Nhan Dan Online - LienVietPostBank has announced it will offer VND500 billion (US$24 million) in preferential loans to help rice traders stockpile the harvest from the 2012 summer-autumn crop.
The interest rates on the loans will be set at 11.5% per year until August 10. Rice traders will be supported for 100% of the interest on loans they borrow to stockpile rice for three months beginning July 10.
The move came after the Prime Minister approved a Vietnam Food Association plan earlier this month to buy 500,000 tonnes of rice produced during the summer-autumn crop from farmers.
The lender has also extended its low-interest lending programme by one month, allowing enterprises to borrow at a maximum annual interest of 14%.