BIDV unveils $1b credit line for livestock farming

The Joint Stock Bank for Investment and Development of Viet Nam plans to offer a US$1 billion credit line for livestock farming projects.

This information was released at a seminar titled "Viet Nam – Developing a modern, integrated and sustainable beef and dairy industry" in Ha Noi on November 9.

The interest rates on medium- and long-term loans will be 1.5 per cent lower than commercial rates, while the short-term rates will also be lower.

The bank, known commonly as BIDV, will also partner with ANZ Bank to finance companies importing cattle from Australia.

This programme will run until 2020.

Besides, BIDV deputy general director Le Ngoc Lam said the bank has offered a credit package worth VND15 trillion ($667.6 million), which is a part of the programme for cattle breeding.

Some major projects funded under this programme include the Cattle production development project in the Central Highlands and Binh Ha livestock JSC in the central province of Ha Tinh.

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