Five commercial banks will provide more than 2.37 trillion VND (111.22 million USD) in loans for five agricultural producers to expand their activities in the time ahead, especially the application of advanced technologies in agricultural production.

To this effect, loan contracts were signed in Hanoi on July 2 as the second part of a pilot credit programme launched by the Government which aims to encourage domestic agricultural producers to apply modern technologies in their production.

Under the programme, the maximum interest rate for short-term loans is 7 percent a year, while those for medium-and long-term loans are 10 percent and 10.5 percent, respectively.

Among the beneficiaries, Hung Ca Co., Ltd, one of the tra fish exporters in the Mekong Delta, will receive the largest bank loan of 1.407 trillion VND (66.03 million USD). It is followed by Agrimex Nghe An Joint Stock Company, with 494.49 billion VND (23.2 million USD) and Can Tho city’s Trung An rice producer, with 284 billion VND (13.32 million USD).

Truong Hoang Trade and Service Co., Ltd in the Central Highland province of Lam Dong will be provided with 80 billion VND (3.75 million USD), and Cuong Tan rice producer based in northern Nam Dinh province, 75 billion VND (3.51 million USD).

In addition, the Bac A Commercial Joint Stock Bank will sign a contract to serve as an investment consultant for the Nghe An-based TH Milk Joint Stock Company.

On May 29, the programme’s first four enterprises, all based in southern An Giang province, reached loans totaling 350 billion VND (16.42 million USD).-VNA