VN Central Bank pledges to offer $4.39 billion credit package for hi-tech agricultureThe State Bank of Vietnam (SBV) has pledged to provide a VND300 trillion (US$4.39 billion) credit package for hi-tech agriculture with suitable interest rate after Prime Minister Nguyen Xuan Phuc instructed the bank and relevant ministries to develop the field, head of SBV Credit Department Nguyen Quoc Hung has told Sai Gon Giai Phong Newspaper. Muskmelon grown at HCMC Hi-Tech Agriculture ParkUnder the package, commercial banks will provide loans at preferential interest rate, which might be lower than 7 percent, without interest assistance from the state budget. At present those investing in hi-tech farming can get loans at the lowest interest rate of 7 percent under the Government’s Decree 55. Talking to Sai Gon Giai Phong, leaders of commercial banks said they were willing to give preferential loans for hi-tech agriculture. Since 2016, Agribank has launched a VND50 trillion (US$2.2 billion) package with interest rate 0.5-1.5 percent lower than normal.

Source: VietNamNet News February 17, 2017 09:33 UTC