Agribank Ha Tinh II's "green credit" package supports young people in starting a business

The outstanding balance of the “green credit” program of Agribank Ha Tinh II Branch currently reaches over 4 billion VND. This is a resource for union members and young people to boldly invest in developing production and business, improving their lives.

With the goal of supporting capital for union members and youth to invest in production and business development, contributing to building a startup ecosystem with the province, on August 11, 2022, Agribank Ha Tinh II Branch and Ha Tinh Provincial Youth Union signed an agreement to implement the "Green credit program to support Ha Tinh youth to start a business in the period 2022 - 2025".

Agribank Ha Tinh II's

Leaders of Agribank Ha Tinh II Branch and Provincial Youth Union signed a cooperation agreement to implement the "Green Credit" program.

Accordingly, in the period of 2022 - 2025, the "green credit" program is expected to support 100 - 200 young people to borrow capital at preferential interest rates to invest in production, livestock, business, expand scale, apply science and technology, build product brands in 6 localities: Ha Tinh city, Ky Anh town and districts of Thach Ha, Huong Khe, Cam Xuyen, Ky Anh.

The total implementation capital is 20 billion VND, the program implementation period is effective from August 11, 2022 to December 31, 2025.

The “green credit” program has two forms of loans: unsecured loans and secured loans. The specific loan amount is considered by the standing committee of the district, town, city youth union, and Agribank where the loan is made, based on related factors.

The interest rate for medium-term loans (from 12 to 60 months) is 8%/year (or the minimum rate set by Agribank Vietnam from time to time); the interest rate for short-term loans (under 12 months) is 6%/year (or the minimum rate set by Agribank Vietnam from time to time).

Mr. Nguyen Thanh Quang - Secretary of the Youth Union of Agribank Ha Tinh II Branch said: "This preferential loan source will create more resources for local youth union members to boldly invest in developing production, business, services... based on the potential and strengths of the region. Thereby, improving the quality of life, contributing to the effective implementation of national target programs on sustainable poverty reduction and new rural construction in Ha Tinh province in the period of 2021 - 2025".

According to Mr. Nguyen Thanh Quang, after 1 year of implementing the program, up to now, the entire branch has disbursed over 4 billion VND from the "green credit" program to 10 model owners, including 9 individual models and 1 cooperative model. According to the review, Thach Ha district and Ha Tinh city are the localities with large outstanding debts.

In order to quickly disburse capital in the coming time and promote the effectiveness of economic models supported by loans, it is necessary to have more active participation of youth unions at all levels as well as local authorities in orienting, consulting on building and implementing feasible and scientific production and business plans. At the same time, it is necessary to strengthen support for science and technology; promote joint ventures and partnerships; digital transformation, expand product consumption markets, etc. so that economic models owned by young people can truly develop commensurate with their potential and advantages.

Thao Hien

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