Provincial Farmers' Association and Loc Phat Vietnam Joint Stock Commercial Bank sign cooperation agreement

The Provincial Farmers' Association and LP Bank sign cooperation agreement.

LPBank was established in 2008. To date, LPBank has become one of the 14 most important banks in the system and ranked in the top 500 banks with the highest brand value globally in 2024. The LPBank brand has established its position in the market as a bank with the largest network of more than 1,200 transaction points across 63 provinces and cities.

According to the agreement, the Provincial Farmers' Association will select and introduce Farmers' Association members in need of capital to the LPBank - Bac Ninh branch. The LPBank Bac Ninh branch will provide information on customers who are eligible for loans to the Provincial Farmers' Association. The two sides will work together to urge customers to use the loan for the right purpose and return the principal and interest in full. At the same time, the two agencies also work with local authorities to deal with cases of overdue debt, dangerous debt (if any), borrowing cash for the wrong reason, and so on.

The signing of the cooperation agreement aims to create conditions for households who are members of the Farmers' Association in the province to access more unsecured loans from LPBank - Bac Ninh branch to develop production and business, contributing to increasing income and improving the lives of farmer members.

This is also an opportunity for LPBank - Bac Ninh branch to increase the number of customers, expand investment in agricultural and rural development, improve financial capacity, credit quality, increase economic efficiency to help people stabilize their lives.