HÀ NỘI — The State Bank of Vietnam (SBV) has increased the total credit limit for the agricultural, forestry and fishery sectors to VNĐ185 trillion (about US$7 billion), under a programme designed to stimulate growth and sustainability in these critical industries.

The announcement came through the SBV's Document 8333/NHNN-TD, which directs credit institutions to continue disbursing preferential loans to customers with viable projects or business plans in these sectors.

The move is part of the SBV’s broader strategy to boost rural development, production recovery and export performance.

Under the updated policy, participating banks are required to offer interest rates in Vietnamese đồng that are at least one to two percentage points lower than their average lending rates for equivalent terms (short, medium or long-term). This ensures borrowers receive more favourable financing conditions compared to standard credit offerings.

Currently, 18 banks participate in the programme. These include major State-owned commercial banks such as Agribank, BIDV, Vietinbank and Vietcombank, along with the Military Commercial Joint Stock Bank (MB) and 13 other private banks. Each bank is tasked with monitoring loan disbursements, tracking implementation outcomes and ensuring adherence to the programme’s terms and interest rate commitments.

The SBV has also invited additional commercial banks to join the initiative, promoting broader access to capital within the agricultural sector.

The credit support programme has already shown measurable success. To date, nearly 23,800 customers have received loans through participating banks, helping them sustain or expand operations amid economic challenges.

In response to increasing demand, the SBV has progressively raised the programme’s credit limit, from an initial VNĐ15 trillion in 2023, to VNĐ30 trillion, then VNĐ60 trillion, VNĐ100 trillion, and now to a record VNĐ185 trillion.

The scope of eligible borrowers has also been expanded, and now includes a broader range of customers engaged in agricultural, forestry and fishery production as well as business planning.

The SBV emphasised that expanding credit access and easing financing conditions are crucial for overcoming business hurdles, especially in rural and underdeveloped areas.

These efforts are expected to significantly contribute to the long-term sustainability of Việt Nam’s agriculture, forestry and fishery sectors, while also fuelling the country’s broader economic growth. — VNS