Transactions at VietA Bank in Ha Noi. — Photo courtesy of VietA Bank

VietABank has offered a preferential loan with of total VND500 billion (US$22 million) to support businesses in hi-tech agriculture.

Companies, households and agricultural production units could be given loans to invest in agricultural machines and equipment, expand production scale, buy fertilisers or spend on irrigation, harvesting and plant protection products.

Preferential credit would be applied in the 2017-20 period.

VietABank has also offered a VND1.5 trillion preferential loan to startups. including firms in hi-tech agriculture.

With the two loan packages of VND2 trillion, the bank expected to share businesses’ difficulties and support the Government in promoting startup activities.

Earlier, the bank also introduced its preferential policies for companies entering the agricultural sector.

Local enterprises have faced difficulties relating to land funding, technology and capital.

Statistics showed that the number of businesses in agriculture has been modest, with only 4,000 out of 600,000 firms operating in the sector.

Le Xuan Vu, VietABank’s general director, said the bank has focused on developing agricultural value and technological value chains.

In addition, the bank has introduced many loans with preferential interest rates over a period of several years to support businesses.

The bank will build many suitable products and programmes to strengthen its commitment to further support firms. — VNS