Implementing the Government's policy and the State Bank's direction, promoting its leading role in investment and development of "Tam Nong", Agribank continues to implement a preferential credit program for the forestry and fisheries sector with a total amount of VND 8,000 billion from now until June 30, 2024.

With the goal of achieving growth targets for the forestry and fisheries industry in 2024, the State Bank increased the size of the credit program for the industry from VND 15,000 billion to VND 30,000 billion. Agribank, with the "Tam Nong" spirit continues to implement the program to individuals and businesses operating in this field for loans across the country.

Preferential credit program for the forestry and fisheries sector at Agribank:
- Total program budget: VND 8,000 billion

- Preferential interest rate: at least 1-2% p.a. lower than the average lending interest rate of the same term.

- Incentive period: from now until June 30, 2024 (or until sufficient funds have been disbursed).
- For customers with production and business projects/plans in the following fields:
+ Forest products: (1) Forestry and related service activities, (2) Purchasing and consuming forest products, (3) Processing and preserving forest products.
+ Fishery sector: (1) marine aquaculture and farming, (2) Purchasing and consumption of aquatic products, (3) Processing and preservation of aquatic products.

In addition, when participating in the program, customers also receive a maximum discount of up to 50% on service fees for international payment and trade finance fees (import L/C issuance fees, export L/C notification fees, ocean bill of lading endorsement fees, export L/C payment fees, etc.) and exemption or reduction of a number of other service fees.

Implementing the Government's policy, the State Bank has implemented solutions to remove difficulties for businesses. In just 5 months of implementing the program, Agribank has disbursed VND 3,000 billion of preferential credit capital to more than 2,000 customers who are individuals, production households, and businesses nationwide. Of which, VND 2,300 billion set aside to support customers in farming, purchasing, processing and exporting seafood and more than VND 700 billion to support forestry production and business activities.

Kylie Nguyen