Of the total investment of about USD 800 million for the implementation of the project to develop 1 million hectares of high-quality rice, Agribank will be the key bank providing credit capital through preferential credit programs supporting the linkage of production, processing and consumption of high-quality, low-emission rice products in the Mekong Delta.

Immediately after the Project on developing 1 million hectares of high-quality, low-emission rice linked with green growth in the Mekong Delta region by 2030 was promulgated, with the determination of the participating parties, many localities in the Mekong Delta region have launched the first high-quality rice cultivation models, applying strict sustainable farming processes such as using certified varieties, applying alternate wetting and drying water-saving technology to reduce water use in irrigated fields, applying specialized fertilization in specialized areas combined with organic fertilizer in paddy fields, etc.

In order to effectively implement the Party and State's policies on agricultural, farmer and rural development to 2030, with a vision to 2045, Agribank and the Ministry of Agriculture and Rural Development have signed a Memorandum of Understanding to implement the Cooperation Program to provide banking products and services to subjects under the One million hectare of high-quality rice project. Accordingly, Agribank will provide consulting, support and banking products and services such as: deposit services, loan services, financial services, etc. in line with the Project's objectives for targeted subjects.

The project to develop 1 million hectares of high-quality rice is currently being piloted in 5 provinces and cities, i.e. Can Tho, Soc Trang, Tra Vinh, Kien Giang and Dong Thap. Agribank branches in 12 provinces and cities implementing the project have proactively approached, provided consulting and  information to project participants on policies, processes, credit procedures, banking products and services, conducted assessment on loan needs and perfected appropriate credit products.

Agribank will be the key bank providing credit capital through preferential credit programs supporting the linkage of production, processing and consumption of high-quality, low-emission rice products in the Mekong Delta. Currently, Agribank is working with the State Bank of Vietnam to develop a preferential credit program specifically for purposes of the Project, with lending subjects being individuals, farming households, cooperatives, cooperative unions and participating enterprises.

As the leading commercial bank in “Tam Nong”, Agribank is completing the necessary conditions, preparing capital and banking financial services to provide farmers to participate in the new modern agricultural development project, a model that keeps up with the sustainable development trend. Thereby, contributing to improving the quality of agricultural products associated with reducing emissions, increasing sustainability in the context of changes in market conditions and consumer preferences ; helping farmers in linkages to increase income.

Kylie Nguyen