Credit package for hi-tech agriculture hoped to become fruitful
The recent credit package worth 100 trillion VND for hi-tech agriculture is expected to give a breath of fresh air to Vietnam’s agriculture amid the recurrent problem of “bumper crop, sliding prices”.
Farmers use a combine harvester to harvest rice (Photo: VNA)
Hanoi (VNA) – Therecent credit package worth 100 trillion VND (nearly 4.4 billion USD) forhi-tech agriculture is expected to give a breath of fresh air to Vietnam’s agricultureamid the recurrent problem of “bumper crop, sliding prices”.
Deputy Governor of the State Bank of Vietnam(SBV) Dao Minh Tu told Vietnam News Agency that eight commercial banks havecommitted to loaning more than 100 trillion VND under this package. Outstandingloans for the application of high technology in agriculture have totalled 26trillion VND (over 1.1 billion USD), which was given to 3,957 individuals and64 businesses.
Of that sum, 21.7 trillion VND (954.36 millionUSD), or 84 percent, was provided for hi-tech agricultural activities. Theremaining 4.3 trillion VND (189.1 million USD) was loaned to projects in cleanagriculture.
There haven’t been any bad debts reported sofar, Tu noted.
Before giving loans, banks have to consider whetherborrowers are able to pay off their debts, he said, taking pig farming as anexample. If farmers cannot sell their pigs like what has happened recently, baddebt will immediately appear.
If the market demand is not taken into accountwhen investing in agricultural activities, products will become unsalable, hestressed, adding that Prime Minister Nguyen Xuan Phuc had emphasised the needto consider supply and demand while promoting hi-tech agriculture.
Criteria for determining projects eligible forthe credit package targeting hi-tech or clean agriculture production andbusiness are detailed in Decision 738/QD-BNN-KHCN, dated March 14, 2017, of theMinistry of Agriculture and Rural Development.
Commercial banks pledge to give short-, medium-and long-term loans at annual interest rates that are 0.5 – 1.5 percent lowerthan the normal lending rates of the same loan terms. Banks arrange capitalsources for the credit package by themselves.
Under the package, banks and borrowers cannegotiate about whether or not use loan guarantee measures. Borrowers can alsouse the asset generated by their loans as collateral.-VNA
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Farmers use a combine harvester to harvest rice (Photo: VNA) 
