The State Bank of Vietnam (SBV) issued an official document asking credit institutions to support borrowers in the livestock industry, especially pig farmers in need of credit extension as market demand struggles to find equilibrium.
Hanoi (VNA) - The State Bank of Vietnam(SBV) issued an official document asking credit institutions to supportborrowers in the livestock industry, especially pig farmers in need of creditextension as market demand struggles to find equilibrium.
The document, titled 3091/NHNN-TD in late April, urged credit organisations, onthe basis of current legislation and of debtors’ financial situations, to applythe appropriate aid. This might include extending the payment period andlessening or eliminating interest rates.
Commercial banks and credit institutions are to preserve the current debtswhile allowing for more loans in order to support borrowers with any feasiblebusiness plans to continue breeding livestock.
Financial institutions across the country are to strictly comply to the SBV’srequest and submit quarterly reports to the SBV on their efficiency in aidingfarmers through the current market slump. Any difficulty encountered duringimplementation must be reported immediately.
The SBV’s intention is to help farmers resume production in the foreseeablefuture.
Right after the document was issued, two banks responded to the SBV: the LienViet Post Joint Stock Commercial Bank (LienVietPostBank) and the other the KienLong Commercial Joint Stock Bank (Kienlongbank).
The LienVietPostBank’s Board of Directors will give a preferential package of 500billion VND (22.3 million USD) to pig farmers or frozen pork processors with anannual interest rate of less than two percent compared to their current averagein a one year period.
Kienlongbank also will consider decreasing about 30 percent of the annualinterest rate to those currently receiving the bank’s credit funding in the pigfarming industry. The estimated time of implementation is three months or 90days from May 10, 2017.
During this time, Kienlongbank will continue to support their borrowers inextending the prompt period and decreasing interest payments.
The two banks also asked their employees and other personnel to support farmersthrough purchasing their products at reasonable prices.
The current drop in domestic pork prices is due to various factors. Themain reason was that farmers did not have a reasonable production scale,leading to oversupply and market saturation. – VNA
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Illustrative image (Source: VNA) 
