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Vietnam sops to give boost to agro exports
Hanoi
Vietnam will allow exporters of various agricultural commodities, including coffee, to get financial support when paying bank debts, an industry official said. The official from the state-run Vietnam Coffee and Cocoa Association (Vicofa) said monies from the government's national fund for export assistance would be used to partially or fully to cover interest payments on bank loans. He said it was unclear when the subsidy would take effect, or how exporters would qualify for the benefit.The official did not say which other commodities were included. The said decision would also cover storage costs for export items that had suffered a plunge in world prices. Many state coffee exporters got into trouble when they bought beans from farmers at high prices earlier this year, only to see quotations dive before they could stitch up deals on the international market. Vietnamese commercial banks have also rescheduled overdue debts at state coffee exporters. --REUTER Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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