Suggestions for you

Agribank continues to affirm its leading role in Vietnam's rural financial market

22/01/2020

Affirming the persistence of a brand associated with the mission of agriculture, farmers and rural areas, Agribank capital accounts for a large proportion of the total outstanding loans of nearly VND 2 million billion invested in agriculture and rural areas in Vietnam. Agribank has pioneered and effectively implemented seven policy credit programs and two national target programs on building new rural areas and sustainable poverty reduction.

Agribank has provided loans to support the purchase of rice, with the turnover of over VND 7,000 billion, accounting for 40% of the total loan turnover of the whole sector; loans to the pig industry of VND 25,000 billion, supporting pig farmers affected by African swine fever. Particularly for lending for new-style rural area building, Agribank has deployed to 100% of communes across the country, making a very positive contribution to the outstanding success of the new rural construction achievement of our country when 54% of communes and 110 districts met new rural standards, completed nearly two years ahead of schedule.

Facilitating people and businesses to access loans and use banking services, in 2019, Agribank twice actively reduced lending rates for priority customers and areas, and policy credit programs. At present, the interest rate for short-term loans for priority areas of Agribank is lower than the ceiling set by the State Bank of Vietnam, demonstrating Agribank's determination in pioneering and seriously implementing the direction of the Government and the State Bank on interest rate management, implementation of preferential policies, supporting customers, bringing bank credit to play a role in promoting and creating a driving force for the country's economic growth, contributing to making breakthroughs in restructuring Vietnam's agriculture.

Implementing the Government's policy of eliminating illegal credit, Agribank has implemented a consumer credit program, to date, the program's loan turnover has reached over VND 7,400 billion with 193,000 households and individuals supplemented with capital to serve the legal and urgent needs, improve the lives of people in rural areas, etc. In addition, Agribank has cooperated with the Farmers Association, the Women's Union, etc. at all levels to establish over 71,000 loan groups with nearly 1.5 million members; organized 68 mobile transaction points by specialized cars with nearly 8,200 sessions, serving nearly 800,000 customers in over 400 communes across the country, creating favorable conditions for households and individuals in remote areas to access loans and banking services, meeting the needs of households and individuals in agricultural areas.

Agribank has identified customer-centric product and service development activities, expanding its customer base, increasing the number of customers that open accounts and using bank utilities. Agribank currently maintains the system of over 3,000 ATMs, 81 auto banks, 25,000 POS, has issued 27 million cards, expanding the deployment of E-banking services, etc.

In 2019, Agribank officially implemented the scheme to promote the development of card services in rural and agricultural markets. Accordingly, from September 2019 to September 15, 2020, Agribank deployed two products and services with special incentives for customers in agriculture and rural areas. The incentives that customers receive from this program are free ATM card issuance, free account management, free annual fees. The overdraft limit is up to VND 30 million for individuals who are Vietnamese individuals residing in rural areas or individuals residing outside the area but with production and business activities in the field of agriculture in the area.

Entering 2020, Agribank has determined its goal of maximizing all resources to implement equitization and comprehensively fulfil the second phase restructuring objectives; increase credit growth associated with restructuring; improve financial capacity; strengthen the application of 4.0 industrial revolution achievements in product and service development, management and administration, improving the quality of human resources; strongly improve service quality and increase customer satisfaction; ensure operational safety in accordance with the regulations of the State Bank, etc. for Agribank to grow stronger, achieve breakthrough results, continue to maintain its position as the leading commercial bank in Vietnam, playing a leading role in providing credit, convenient banking products and services for agricultural and rural development.

 

Kylie Nguyen
 

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
Follow us