree No. 31/2022/ND-CP; Social housing loan program according to Resolution 33/NQ-CP; Restructuring debt repayment terms and maintaining debt groups to support customers facing difficulties in production and business activities and customers facing difficulties in repaying loans for living and consumption needs according to Circular 02/2023/TT-NHNN dated April 23, 2023 of the State Bank...
By June 2023, Agribank's outstanding loans to the agricultural and rural sector reached over VND 900,000 billion, accounting for 64% of the total outstanding loans to the economy and continuing to lead the banking sector in investing in the "Tam Nong" sector. Agribank has made persistent efforts to bring the Government's preferential credit policies to the people, especially poor households and policy beneficiaries nationwide, providing people across the country with the opportunity to access official preferential capital sources from the State, thereby improving the quality of life.
At the same time, closely following the Party's guidelines, the Government's and the State Bank's instructions on the task of building and developing the economy in association with national defense and security, Agribank has directed the effective implementation of the fisheries development policy, green credit policy, allocating appropriate resources to provide credit for projects and production and business plans that are friendly to the environment, coastal areas, contributing to the development of sea areas based on the advantages of natural conditions, harmonizing conservation and development, an important goal of the Vietnam Sea Strategy. Investing and lending for research projects, applying environmental protection solutions, sustainable development, investing in "Green Credit", "Clean Agriculture", lending for development, economic growth with ensuring national defense, security, firmly protecting national sovereignty and islands.
Huong Giang
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