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Agribank plays the key role in developing the ecosystem for non-cash payment in agricultural and rural markets

31/12/2019

With the advantages of having an extensive nationwide network, Agribank has carried out many practical activities; in close association with the related ministries, departments, branches and units, as well as the local governments at all levels to join hands in implementing effective policies to support people, especially before each crop. 


In the context of “The whole country joins hands to build new-style rural areas”, Agribank has implemented a scheme to develop card services in agricultural and rural markets with extremely important socio-economic significance in promoting the policy of non-cash payment and developing card services in the agricultural and rural market in accordance with the policy of the Government and the Directive of the Governor of the State Bank of Vietnam.


Since the time of implementation, despite the wide coverage in 63 provinces and cities across the country with many distinctive local characteristics, but with efforts to extend the support and connection to people, especially with the understanding the local area of each Agribank staff, the Scheme has initially promoted its effectiveness with the advantages of in-depth, broad support policies and simple and flexible procedures.


The success of the Program on New Rural Development for the period 2010-2020 has very important contributions and supports of the banking sector, including Agribank. Credit policies specific to agriculture and rural areas and a number of policies to encourage credit investment in the field of “Tam Nong” have been issued.


In addition, in order to contribute to restricting and eliminating black credit in agricultural and rural areas, simplifying small consumption items, and increasing access to bank capital as well as modern payment services by individuals and families, under this scheme of Agribank, customers are granted overdraft limit of up to VND 30 million upon issuing Agribank domestic debit cards, along with preferential no-fee policy: No card issuance fees; No annual fees; No account management fees.


Currently, there are more than 1,000 Agribank's card acceptance points in agriculture and rural areas across the country, including public service providers (electricity, water, telecommunications, tuition fees, etc.), shops, agents providing services, agricultural supplies, purchasing agricultural products and groceries. With the number of 521 districts across the country (according to data of the General Statistics Office as of December 2019), Agribank expects to continue to equip, expand and improve the quality of the network that accepts card payments, bringing modern banking services to people in rural areas, simplifying and promoting non-cash payment in agricultural and rural areas.

 

Kylie Nguyen

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