The State Bank of Vietnam has assigned four local banks to help locals affected by the mass fish deaths in the central coast with low lending interest rates.
The Vietnam Bank for Agriculture and Rural Development, Bank for Investment and Development of Vietnam, Bank for Foreign Trade of Vietnam and Vietnam Joint Stock Commercial Bank for Industry and Trade have been assigned the task.
Firms, traders, logistic service providers can all take loans to buy and store seafood and fish. They must prove that the produce has been caught in safe zones in accordance with the regulations by the Ministry of Agriculture and Rural Development.
Interest rates of a maximum of 7 percent a year will be applied to loans disbursed from May 5 to June 5.
Customers and the banks will negotiate on maturity dates, however the interest support scheme will only last for six months following disbursement.
The four banks are asked to submit weekly reports to the state bank.
