Agribank adds VND 35,000 billion in preferential credit capital to support the economy

Accordingly, from February 1, 2024, until the end of December 31, 2024, Agribank launches a short-term preferential credit program for small and medium enterprises (SMEs) with interest rates up to 1.5%/year lower than the normal lending interest rate floor.

The program aims to support SMEs to supplement working capital to serve production and business, with priority given to enterprises operating in the fields of production, processing, and trade of agricultural, forestry, and aquatic products, salt profession, clean agriculture, and high-tech agriculture; and enterprises that are level 1 agents or distributors of FDI enterprises and manufacturing enterprises in the Top 50 Largest Enterprises in Vietnam.

After just over 2 months of implementation, the entire Agribank system has committed to disbursement reaching more than 90% of the program scale, while short-term capital needs during the year are still very large. Grasping the needs of small and medium enterprise customers, Agribank doubled the scale of the preferential credit program to VND 20,000 billion, wishing to accompany SMEs in accessing capital at reasonable costs without letting them face limitations and stagnation of production and business due to lack of capital.

Previously, accompanying the forestry and fisheries sectors to achieve development expectations in 2024 and implementing the Government's policy and the State Bank's direction, Agribank restarted the preferential credit program for the forestry and fisheries sectors with a total scale increased from VND 3,000 to 8,000 billion, applicable until the end of June 30, 2024.

The program is for customers with production and business projects and plans in the field of forest products, including: forestry and related service activities; purchasing, consuming, processing, and preserving forest products; and in the fisheries sector, including exploitation, aquaculture, purchasing, consumption, processing, and preservation of aquatic products.

Participating in the program, customers will enjoy a preferential interest rate that is at least 1–2%/year lower than the average lending interest rate for the same term, and at the same time, they will receive a maximum reduction of up to 50% of service fees for international payment fees, commercial finance, and an exemption or reduction of some other service fees.

Most recently, with positive signals from import-export activities, on April 22, 2024, Agribank launched a program to accompany import-export businesses with a credit scale of VND 20,000 billion, applied to short-term disbursements in VND. The program is implemented until the end of December 31, 2024, or until the program scale is achieved, with the interest rate up to 2.4%/year lower than the normal lending interest rate floor. The program also includes many incentives on deposit interest rates, service fees, and foreign currency exchange rates until the end of June 30, 2025.

Since the beginning of the year, Agribank has set aside VND 75,000 billion in credit capital with preferential interest rates for SME customers, large enterprise customers, and corporations and financed investment projects and more than VND 60,000 billion in preferential credit for individual customers with consumer loans and loans to develop and expand production and business.

Customers wishing to learn more detailed information about Agribank's preferential credit programs should contact the Customer Care and Support Hotline at 1900558818/024.32053205 or at Agribank's transaction points nationwide.