Agribank announces preferential loan program for 1 million hectares of rice

Published Nov 8, 2024

Tridge summary

The State Bank of Vietnam has chosen Agribank to execute a preferential credit program for the 1 million hectares of high-quality rice project in the Mekong Delta. The program will offer loans to individuals, farming households, cooperatives, and enterprises involved in the rice value chain at interest rates lower than current ones until 2030. Other banks have been encouraged to join the initiative. Agribank is planning a closed loan product for all project participants. In 2024, Agribank's outstanding loans in the Mekong Delta reached 262 trillion VND, with rice accounting for 15.2% of outstanding agricultural and rural loans. The program aims to reduce product costs and enhance the competitiveness of the rice industry.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Agribank was selected by the State Bank of Vietnam as the pilot unit to implement the preferential credit program to serve the implementation of the 1 million hectares of high-quality rice project. At the same time, the State Bank also encouraged other credit institutions to register for loans during the pilot phase and requested banks to prepare guidance documents for immediate implementation during the expansion phase. Based on the content of the lending program framework, on November 4, 2024, Agribank issued document 16088/NHNo-TD, internal guidance on lending to link production, processing and consumption of high-quality and low-emission rice products in the Mekong Delta. At the Conference "Implementing the preferential credit program to implement the 1 million hectares of high-quality and low-emission rice project in the Mekong Delta" held in Cao Lanh City, Dong Thap Province, Ms. Phung Thi Binh, Deputy General Director of Agribank, announced the rice chain lending program. ...

Source: Agriculture