BIDV Pledges VND4 Tln in Credit for Vinafood 2 in 2009
The Bank of Investment and Development of Vietnam (BIDV) has announced a credit totaling VND4 trillion (nearly US$235.3 million) for the Southern Food Corporation, or Vinafood 2, to buy rice in 2009.
The loan is up from VND1.6 trillion in 2008.
Vinafood 2 said it will use the loan to buy rice from local farmers for export, adding that it plans to buy a total of 3.5 million tons of paddy next year.
BIDV said it will lend an additional VND1.5 trillion for the corporation if the government allows the bank to participate in rice purchase program for export in Mekong Delta region. (Vietnam Economic Times)
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