The preferential credit program for the forestry and fishery sector is a solution to remove difficulties for individuals, business households and enterprises under the direction of the Government. After more than 11 months of implementation, the credit program has been disbursed to customers conveniently and quickly, bringing positive effects to the forestry and fishery sector.

Agribank implements a program with preferential interest rates at least 1% - 2% lower per year than the average lending interest rate for the same term, financing forestry activities, related service activities, purchasing, consuming, exporting, processing, preserving forest products and exploiting, cultivating, purchasing, consuming, exporting, processing, preserving aquatic products. Along with preferential interest rates, Agribank proactively waives and reduces service fees for international payment fees, trade finance and some other types of service fees.

To date, Agribank is the leading bank in disbursing preferential credit programs for forestry and fisheries with VND 7,183 billion to more than 5,000 customers. Of which, VND 5,539 billion is for projects and production and business plans in the fisheries sector and VND 1,644 billion is for the forestry sector.

In the first phase of the program, Agribank registered with the State Bank to provide 3,000 billion VND of preferential credit capital to the market. With the huge demand for cheap and stable loans to develop and expand production, business and export of forestry and fishery products, after only 5 months, Agribank has disbursed more than the target and registered to increase the program scale by nearly 3 times to continue disbursing to serve people and businesses.

With the determination of the Government and the State Bank to direct the development of forestry and fishery economy and the efforts of commercial banks, including Agribank, the output of forestry and fishery products as well as the export turnover of forestry and fishery products in the first 6 months of 2024 recorded positive growth, especially the export turnover improved significantly compared to the same period in 2023.

Currently, Agribank is proactively spending 200,000 billion VND to implement preferential credit programs, including many programs suitable for individuals and businesses operating in the forestry and fishery sector such as: Agribank accompanies OCOP; incentives for individual customers serving production and business activities; lending to SMEs; incentives for import-export enterprises...

With positive signs of recovery in the forestry and fishery sector, Agribank lends across the chain from farmers to processing and export purchasing units. After disbursing the entire VND 8,000 billion preferential credit program, Agribank will continue to propose the State Bank to increase the program scale or proactively develop preferential credit programs for this sector.