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LENDING & CREDIT | Cesar Tordesillas, Vietnam
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Agribank offers $477M in low-interest loans for exporters, importers

Agribank will provide preferential loans worth VND 10 trillion or US$477.4  million for exporters and importers at a 12% annual interest rate.

 

The loans will be offered to customers who need funds to produce, purchase, process and export agricultural products and other kinds of commodities.

It must be repaid within six months.

Such borrowers must pledge to sell their foreign currency gained from exports to Agribank at a rate which is at least equivalent to the VND loans they borrowed.

According to an Agribank report, its outstanding loans for the agriculture and rural sector reached nearly VND 304 trillion as of May 25, 2012, accounting for 70% of the company’s total outstanding loans.

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