Prime Minister Pham Minh Chinh has just signed and issued Directive No. 10/CT-TTg dated March 2, 2024 on promoting sustainable, transparent and effective production, trading and export of rice in the new situation.
HDBank Investor Conference: Continuing to orient towards high and sustainable growth
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In particular, the role of commercial banks is once again highlighted with the task of "creating favorable conditions for people and businesses to access credit sources with preferential interest rates, meeting credit needs for rice purchasing and rice export, especially purchasing commercial rice in the 2023-2024 Winter-Spring crop in the provinces of the Mekong Delta".
The banking sector’s mission for the development of agriculture and the lives of Vietnamese farmers has been affirmed. Specifically, Agribank, with more than 3 decades of active companionship and support for agriculture and rural areas, and together with many other banks, has contributed to changing the face and life of rural areas today.Abundant capital for agriculture and rural areas
By the end of 2023, the total outstanding debt of the economy is about 13.4 million billion VND, of which the rural agricultural sector accounts for about 1/4 of the outstanding debt of the whole economy. In recent years, the credit growth rate for rural agriculture has been maintained at a high level, reaching 10-12% annually and is one of the 5 priority lending sectors of the banking sector. The banking sector has many policies directly supporting the rural agricultural sector.
The banking sector's policies also apply to each region, such as separate mechanisms for the Mekong Delta with rice, shrimp, and fish; for the Central Highlands with coffee and industrial crops; for the Northern mountainous region, the Red River Delta, etc., there are also appropriate policies. In addition, when there are natural disasters, epidemics, and difficulties related to agriculture, the bank always provides timely support.
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| HDBank offers many incentives on fees and interest rates for individual customers and businesses operating in specialized fields: pepper, coffee, cashew, rice, etc. |
Large capital flows continue
Among the 80 credit institutions and nearly 1,200 people's credit funds with a nationwide network currently participating in agricultural and rural lending, HDBank has made its mark with a unique path.
Over the years, HDBank has successfully financed large-scale chains such as Loc Troi chain, CP chain, Unilever chain, etc. This is also an area where small and medium-sized enterprises (SMEs) and household businesses are concentrated, and HDBank is spending tens of thousands of billions of VND to meet outstanding loans.
Most recently, from March 2024, HDBank has deployed a disbursement limit of nearly VND 5,000 billion for Loc Troi - Vietnam's leading agricultural service group with the purpose of supplementing working capital (payment/advance payment for rice purchase), guarantee for material agents, purchasing, issuing LC, post-delivery export financing for food export business activities; focusing on meeting capital needs for the 2023-2024 Winter-Spring harvest season in the Mekong Delta region.
Along with Loc Troi's existing chain financing program, HDBank's above credit package will help farmers and businesses in large agricultural value chains have more capital for production and business, implement appropriate farming restructuring projects, and ensure sustainable agricultural development.
Previously, in December 2023, on the occasion of the launch of HDBank Rural Services with the outstanding product of HDBank Rural App, HDBank launched the "Rural agricultural loans" promotion for individual customers registering for new loans through the Collaborator program on HDBank Rural app.
Accordingly, HDBank offers preferential loan interest rates of 0%/year in the first month; 4.5%/year in the first 6 months; 6.5%/year in the first 12 months; 8.5%/year in the first 24 months. This is a good interest rate with a large and unlimited preferential loan amount.
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| At the 8th Congress of the Vietnam Farmers' Union (December 2023), HDBank launched for the first time the HDBank Rural Service - a specialized and superior financial solution, integrating smart technology with the preferential program "Rural agricultural loans" with 0% interest rate. |
Diversify distribution channels to get closer to farmers
Along with the previously built HDBank website of 63 provinces and cities, HDBank Rural Service is a specialized and superior financial solution, integrating smart technology, aiming to provide financial solutions to serve customers in rural areas, promote the enhancement of financial management skills and digital skills in the community, as well as expand the access channel to increasingly convenient banking and financial services to farmers across the country.
In 2023, HDBank will also cooperate with the Agricultural Trade Promotion Center (Agritrade) and TikTok Vietnam to jointly implement the national One Commune One Product (OCOP) program, promote and trade agricultural products of localities on digital and e-commerce platforms, and guide people to apply cashless payments.
For many years, HDBank has accompanied the Vietnam Rice Festival. In particular, in 2023, HDBank closely accompanied the Vietnam - Hau Giang International Rice Festival , a special event of the key industry with new records.
Along with other green credit activities, lending to rural agriculture also means that the bank joins hands with the State in the journey of poverty reduction, environmental protection, sustainable development... in a strong commitment to promote the implementation of the ESG strategy that HDBank has been steadfast in for many years.
P. Nguyen
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