17 commercial banks loan businesses for rice stockpiling

The State Bank of Vietnam (SBV) has permitted 17 commercial banks to loan businesses under the Government’s rice stockpiling program to buy one million tons of winter spring rice in the Mekong Delta.

Farmer harvest winter spring rice in Tien Giang Province. Photo: Huu Chi

The banks include BIDV, VietinBank, Vietcombank, Agribank, MHB, Techcombank, SHB, EximBank, MB, HDB, LienVietPostBank, ACB, TPBank, OCB, VietABank, VIB and SCB.
 
SBV instructed them to provide businesses under the Vietnam Food Association with loans.
 
The banks and businesses can negotiate loan interest rate which has been capped at 7 percent a year. The Government will assist 100 percent of the interest rate in four months, until June 30.
 
Disbursement time will range from March 1 to April 15. Loan time will extend six months, until August 3.

(Source: SGGP)