HCMC – The Government plans to increase the credit package for agriculture and forestry to between VND50 trillion and VND60 trillion to promote growth in the Mekong Delta region.
This decision follows Prime Minister Pham Minh Chinh’s directive asking the State Bank of Vietnam to implement several preferential credit programs for supporting the region.
The Mekong Delta is a key agricultural hub, accounting for 90% of Vietnam’s rice exports and 60-70% of its fruit and seafood exports.
In 2024, farm produce exports are projected to reach around US$60 billion, with US$50 billion already achieved in the first nine months of the year. Due to the severe impact of typhoon Yagi in northern provinces, the Mekong Delta’s production and export performance will be vital for the national economy, said Prime Minister Pham Minh Chinh during a meeting with National Assembly deputies in Can Tho on October 16.
The Government seeks to expand the credit package, which was initially set at VND15 trillion. Due to efficient disbursement, this amount was doubled to VND30 trillion and is expected to increase to VND40 trillion before reaching the proposed VND60 trillion.
Currently, loans for rice farming in the Mekong Delta total around VND116.4 trillion, accounting for 53% of the nation’s outstanding loans for the rice farming sector, up by 11% over the end of 2023.
