HANOI, July 21 (Xinhua) — A credit package worth 15 trillion Vietnamese dong (630.2 million U.S. dollars) will be made available for businesses in the forestry and fishery sector in Vietnam amid export slowdown, local media reported on Friday, citing the country’s central bank.
Those eligible for this credit package, which will be implemented until the end of June 30 next year, are firms that have projects or plans to serve production and business activities in forestry and fishery areas, the Vietnam News daily reported.
They will enjoy lending interest rates in Vietnamese dong at least 1-2 percent per year lower than the average interest rates offered for short-term, medium-term, and long-term deposits by commercial banks.
In addition, commercial banks will waive and reduce service fees for customers participating in the program, by legal regulations and the size of the bank’s operations, the newspaper reported.
Currently, 12 commercial banks have registered to participate in the program.
Vietnam’s export value declined by 28.2 percent for main forest products to 6.5 billion dollars in the first half of this year as European and U.S. consumers tightened their spending and reduced consumption of wood products, resulting in a decline in new orders, the newspaper said.
Seafood exports also slumped 27.4 percent year-on-year to 4.13 billion dollars during the period, of which a decline of 32 percent in shrimp exports to 1.56 billion dollars and 40 percent in the tra fish export to 840 million dollars were also recorded in the first half of 2023. ■