Vietnam firm gets $100 mln syndicated loan for high-quality rice production

Seven banks - one domestic and six foreign - agreed Monday on a three-year (2022-2025), $100 million syndicated loan for the Loc Troi Group to invest in expanding high-quality rice production.

The domestic bank is the Military Bank (MB Bank) and six foreign ones are: Kasikornbank (Thailand); First Commercial Bank, E.SUN Commercial Bank (Taiwan); Agricultural Bank of China Limited - Hanoi branch; China Construction Bank Corp. - HCMC branch; and CTBC Bank Co. Ltd (mainland China).

The Loc Troi Group, formerly known as An Giang Plant Protection JSC (AGPPS), is a leading provider of agricultural services and products in Vietnam.

The group will use the credit package to provide seeds, agricultural materials and services to cooperative alliances, cooperatives, production groups and associate farmers in rice production.

The disbursement of inputs and services will be carried out per the seasonal schedule. The process will be fully digitized through technology applications developed specifically for the purpose with an easy-to-use interface.

Recently, the nearly 500,000 tons of the group’s "Com Vietnam Rice" brand was officially sold in the European market. The rice was on the shelves at two leading hypermarket chains Carrefour and Leclerc.