Dak Nong Agricultural Cooperatives and opportunities to access credit capital

Mr. Hoang Huu Ha, Head of Enterprise Department, Agricultural Bank (Agribank) Dak Nong Branch said that the biggest difficulty for cooperatives in accessing capital is the issue of financial reporting.

Therefore, cooperatives need to be financially transparent to facilitate access to loans for production development. Cooperatives must be transparent and connected with banks and tax authorities. If these conditions are met, cooperatives in need of loans should go directly to the Agribank Dak Nong Business Department to complete the procedures.

Dak Nong Cooperative Union coordinates with training units to support cooperatives in accessing loans to develop agricultural production and business.

Mr. Bui Ngoc Toan, Head of Credit Department, Vietnam Cooperative Development Support Fund shared that the fund mainly serves the development of cooperative-related customers.

Currently, the fund regulates the time for processing loan applications quickly. In particular, when the fund receives a complete loan application from a customer (after assessing the actual loan), it will provide short-term loans within a maximum of 5 working days, medium-term loans within 10 days, and long-term loans within 15 days.

The approval time and loan decision are publicly posted at the fund's headquarters. In case of no loan, the fund will respond in writing when requested by the customer.

Mr. Bui Ngoc Toan, Head of Credit Department, Vietnam Cooperative Development Support Fund, said that the fund has preferential interest rates suitable for many cooperatives in Dak Nong.

Mr. Toan said that the fund's current interest rate for short-term loans in priority areas is 4%/year, and for medium and long-term loans is 4.7%/year.

Interest rates in other sectors for short term are 4.6%/year, medium and long term are 5.2%/year. Interest rates for short and medium term loans are fixed throughout the loan term.

For fixed long-term loan interest rates for the first 5 years, after 5 years, it is determined according to the medium and long-term loan interest rates applicable at the time of adjustment.

The fund gives priority to interest rates for agricultural and rural development according to Government regulations. Projects and plans for export business and supporting industry development according to Government regulations on supporting industry development. The fund for business services of cooperatives and cooperative unions applying high technology is given priority.

“Dak Nong cooperatives are developing production and business with many opportunities to access funds. In recent years, we have closely coordinated with the Dak Nong Cooperative Union to implement loan procedures from the fund well,” Mr. Toan emphasized.

In 2025, Dak Mil Agricultural and Forestry Cooperative, Dak Mil district, received a loan of over 200 million VND from the Cooperative Development Support Fund to develop production and business.

From 2014 to present, the Cooperative Development Support Fund has lent over 19.7 billion VND to 58 cooperative groups and cooperatives with 173 members. Of which, in 2024, the total disbursement to cooperatives is over 2.7 billion VND.

Dak Nong currently has 14 credit institutions lending to the collective economic sector. Mr. Bui Hoa Tham, Vice President of the Dak Nong Cooperative Union, said that in recent years, only about 2% of cooperatives nationwide have access to capital from credit institutions; about 10% of cooperatives have borrowed capital from central and local funds.

Most cooperatives operating in the agricultural sector need access to loans to develop production and business. Therefore, the Provincial Cooperative Union will step up support for cooperatives to access credit capital.

Mr. Bui Hoa Tham, Vice Chairman of Dak Nong Cooperative Union, said that the provincial Cooperative Union is ready to coordinate with relevant units to support cooperatives in accessing capital sources.

“In the past two years, the Provincial Cooperative Union has actively advised the Provincial People's Committee and coordinated with relevant units to issue documents and credit policies to support the development of the collective economy. Cooperatives that have accessed capital have invested in innovation in technology, production equipment... thereby increasing productivity, product quality, and enhancing competitiveness in the market,” Mr. Tham informed.

Dak Nong has 259 cooperatives operating in the agricultural sector, with a total charter capital of about 266 billion VND. Agricultural cooperatives have 10,601 members (including associate members) and 4,831 regular employees.

Source: https://baodaknong.vn/hop-tac-xa-nong-nghiep-dak-nong-va-co-hoi-tiep-can-von-tin-dung-247830.html