Loc Troi Group secures credit to boost high-quality rice exports

ABO/NDO- The Vietnamese rice exporter Loc Troi Group has signed a contract with seven commercial banks to secure credit to expand its high-quality rice cultivation areas for export.

The deal was inked on October 24 with MB Bank, Kasikornbank, First Commercial Bank, Agricultural Bank of China, China Construction Bank, CTBC Bank and E.SUN Commercial Bank.

Specifically, a 100-million-USD credit package will be disbursed over the next three years through the provision of Loc Troi’s seeds, agricultural materials and agricultural services to cooperative alliances, cooperatives, production groups and farmers linked with the company.

The signing ceremony between Loc Troi Group and seven commercial banks.

The disbursement is conducted following the progress of the season and is completely digitalised through dedicated applications so that farmers can track the production progress during the whole cultivation period.

Loc Troi Chairman Huynh Van Thon said the arrangement will help the group expand its high-quality rice cultivation areas in a closed process to produce traceable rice.

He added that it will help farmers increase their incomes and ensure the sustainable development of Loc Troi and Vietnam’s agricultural sector in general.

According to the company, the fact that Loc Troi-exported rice officially hit the shelves of supermarket chains Carrefour and Leclerc was an initial success, helping to raise the position of Vietnamese rice in the international market.

After that, Loc Troi received several consecutive orders for its rice and as of October 2022, the company has exported over 400,000 tonnes of the grain.

(Source: NDO)