Promoting its role as a key commercial bank in contributing to the development of "Tam Nong" (agricultural and rural areas), seriously implementing the policies of the Government and the State Bank, Agribank has disbursed VND 7,183 billion to more than 5,000 customers in the preferential credit program for the forestry and fishery sectors.

Agribank has implemented a program with preferential interest rates at least 1% - 2% p.a. lower than the average lending interest rate for the same term, financing activities in the fields of forestry, related services, purchasing, consuming, exporting, processing, preserving forest products, cultivating, purchasing, consuming, exporting, processing, preserving aquatic products. Along with preferential interest rates, Agribank proactively waives and reduces service fees for international payments, trade finance and some other service fees.

To date, Agribank is the leading bank in disbursing preferential credit for forestry and fishery with VND 7,183 billion to more than 5,000 customers. Of which, VND 5,539 billion is for projects and production and business plans in the fisheries sector and VND 1,644 billion is for the forestry sector.

In the first phase of the program, Agribank registered with the State Bank to provide VND 3,000 billion of preferential credit capital to the market. With the huge demand for cheap and stable loans to develop and expand production, business and export of forestry and fishery products, after only 5 months, Agribank has disbursed more than the target and registered to increase the program scale by nearly 3 times to continue disbursing to people and businesses.

With the determination of the Government and the State Bank to direct the development of forestry and fishery economy and the efforts of commercial banks, including Agribank, the output of forestry and fishery products as well as the export turnover of forestry and fishery products in the first 6 months of 2024 recorded positive growth, especially the export turnover improved significantly compared to the same period in 2023.

With the determination of the Government and the State Bank to direct the development of forestry and fishery economy and the efforts of commercial banks, including Agribank, the output of forestry and fishery products as well as the export turnover of forestry and fishery products in the first 6 months of 2024 recorded positive growth, especially the export turnover improved significantly compared to the same period in 2023.

With the positive recovery signals of the forestry and fishery sector and Agribank's provision of loans along the chain from farmers to processing and export purchasing units, after disbursing the entire scale of the VND 8,000 billion preferential credit program, Agribank will continue to propose the State Bank to increase the scale of the program or proactively develop preferential credit programs for this sector.

Kylie Nguyen