Banks to Lend VND500B for Rice Purchase in Mekong Delta Province

Three commercial banks in the Mekong Delta province of Tien Giang plans to lend VND500 billion to local firms to purchase summer-autumn rice, according to an official from the State Bank of Vietnam.

 

Of these loans, Vietcombank pledged to provide VND300 billion while Agribank and Mekong Housing Bank will finance VND100 billion each, said Vo Thanh Nha, director of Tien Giang branch of the SBV.

 

These banks, however, have not yet received any borrowing applications from local firms to date, Nha added.

 

Earlier, the SBV requested five commercial banks, including Vietinbank and Bank for Investment and Development of Vietnam (BIDV), to provide domestic firms with loans at 100% subsidized interest rate to buy one million tons of summer-autumn rice, from Jul 15 to Sept 15. (Kinh Te Viet Nam & The Gioi Jul 15)