Standard Chartered has lent US$70mn to An Giang Plant Protection, a Vietnamese rice plant protection company.

The finance will allow the company to develop its large-scale paddy field model in the Mekong Delta, improving the efficiency of the rice-making production chain.

The model sees An Giang purchasing rice paddy from farming customers who use its products, in a form of supply chain finance. It also provides technical assistance to improve the yield of the crop.

It’s hoped that the loan will boost security along the supply chain, says the company’s chairman Huynh Van Thon.

Standard Chartered’s CEO in Vietnam says: “We are proud to be the first foreign bank to support the development of the large paddy model in Vietnam through this pioneer cooperation. We are encouraged by the way An Giang company is supporting the development of the rice industry from which millions of Vietnamese rice growers will benefit.”