At the recent conference connecting banks and businesses in the agricultural sector held in Ho Chi Minh City, Mr. Hoang Minh Ngoc, Deputy General Director of Agribank, said that since the beginning of 2024, the bank has launched 6 preferential credit packages for businesses and farming households. For example, Agribank is implementing a short-term credit package of 20,000 billion VND for customers in the import-export sector, with interest rates starting from only 2.6%/year.
| Banking sector continues to promote agriculture and rural development Solving capital problems for high-tech agriculture |
As of the end of September 2024, Agribank branches in Ho Chi Minh City had lent VND993.4 billion to nearly 1,350 customers. Of which, VND961 billion was lent to the forestry and fishery sectors; VND13.4 billion was lent to clean agriculture and high-tech agriculture, and VND19 billion was lent to OCOP organizations.
District leaders in Ho Chi Minh City highly appreciated the role of Agribank in meeting the capital needs of the rural agricultural sector in a timely manner. As of the end of September 2024, the outstanding loans in this sector in the area reached nearly VND 345,600 billion, meeting the capital needs of about 2 million customers. Of which, about VND 116,000 billion were directly lent to farmers and businesses in the rural agricultural sector.
According to the assessment of the State Bank of Vietnam, Ho Chi Minh City branch, the agricultural credit packages being implemented by commercial banks have a strong spillover effect. The common feature of these credit packages is that enterprises, cooperatives, and business households can borrow capital with preferential interest rates, diverse and flexible loan terms, suitable for the characteristics of agricultural and rural production. Therefore, they bring high efficiency, promoting suburban economic growth.
Mr. Vu Xuan Dung, representative of the Department of Rural Development (Department of Agriculture and Rural Development of Ho Chi Minh City) said that bank credit plays an important role in agricultural production development programs, urban agricultural restructuring and new rural construction in the suburbs. In the period of 2011-2021, Ho Chi Minh City used the investment budget and subsidized loan interest of more than VND 8,455.2 billion for businesses, households and cooperatives borrowing from banks in the policy of supporting the restructuring of the city's agricultural economy.
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| In recent years, thanks to loans to shift the economic structure of urban agriculture, many households in Ho Chi Minh City have been successful with high-value crops. |
The Department of Agriculture and Rural Development is proposing to the People's Committee of Ho Chi Minh City to continue to allow the application of the provisions of Resolution No. 98/2023/QH15 to arrange the budget to subsidize interest rates, in order to create a policy mechanism for businesses and households to borrow capital from commercial banks to develop rural agriculture.
Mr. Vu Xuan Dung said that enterprises, households, cooperatives, and cooperative groups in the agricultural sector can access financial incentives through many other policies, such as: Capital support policy from the Cooperative Capital Support Fund, Interest rate support policy for investment projects lent by Ho Chi Minh City State Financial Investment Company (HFIC) in priority areas; Support policy for seed production development projects; Support for linking production and product consumption... Or Agribank has signed a cooperation agreement with HFIC, according to the agreement, the two sides will coordinate to provide syndicated loans according to the current credit mechanism within the scope of projects lent by HFIC in priority areas of socio-economic development in the area, including capital lending programs and using banking services.
Although the proportion of the agricultural sector contributing to the total regional product (GRDP) in Ho Chi Minh City is currently only about 0.4%, with more than 2 million people living on agricultural land, banks also focus on promoting credit products and services in this sector. Because the agricultural sector in the suburbs of Ho Chi Minh City is determined to develop clean agricultural products and high-tech agriculture, the demand for capital is very large.
Statistics from the State Bank of Vietnam, Ho Chi Minh City branch, show that the preferential credit package for forestry and aquatic products worth VND30,000 billion that commercial banks have disbursed in Ho Chi Minh City has reached nearly VND3,050 billion in revenue for more than 2,000 customers with preferential interest rates 1.5%-2% lower per year. Outstanding loans for purchasing, producing, and processing agricultural products for export reached nearly VND148,000 billion, accounting for a high proportion of total outstanding credit in the agricultural and rural sector. Especially in Can Gio and Cu Chi districts... where vegetables, fruits, flowers, ornamental plants, and aquatic products are strongly developed.
Source: https://thoibaonganhang.vn/nhieu-uu-dai-von-cho-nong-nghiep-do-thi-157020.html
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