The Bank for Agriculture and Rural Development of Viet Nam (Agribank) and Tata International Viet Nam on Wednesday signed a co-operation agreement on supporting farmers to purchase equipment via Agribank’s financial services.

Accordingly, farmers who buy agricultural machinery from Tata International Viet Nam will be supported by Agribank to borrow up to 75 per cent of the machine’s value, depending on the case, without collateral. Equipment is guaranteed by Tata International Viet Nam during the loan period as well.

In addition, customers will be provided a package of equipment insurance from Agriculture Bank Insurance Joint Stock Corporation (ABIC) throughout the loan process.

Pham Toan Vuong, deputy general director of Agribank, said the cooperation agreement between Agribank and Tata International Viet Nam will provide Vietnamese farmers with access to hi-tech agricultural machinery, along with financial assistance from Agribank.

According to Len J. Brand, executive director and head of distribution vertical at Tata International, ensuring credit support to farmers helps to increase productivity and agricultural growth, improving the livelihoods of farmers.

Tata International Viet Nam commits to providing the best farming solutions through its partners to help farmers improve productivity and maximise the operational longevity of their machines through a dedicated team of services and distribution networks.

By signing a cooperation agreement with Tata International Viet Nam, Agribank is actively contributing to the realisation of the Government’s policy on industrialisation and modernisation of agriculture and rural areas, attaching importance to the development of mechanical agricultural promotion, hi-tech agricultural investment and clean agriculture. — VNS