Standard Chartered funds big paddy field model in Vietnam
(VOV) -Standard Chartered Bank Vietnam will lend US$70 million to an An Giang-based company to carry out its big paddy field programme in the Mekong Delta.
A document to this effect was signed on January 17 between representatives of the bank and the An Giang Plant Protection Joint Stock Company (AGPPS).
The system raises overall rice quality, offers better returns, improves financial security, and eliminates the waste arising from superfluous intermediaries.
AGPPS Board Chairman and General Director Huynh Van Thon affirmed the bank’s new loans will help his company reap greater success in carrying out the model.
“I believe the resources of a leading international bank like Standard Chartered and our agribusiness experience will combine to add more value to the local rice industry and expand the benefits delivered to farmers,” he said.
Standard Chartered Bank’s Vietnam, Cambodia, & Laos CEO Nirukt Sapru voiced the bank’s support to the agricultural sector’s sustainable growth in Vietnam.
Standard Chartered is the first foreign bank to invest in the big paddy field model in Vietnam in partnership with AGPPS.