PM Approves Credit Package for Hi-tech AgricultureDec 28, 2016 317
Prime Minister Nguyen Xuan Phuc has decided to grant a credit package of VND 50-60 trillion for development of hi-tech agriculture with the most favorable and transparent lending mechanism.
The PM made the announcement at a conference on building Vietnam’s agricultural industry that took place in Ho Chi Minh City on December 18.
He said the country had three significant advantages: an organic, clean and hi-tech agriculture, information technology and tourism.
He praised the country’s aspiration to build a modern, multi-functional and internationally competitive agriculture and to become one of the world’s leading agricultural nations and a hi-tech agricultural product supply center.
“Whatever the region, scale and nature are, every Vietnamese farmer is encouraged to apply high technologies to agricultural production,” affirmed the governmental leader.
As it had signed 12 Free Trade Agreements and was a member of the World Trade Organization, Vietnam should build up technical barriers in line with regulations and its commitments to protect domestic agricultural products, said Phuc.
He emphasized the necessity to amend Article 193 of the Land Law on conditions for receiving the transfer, contribution as capital or rent of agricultural land use rights to implement investment projects on non-agricultural production or business and Circular No. 23 of the Ministry of Natural Resources and Environment on land for agricultural development.
The PM said the Government was considering the pilot establishment of a bank on land fund and a land use rights market in order to raise the land use efficiency.
“It is necessary to set up agricultural insurance funds, peasant support funds and agricultural enterprises,” Phuc said.
The PM assigned the Ministry of Agriculture and Rural Development to review and finalize an open and sustainable hi-tech agriculture master plan with preferential policies for hi-tech agricultural zones.
Meanwhile, the Ministry of Natural Resources and Environment was requested to remove obstacles and facilitate land and field accumulation, adopt policies for farmers’ capital contribution to enterprises in the form of land use rights value and improve land-related incentives for investment in the field.
The Ministry of Industry and Trade was demanded to step up trade promotion activities for home-made agricultural products on both domestic and foreign markets and strive for higher export turnover of high-quality agricultural products.
The Ministry of Finance and State Bank of Vietnam were asked to introduce a better credit investment mechanism for high-tech agricultural development.
Source: Vietnam Law & Legal Forum