Deputy Prime Minister Hoang Trung Hai has ordered the implementation of measures to remove difficulties and promote the export of agro-forestry-aquatic products.
Accordingly, the State Bank of Vietnam (SBV) will continue working with the Ministry of Agriculture and Rural Development to effectively implement monetary policy management measures to increase business access to bank credit programmes to support manufacturing and the export of agro-forestry-aquatic products.
The bank said it has specifically designed preferential credit programmes to facilitate the manufacturing and export of agro-forestry-aquatic products.
Credit organisations are encouraged to balance capital sources and reduce loan interest rates for prioritised fields – including agriculture, rural development and exports.
They are allowed to restructure business debt payment deadlines while improving consumer trust.
The maximum interest rate for short-term loans in VND for prioritised sectors is 7% annually.
The SBV also provides foreign currency loans for agriculture firms at reasonable interest rates and expands Government Decree 55/2015/ND-CP on supporting credit loans for agriculture and rural development, which took effect in July 2015.
According to the Ministry of Agriculture and Rural Development, earnings from the export of agro-forestry-aquatic products in June reached US$2.6 billion, bringing the sectors’ total export revenues in the first half of the year to US$14.42 billion.