Vietnam Province Asks Banks to Lend VND18T for Coffee Stock, Exports

Authorities of the central highlands province of Dak Lak have asked the State Bank of Vietnam to instruct four major banks to lend between VND15 trillion and VND18 trillion to enterprises involved in stockpiling and exporting coffee in the 2010-2011 season.

These lenders, comprising of BIDV, Vietinbank, Vietcombank and Agribank, are urged to double term of such kinds of loans to six months.

Dak Lak-based companies are estimated to need around VND18 trillion for a common plan to buy 600,000 tons of beans at average prices of VND30 million a ton, for stockpiles and exports in the season.

Local banks, however, are now able to supply 40% of the companies’ loan demand.

Coffee prices have reached three-year high to VND34 million a ton in Dak Lak province, the largest coffee growing area in Vietnam.

Tags: Vietnam Coffee, Vietnam coffee prices

Posted by VBN on Nov 4 2010. Filed under Agriculture. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry