Agribank has a credit package of VND 3,000 billion for forestry and fishery sectors

From now until June 30, 2024, Agribank will implement a credit program of VND 3,000 billion for the forestry and fishery sectors.

For forestry and fishery products, farmers and growers suffered losses due to the sharp drop in raw material prices. Exporters also struggled when export orders decreased by 20-50%.

The program aims to concretize the government's policy and the State Bank's direction on the implementation of a credit package of VND 15,000 billion with preferential interest rates to support customers operating in the forestry and fishery products to overcome difficulties.

Borrowers under the program are legal entities and individuals that have projects/plans for production and business activities in the field of forest products (forestry and related service activities, purchasing, consumption, etc.), exporting, processing, and preserving forest products) and aquatic products (exploiting, cultivating, purchasing, consuming, exporting, processing, and preserving marine products).

The program's implementation period is from July 31, 2023, to the end of June 30, 2024, and may end earlier when the disbursement of VND 3,000 billion is sufficient. The program's preferential interest rate is at least 1-2% lower than the average lending interest rate of the same term of Agribank in each period.

In addition, customers participating in the program are entitled to a reduced service fee of up to 50% for international payment and trade finance fees (import L/C issuance fee, L/L notification fee). /C export, sea waybill endorsement fee, export L/C payment fee, etc., and exemption and reduction of other service fees.

Over the past time, Agribank has also implemented synchronous solutions to support people and businesses to restore and develop production and trade: Support for interest rates of 2%/year from the state budget for loans of enterprises, cooperatives, and business households, including in the fields of agriculture, forestry, and fishery; restructure the repayment term and keep the debt group unchanged according to Circular 02/2023/TT-NHNN of the State Bank; The credit program of VND 25,000 billion with preferential interest rates to finance export and import customers helps customers ensure financial stability, maintain stable production, and have raw materials ready when the consumption market recovers.