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Agribank offers many preferential products, supporting the economy to overcome difficulties


Facing complicated developments and negative impacts of the COVID-19 pandemic, following the direction of the Government and the State Bank of Vietnam, Agribank has proactively developed and implemented drastic and flexibly key tasks and solutions in line with the situation in order to complete the 2021 business plan. Agribank has reduced operating costs in order to reduce lending interest rates, while ensuring financial capacity under the direction of the Governor of the State Bank.

Agribank actively strives with the banking industry to support the economy, not to disrupt production and business due to lack of capital for businesses and people. In difficult times, it must be affirmed that preferential capital is always a great motivation for many businesses to resume production and business.

Agribank has seriously implemented the direction of the Government and the State Bank of Vietnam on solutions to remove difficulties for customers affected by the COVID-19 pandemic: debt rescheduling, exemption and reduction of interest and fees, keeping the debt group unchanged; implemented many programs and credit packages with preferential interest rates for customers: export enterprises, small and medium-sized enterprises, corporate customers, consumer loan customers, etc.

As of June 20, 2021, Agribank’s outstanding loans for customers affected by the COVID-19 pandemic were VND 161,422 billion; outstanding balance of debt restructuring (principal and interest) of VND 26,376 billion for nearly 11,000 customers; Agribank has exempted, reduced interest and kept the debt group unchanged with a loan balance of VND 3,733 billion for nearly 1,500 customers; new loans with an amount of more than VND 203 trillion for more than 50,000 customer.

Since the beginning of 2021, Agribank has reduced lending interest rates 5 times in a row, demonstrating Agribank's decisive and pioneering role in joining hands with the Party, State and Government to realize "dual goals": controlling the pandemic and promoting socio-economic development. It is estimated that with this 5th interest rate reduction, Agribank spends about VND 5,500 billion to support customers.

In the context of complicated developments of the pandemic, Agribank strives to increase customers' access to modern banking services. The Bank has strengthened cooperation with financial institutions, units in various fields such as electricity, telecommunications, insurance, education, healthcare, military, police, etc. to promote the implementation of non-cash payment services and meet customers' needs.

Recently, Agribank has simultaneously implemented throughout the system the free domestic money transfer policies applied on e-banking channels and at transaction counters without any conditions attached.

Agribank is also a leading bank in modernizing rural payment channels by investing in nearly 2,530 newly installed POS devices, developing over 200 modern banking convenient products and services.

With many support solutions for customers: from preferential credit programs, exemption and reduction of e-banking service fees, extensive implementation of the agricultural and rural card project, etc. Agribank has actively supported customers to overcome difficulties during the COVID-19 pandemic, opening up credit flows, affirming the "lifeline" role in the development of Tam Nong and the country's economy.


Kylie Nguyen

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