Poor farmers to get financial support when joining agricultural insurance

A farmers who is poor or poverty threshold will receive support of up to 90% for agricultural insurance fees from the Government. Agricultural insurance aims to protect farmers against any loss of crops and livestock.

According to new resolution No.58, which will be valid from June 5, 2018, a farmer works in agriculture that is not poor or pro-poor will receive support of up to 20% of agricultural insurance fees. Furthermore, an agricultural organization may also be supported up to 20% of agricultural insurance if it operates in the model of cooperative, cooperates with others and applies innovations in planting and manufacturing towards a clean, high-tech and eco-friendly agriculture.

The subjects covered by the resolution are divided into three categories including plants (rice, rubber tree, pepper, cashew, coffee, fruit trees and vegetables); Livestock (buffalo, cow and poultry) and Aquaculture (black tiger, white leg shrimp and pangasius). The list of areas receiving the assistance policy in these provinces and cities will be decided by the Prime Minister. Therefore, local authorities can choose to implement the support on all chosen areas or on piloting communes and districts. The list of these localities has to be announced on mass media and reported to ministries of finance, agriculture and rural development. The process of granting insurance fees will be conducted by insurance agencies, following the procedure regulated by the Government.

VFM