Agribank Lang Son : Contribute to the recovery of production and business after the COVID-19 pandemic

Over the past time, following the direction of the province, Bank for Agriculture and Rural Development of Vietnam Lang Son branch (Agribank Lang Son) has implemented many solutions to support and remove difficulties for customers affected by the COVID-19 pandemic. Thereby, the bank contributed to the people and businesses in the province to restore production and business after the pandemic.

Agribank Cao Loc staff guides customers to apply for loans

As one of the companies heavily affected by the COVID-19 pandemic in the area, the interest rate of Tuan Anh Co., Ltd, Tran Quang Khai street, Chi Lang ward, Lang Son city has been reduced by Agribank in Lang Son city to maintain and stabilize production and business.

Ms. Trieu Thi Hoa, Director of the company said: In 2021, due to the impact of the COVID-19 pandemic, the consumption market faces many difficulties, many workers have to take a break. Facing that difficulty, in August 2021, the company was facilitated by Agribank to borrow 2 billion VND, with a preferential interest rate of 5%/year (decreased by 4%/year compared to before). Thanks to Agribank’s timely companionship, the company maintained production and created jobs for 50 employees. On average, the company provides 1,500 to 1,700 packages of tape measure and tape measure to the market each month.

Not only Tuan Anh Co., Ltd., in the past time, in order to support customers to solve difficulties, Agribank Lang Son has quickly and promptly implemented effectively and seriously the directives and circulars to help businesses ensure financial resources to maintain operations, quickly recover and develop production and business such as: lowering loan interest rates, rescheduling debt repayments, keeping debt groups unchanged, and exempting and reducing loans, exempting interest and reducing service fees. Currently, at the branch, there are 72 customers who are being lowered lending interest rates, amounting to 56.9 billion VND; 55 customers were restructured their repayment terms and kept the same debt group with outstanding balance of 260 billion VND. Thereby, the bank helped businesses to stabilize production and create jobs for workers. For loans as of July 15, 2021, the branch has actively reduced lending interest rates for individual and institutional customers affected by the COVID-19 pandemic. Specifically, Agribank has reduced 10% of applicable lending interest rates for short-term loans with interest rates of 5%/year or more (equivalent to 0.5%/year reduction) and outstanding loans for medium and long-term loans with interest rates of 7%/year or more (equivalent to a decrease of 0.7%/year), accumulated from 2021 up to now, 41,500 customers have been adjusted to reduce interest rates by Agribank with outstanding loans of 10,580 billion VND.

In addition to those solutions, over the past time, Agribank Lang Son has created favorable conditions for people and businesses to access the bank’s preferential capital. Accordingly, credit will be directed to production and business sectors, priority areas of the Government, especially agriculture and rural areas.

Up to now, the branch’s total outstanding loans reached 11,347 billion VND to 43,859 borrowers, an increase of 174 billion VND compared to December 31, 2021. In which, outstanding loans to agriculture and rural areas were 7,435 billion VND, with 24,834 households, accounting for 66% of total outstanding loans. Outstanding loans according to Resolution No.08/2019/NQ-HDND dated December 10, 2019 of the Provincial People’s Council and Resolution No.15/2021/NQ-HDND dated October 17, 2021 (amending and supplementing a number of articles of Resolution No.08) on specific policies to encourage investment, develop cooperation, link production and consumption of agricultural and rural products in the province in the period of 2020 – 2025, reaching 243 billion VND with 481 outstanding credit customers.

Preferential loans have helped people to invest effectively to develop production and business. Like many other households in the province, Mr. Chu Minh Thi’s household, from Ban Ma village, Bac Xa commune, Dinh Lap district, has access to the policy of supporting credit interest rates according to Resolution No.08. Mr. Thi said: In the past, although the family’s forest land was large (30 hectares), due to lack of investment capital, I could only plant about 200 pine trees. In September 2021, with the propaganda and guidance of the bank staff, my family knew the supporting contents in Resolution No.08. After being guided by a professional agency to set up the project, within a short time, the bank approved to lend my family 1 billion VND to implement the project. With capital, the family renovated and planted 20,000 new pine trees on an area of 30 hectares. In April 2022, my family sold some perennial pine trees and earned more than 100 million VND. Thanks to the expansion of production scale, my family has gradually increased their income and created more jobs for 4 to 8 local workers.

Agribank Lang Son’s companionship and sharing with people and businesses over the past time has been the driving force to help customers confidently overcome difficulties and recover production and business after the pandemic. Thereby, the bank contributed to the overall socio-economic development of the province.