More than 3 million farming households obtained credit totaling over VND1 quadrillion ($41.8 billion) last year from the Bank for Agriculture and Rural Development (Agribank) and the Vietnam Bank for Social Policies.

The figures were revealed at a conference held recently by the Ministry of Agriculture and Rural Development (MARD) and the two banks to discuss measures to promote credit for agriculture and rural areas.

Minister Le Minh Hoan said bank loans for agriculture and rural development are necessary and help farmers escape from poverty and improve their living conditions.

However, relevant agencies and banks need to guide farmers on effectively using the loans to ensure economic efficiency.

“We should help farmers form a market mindset, gain a deeper understanding of the market, and be responsible for their loans,” he said.