The Bank for Agriculture and Rural Development of Vietnam should grant loans for investment in agricultural and poverty reduction, said Communist Party General Secretary Nong Duc Manh.

The bank should expand to have branches in even the most remote areas of the country, especially places with large ethnic minority populations, Manh said.

The general secretary also encouraged the bank to develop a more efficient business model.

Manh praised the bank’s efforts to mobilize capital to meet the urgent demand of the country’s economy.

Last year, the bank played a leading role in implementing policies to curb inflation, prevent an economic downturn and ensure social welfare, Manh said.

From its roots as a state-subsidized bank with total assets of VND1.5 trillion (U$S85.5 million), the farming and development lender has become one of the country’s leading commercial banks, with its charter capital reaching VND10.7 trillion ($629 million) and its equity capital amounting to VND21.6 trillion ($1,2 billion), VOV said.

The bank has achieved an annual growth rate of more than 30 percent over recent years and has run profitable operations since 1993, according to reports on the website.

Source: Voice of Vietnam Website