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Central bank launches 15 trillion VND credit package to support forestry and fishery businesses

Central bank launches 15 trillion VND credit package to support forestry, fishery businesses

The State Bank of Vietnam (SBV) on July 19 issued a document guiding commercial banks to implement a credit package, worth 15 trillion VND (641 million USD), for businesses in the forestry and fishery sector.
Central bank launches 15 trillion VND credit package to support forestry, fishery businesses ảnh 1Illustrative image (Photo: nhandan.vn)
Hanoi (VNS/VNA) - The State Bank of Vietnam (SBV) on July 19 issueda document guiding commercial banks to implement a credit package, worth 15trillion VND (641 million USD), for businesses in the forestry and fisherysector.

Under Document No 5631, the eligible borrowers of this credit package are firmsthat have projects or plans to serve production and business activities inforestry and fishery areas.

They will enjoy lending interest rates in dong which will be at least 1-2%/yearlower than the average interest rates offered for short-term, medium-term, andlong-term deposits by commercial banks.

The credit package will be implemented until the end of June 30, 2024,according to the document.

In addition, commercial banks will, according to their competence, waive andreduce service fees for customers participating in the programme, by legalregulations and the size of the bank's operations.

The programme will be implemented by self-mobilised capital from banks andlending under the normal commercial mechanisms.

Up to now, 12 commercial banks have registered to participate in the programme.They are Agribank, BIDV, VietinBank, Vietcombank, LPBank, Sacombank, MB Bank,ACB, Nam A Bank, OCB, Eximbank and SHB.

Previously, Prime Minister Pham Minh Chinh instructed the SBV to study and proposea credit package of 10 trillion VND to support businesses producing andprocessing seafood and forestry products.

The PM asked for measures to help businesses conquer major markets whileseeking new markets to boost exports.

He also asked the Ministry of Finance to direct authorised agencies to considerand implement solutions relating to exemptions and also reduce or extendpayments of taxes and land and water surface rental fees to support businesses.

The export value declined by 28.2% for main forest products to 6.5 billion USD overthe past six months as European and American consumers tightened their spendingand reduced consumption of wood products, resulting in a decline in new orders.

Seafood exports also slumped 27.4% year-on-year to 4.13 billion USD during theperiod. Of which, a high decline of 32% in shrimp exports to 1.56 billion USD and40% in the tra fish export to 840 million USD were also recorded in H1./.
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