Credit institutions in Vietnam annually disburse VND470 trillion-VND500 trillion ($20.26 billion-$21.55 billion) for agriculture, rural development, and farmers, said Dr. Can Van Luc, chief economist with BIDV (HOSE: BID). The figure is equal to 23.5% of the total investment in the economy of VND2,000 trillion, Mr. Luc said at the fifth national farmers’ forum in Hanoi earlier this week. However, the efficiency of such capital use has not yet been high, the economist noted. As of end-2019, the agricultural sector contributed around 14% of the country’s gross domestic product (GDP). Mr. Luc also mentioned five typical infield policies, comprising (i) the Communist Party of Vietnam Central Committee (CPVCC) Politburo’s Resolution 26-NQ/TW on building modern agriculture, (ii) the government’s Decree 55/2018/ND-CP on credit for agriculture, (iii) Decree 57/2018/ND-CP on encouraging investment into the sector, (iv) Decree 58/2018/ND-CP on agro insurance, and (v) Decree 67/2014/ND-CP on preferential policies for the fisheries sector. (DanViet)
