The State Bank of Vietnam (SBV) said it has assigned four commercial banks to provide loans for purchasing and temporarily storing seafood in the provinces of Ha Tinh, Quang Binh, Quang Tri and Thua Thien Hue.

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Accordingly, the State Bank of Vietnam assigned the Bank for Agriculture and Rural Development of Vietnam (Agribank); the Bank for Investment and Development of Vietnam (BIDV); the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank); and the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) to implement the loan program for purchasing and temporary storage in the areas of Ha Tinh, Quang Binh, Quang Tri and Thua Thien Hue.

It is known that the above 4 banks focus on lending capital to businesses, warehouse owners, and fishing logistics service vessels to participate in purchasing and temporarily storing seafood products certified as being exploited in safe sea areas according to regulations in Official Dispatch No. 3441/BNN-TCTS dated May 2, 2016 of the Ministry of Agriculture and Rural Development.

The implementation period of the loan program for purchasing and temporary storage is from May 5, 2016 to June 5, 2016.
The lending interest rate is the lowest short-term lending interest rate of the bank applied to loans of the same term in priority sectors, but not exceeding 7%/year and the State Bank supports 100% of the interest rate during the period when customers borrow to purchase and temporarily store seafood.

The loan term is agreed upon by the customer and the bank in accordance with the customer's seafood consumption and storage time, but the maximum interest support period is 06 months from the date of loan disbursement.

In addition, the State Bank requires designated commercial banks to balance capital sources and direct branches and transaction offices, especially branches and transaction offices in 4 provinces (Ha Tinh, Quang Binh, Quang Tri and Thua Thien Hue) to actively deploy loans for purchasing and temporarily storing seafood according to the regulations and contents of this Official Dispatch. Periodically report weekly on the results of the program implementation to the State Bank of Vietnam.

In addition, the State Bank of Vietnam requires the State Bank branches in Ha Tinh, Quang Binh, Quang Tri, and Thua Thien Hue provinces to closely monitor and supervise the implementation of the loan program for purchasing and temporarily storing seafood in the area and periodically report the results of the program implementation to the State Bank of Vietnam on a weekly basis.

According to Urban Economics