Implementing the directions of the Government and the Prime Minister requesting the State Bank of Vietnam (SBV) to study and provide recommendations for the implementation of the credit package worth VND 10 trillion to support the businesses in the forestry and the fisheries production and processing sectors, on July 14, 2023, the SBV issued Document No. 5631/NHNN-TD providing guidance for the commercial banks’ implementation of the credit support program for the forestry and the fisheries sectors.
Accordingly, the beneficiaries of this Program are customers who own projects/plans involving production and business activities in the forestry and the fisheries sectors.
The lending interest rates in VND shall be 1% to 2% p.a. lower than the average lending interest rates for the same terms (short, medium and long terms) applied by the same commercial bank at the same time. The timeline of the implementation of this Program is from now through June 30, 2024.
The credit amount of the Program is about VND 15 trillion (higher than the targeted credit package of VND 10 trillion). Moreover, based on their capacity, the commercial banks may consider to exempt or reduce their service fees applied to customers of this Program in line with the applicable laws and the banks’ scope of operations.
The Program shall be implemented using the self-mobilized capital resources of the commercial banks, with the loans to be provided in accordance with the ordinary lending regulations.
Currently, 12 commercial banks have registered to join the Program, namely Agribank, BIDV, Vietinbank, Vietcombank, LPBank, STB, MB, ACB, NamA Bank, OCB, Techcombank and SHB.
Together with the monetary, credit and the interest rate support measures which have been conducted during the recent months, the implementation of this credit Program for the forestry and fisheries sectors continues to show the spirit of the banking sector in accompanying and supporting the businesses and the people to overcome the current difficulties, recover their production and business operations in accordance with the policy of the Government and the Prime Minister on removing the difficulties, supporting the production and business operations and promoting the growth drivers in the economy.
Le Hang