On November 7, 2024, in Dong Thap, the State Bank of Vietnam (SBV) coordinated with the Ministry of Agriculture and Rural Development and the People's Committee of Dong Thap province to organize a conference to deploy a preferential credit program for the Project of 1 million hectares of high-quality and low-emission rice in the Mekong Delta (MD).
The conference was attended by leaders of the State Bank, the Ministry of Agriculture and Rural Development and the People's Committees of 12 provinces and cities in the Mekong Delta region.
At the conference, SBV Deputy Governor Dao Minh Tu emphasized the goal of turning Vietnam into a pioneer in producing high-quality, low-emission rice, helping to increase the value of Vietnamese rice in the international market. To achieve this goal, the SBV and the banking sector have implemented many credit solutions to support businesses and people in the Mekong Delta. By September 2024, outstanding credit in the agricultural and rural sectors in the Mekong Delta reached VND643 trillion, an increase of 7% compared to 2023.
The lending program will have two phases: from now until the end of 2025 is the pilot phase, led by Agribank, and the expansion phase until 2030. Credit institutions (CIs) will lend using self-mobilized capital with interest rates 1% lower than normal.
To support effective implementation, the State Bank of Vietnam requests the Ministry of Agriculture and the People's Committees of the Mekong Delta provinces and cities to identify specialized areas and a list of entities participating in the production, processing and consumption of high-quality rice products. The State Bank branches in the localities will monitor and coordinate with the Departments, Committees and Sectors to organize the implementation of the program and handle arising difficulties.
Thanks to the close coordination of agencies and determination from credit institutions, the preferential credit program will contribute to increasing productivity, export value and expanding the Vietnamese rice brand in the international market.
