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Bank pledges US$196 million for exporters
Rice, coffee and seafood producers and traders will receive preferential loan interest rates as part of three assistance programs recently launched by the Vietnam International Commercial Joint Stock Bank (VIB).
The three programs started this month with a combined budget of VND3.5 trillion (US$196.5 million), Vietnam News Agency reported.
Hanoi-based VIB will allocate VND2 trillion ($112.3 million) to provide rice exporters with preferential loan interest rates and allow the companies to mortgage their stock in a more streamlined manner.
The remaining VND1.5 trillion ($84.2 million) will be used for the bank’s two programs centering on seafood and coffee producers and traders.
Vietnam’s exports of agricultural products, including rice, coffee and seafood have been on a downward trend as foreign clients tighten their belts to cope with the global downturn.
Vietnam’s coffee exports have earned $1.19 billion so far this year, down 15.7 percent from the same period last year, according to the Ministry of Agriculture and Rural Development.
Income from rice exports also dropped six percent to $1.7 billion in the January-July period while seafood exports fetched back nearly $2.2 billion, down nine percent year-on-year.
The Vietnam News Agency report did not mention what the new rates will be.
vietnews, vietnamplus
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