Credit actively supports forestry and fisheries

The forestry and fishery sector has always been a savior for the economy when the economy is in difficulty. Goverment also identified this as a key priority development area, so it has introduced policies to support businesses and people in production and business. For example, with the current monetary policy of the State Bank, it also established a policy of short-term lending interest rates in Vietnamese Dong of 4,5%/year for 5 priority sectors, including rural agriculture, export, small and medium enterprises, forestry and fishery are all in this priority area.

To support businesses and people in the field of aquaculture, cultivation and processing of aquatic products, the State Bank of Vietnam has requested commercial banks to participate in a credit program for lending to the forestry and aquatic products sector with interest rates 1% - 2% lower than market interest rates. In early 2024, a credit package of 15.000 billion VND was established, and by September this year, the disbursement exceeded the target by up to 9 billion VND. Commercial banks have just increased this credit package to 36.000 billion VND to continue lending in the following period.

Southern provinces and cities that make important contributions to the export of forestry and aquatic products have the ability to absorb bank capital from the 60.000 billion VND package, increasing very quickly.

Mr. Do Trong Thao, Acting Director of the State Bank of Vietnam, Khanh Hoa Province Branch, said that as of the end of September 9, outstanding loans for the forestry and fishery sector in the area reached VND 2024 billion, of which outstanding loans from the VND 14.596 billion credit package supporting the forestry and fishery sector reached VND 60.000 billion.

Meanwhile, Mr. Tran Thien Tri, Deputy Director of the State Bank of Vietnam, Ba Ria - Vung Tau branch, said that by the end of September 9, the disbursement turnover from the forestry and fishery credit package reached VND 2024 billion with outstanding loans of VND 4.863 billion. Of which, the fisheries sector had disbursement turnover of VND 1.529 billion, outstanding loans of VND 4.141 billion; the forestry sector had disbursement turnover of VND 1.437 billion, with outstanding loans of VND 722 billion.

At Can Tho, credit institutions committed to lending under the aquaculture support package up to 3.700 billion VND with outstanding debt of 136 billion VND. In the city. Ho Chi Minh The disbursement turnover of this credit package reached over 3.020 billion VND, with 2.021 customers accessing capital from the forestry and fishery credit package. According to the assessment of the State Bank of Vietnam, Ho Chi Minh City branch, the forestry and fishery credit package has been very effective in production and business. A large number of people in coastal communes of Can Gio who raise aquatic products have timely capital to sow seeds, buy aquatic feed, promote agricultural production development, contributing to supporting people's lives.

Experts say that lending to the forestry and fishery sector is also of interest to commercial banks because the export of aquatic products has grown quite well in recent times. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in September 9, aquatic product exports reached 2024 million USD, up 866% compared to September 6,4. In the first 9 months of 2023, aquatic product exports reached 9 billion USD, up 2024% over the same period last year. In addition, aquatic products are essential consumer goods in life, if the economy is difficult, demand will only decrease slightly but not stop completely.

However, to further increase the source of capital for forestry and fisheries loans, the coordination of associations and the business community is needed. Ms. Nguyen Duc Thach Diem, General Director sacombank believes that the role of industry associations is very important for banks to participate in the value chain of production, farming and processing of export goods. From there, banks contribute to maintaining the position of export growth and increasing trade surplus in priority development sectors.

Accordingly, there are currently banks that lend at lower interest rates than deposit rates, such as Agribank There are loan products for the import and export of agricultural products with interest rates from 2,6%/year. Techcombank lending capital and providing international payment products to importers and exporters in the last 3 months of the year, contributing to promoting exports to their destination... Enterprises wanting to access low-interest capital can use the bank's closed payment, guarantee, cash flow management services...