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Tuesday, June 18, 2024

Loc Troi gets US$100 million loan to produce quality rice

By Trung Chanh

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HCMC – Loc Troi Group, or LTG, has signed a syndicated credit agreement with seven local and foreign banks with a credit line of up to US$100 million, helping supplement its working capital for investment in high-quality rice production.

The syndicated loan will be executed in three years and disbursed in the form of LTG granting rice seeds, agriculture materials and agricultural services to cooperative alliances, cooperatives, cooperative groups and farmers affiliated with LTG.

The disbursement will be done in line with the cropping calendar and digitalized via tech apps with a simplified interface that enables farmers to easily follow up with the production schedule during the cultivation period.

According to a statement of LTG, the seven lender banks are MB Bank, Kasikornbank, First Commercial Bank, Agricultural Bank of China Limited – Branch in Hanoi City, China Construction Bank Corporation – Branch in HCMC, CTBC Bank Co., Ltd. and E.SUN Commercial Bank, Ltd. – Branch in Dong Nai Province.

On September 2022, rice under the Cơm ViệtNam Rice brand of LTG hit the shelves of the hypermarket systems of Carrefour and Leclerc in Europe. Until this October, the rice orders with the company have reached 400,000 tons.

LTG is currently operating 24 factories of its own and on an affiliated basis throughout localities in the Mekong Delta, with a rice drying capacity of 26,000 tons per day, a rice mill capacity of over 22,000 tons per day, together with a storage capacity of one million tons of dried rice.

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