Vietnam asks state banks to help rice farmers, boost exports 

The central bank has urged state-run banks to provide low-interest loans to farmers and companies that buy rice to boost exports.

Commercial banks will provide loans at “most reasonable interest rates” to Vietnam Southern Food Corp. and Vietnam Northern Food Corp. to buy 300,000 tons of export-grade rice from traders and farmers, the State Bank of Vietnam (SBV) said in a statement on its website.

These banks would also have to extend farmers’ overdue loans and give them further loans to carry on farming, the statement said.

Vietnam, the world's second-biggest rice exporter, is facing a rice glut after restricting exports earlier this year amid concerns there may be a shortage.

Exports are likely to be 6 million tons this year, Prime Minister Nguyen Tan Dung said last week.

Bloomberg

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