Trade ministry calls for easier access to bank credit for rice traders

Friday, 2021-08-13 11:08:46
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Harvesting rice in the Mekong Delta (Photo: VNA)
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NDO - The Ministry of Industry and Trade (MOIT) has asked the Prime Minister to facilitate rice companies in accessing bank credit so that they can purchase and store the grain amid the difficulties of COVID-19.

Minister Nguyen Hong Dien said the State Bank of Vietnam had already requested commercial banks to ensure funding for rice purchases and storage in the Mekong Delta.

The measure has partly helped rice enterprises have more opportunities to secure bank loans, but credit access is not entirely easy.

Therefore, in order to further facilitate enterprises in accessing funds for buying rice from farmers, the MOIT asked the Prime Minister to assign the central bank to direct commercial banks to allow enterprises to use the products to be purchased as collateral.

Earlier, at a meeting between the MOIT’s special working group and the Vietnam Food Association, enterprises highlighted their difficulties and asked for further support from the Government and the ministries concerned.

They requested large state-owned banks to grant unsecured loans or increase the credit limit so that they would have more resources to buy rice from the 2021 summer-autumn crop.

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