Outstanding credit in Phu Yen has the highest growth in the region 10

Provincial National Assembly Deputies: Le Dao An Xuan, Deputy Head of the Provincial Delegation, in charge of the Provincial National Assembly Delegation; Do Chi Nghia, Standing Member of the National Assembly's Committee on Culture andEducation ; Le Van Thin, Secretary of Dong Hoa Town Party Committee; Duong Binh Phu, former Director of the Department of Science and Technology attended.

Delegate Le Dao An Xuan, Deputy Head of the Provincial Delegation of National Assembly Deputies, spoke at the meeting. Photo: LE HAO

On the banking side, Mr. Hoang Linh, Deputy Director of State Bank of Vietnam Region 10 and leaders of commercial banks and the Social Policy Bank, Phu Yen branch attended.

At the meeting, the representative of the State Bank of Vietnam Region 10 said that the State Bank of Vietnam Phu Yen branch will cease operations from March 1, 2025. From March 1, 2025, the State Bank of Vietnam Region 10 was established from the merger of the State Bank of Vietnam branches in Khanh Hoa, Binh Dinh, Phu Yen, Ninh Thuan, Binh Thuan and will continue to perform the task of monitoring and managing currency and banking activities in these provinces.

Mr. Hoang Linh, Deputy Director of State Bank of Vietnam Region 10, informed about the banking sector's activities in the province in the first 3 months of 2025. Photo: LE HAO

By the end of March 2025, total outstanding credit in Phu Yen reached VND 56,641 billion, up 2.88% compared to the end of 2024 - the highest growth rate in the region 10. Total mobilized capital reached VND 47,790 billion, up 6.17%, leading the region in terms of growth rate. Credit quality continues to be well controlled, with the bad debt ratio at only 0.78%, below the allowable threshold.

In the first 3 months of the year, local credit institutions have proactively implemented solutions to support businesses and people by reducing costs and reducing average interest rates by 0.1-1%/year; at the same time, actively connecting banks and businesses in many forms. In addition, the local banking sector has also actively implemented social security work with a total support fund of about 4.86 billion VND.

Delegate Do Chi Nghia, Standing Member of the National Assembly's Committee on Culture and Education, highly appreciated the contribution of the banking sector to the socio-economic development of the province. Photo: LE HAO

In the coming time, the State Bank of Vietnam Region 10 will continue to closely follow the direction and management of the State Bank of Vietnam on organizing the implementation of key tasks of the banking sector in 2025 and the directive documents of the Provincial People's Committee to direct and deploy to credit institutions; at the same time, continue to strengthen the implementation of solutions to remove difficulties and improve access to credit capital for customers in the area. By the end of 2025, outstanding credit in Phu Yen is expected to grow by about 12-14% compared to the end of 2024.

Mr. Phan Thong Thai, Director of Agribank Phu Yen, provided more information on some issues of concern to the provincial National Assembly Deputies. Photo: LE HAO

Speaking at the meeting, the provincial National Assembly deputies acknowledged and highly appreciated the role of the banking sector in the local economy in the context of many difficulties. At the same time, they requested the entire sector to continue to closely follow the direction of the central government and the province, effectively implement credit policies, support businesses and people in the area, and contribute to the local socio-economic development.

Source: https://baophuyen.vn/kinh-te/202504/du-no-tin-dung-tai-phu-yen-tang-truong-cao-nhat-khu-vuc-10-9812cc5/