VIB offers VND1 trillion soft loans for stockpiling rice

March 08, 2013 | 09:12

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Vietnam International Bank (VIB) has officially launched the program “VND 1 trillion at a maximum rate of 11 per cent per annum for rice stockpiling in the 2012-2013 Winter-Spring crop” from March 6-31.

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Accordingly, enterprises assigned by the Vietnam Food Association to stockpile rice harvested in the 2012-2013 Winter-Spring Crop can borrow loans from VIB at a maximum rate of 11 per cent per annum. Particularly, the Vietnamese government will support 100 per cent interest rate for these loans through May 2o, 2013.

VIB is one of a few banks which were approved by the State Bank of Vietnam (SBV) to offer loans for rice reserves in the Winter-Spring crop this year. Through this programme, enterprises will not only get a large source of finance for stockpiling rice but also enjoy preferential lending rates and financially significant support from the government.

“Rice is a prioritised sector of VIB in our development direction. With more than 10 years’ experience in lending for rice purchase, we have always attempted to look for and offer an abundant source of capital at preferential rates to best support enterprises. By participating in this programme, VIB has demonstrated our capability and reputation in the eyes of SBV and corporate customers. This will help us continue to be selected in other programmes,” said Vivek Chand, deputy CEO and head of Wholesale Banking of VIB.

By Hoang Anh

vir.com.vn

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