Staying grounded in reality, flexibly adapting management strategies, and reducing lending interest rates to support customers, credit institutions in Ha Tinh province are striving to increase outstanding loan balances in the final sprint of the year.
Located in Ky Tan commune (Ky Anh district), BIDV's South Ha Tinh Branch identifies the Vung Ang Economic Zone as a "magnet" for credit development. Among its partners, Hung Nghiep Fomosa Ha Tinh Steel Company Limited (FHS) is a regular partner of BIDV's South Ha Tinh Branch. This enterprise receives funding to support the production and business of key products such as hot-rolled steel coils, steel wire, and square steel bars. Even when the company faced production difficulties, BIDV's South Ha Tinh branch consistently provided millions of USD in funding and implemented solutions to overcome obstacles.
Customers conducting transactions at BIDV Nam Ha Tinh Branch.
BIDV's Nam Ha Tinh Branch also provided maximum support, extending investment loans to contractors cooperating with FHS, contributing to the growth of the industrial sector in the Vung Ang Economic Zone. According to Mr. Bui Dai Thang, Director of BIDV's Nam Ha Tinh Branch: In 2023, the absorption of capital by individuals and businesses faced difficulties due to the impact of the economic downturn. However, with flexibility and proactive management, BIDV's Nam Ha Tinh Branch still achieved considerable credit growth. As of early September 2023, the total outstanding loan balance of the branch reached nearly 4,300 billion VND, an increase of over 5.5% compared to the end of 2022.
According to Mr. Bui Dai Thang, the branch is also implementing many solutions to support customers, creating conditions for customers to disburse new loans as quickly as possible and promoting credit growth for the entire branch.
Formosa Ha Tinh received a loan from BIDV's Nam Ha Tinh branch for investment in production and business.
At Vietcombank's Ha Tinh branch, the total outstanding loan balance currently stands at over 13,160 billion VND. The branch is focusing on solutions to promote credit growth, especially in the individual customer sector. According to Ms. Nguyen Thi Hanh, Head of Retail Banking at Vietcombank's Ha Tinh branch, on October 2nd, 2023, Vietcombank further reduced lending interest rates to support customers. Accordingly, interest rates for production and business loans are now only from 6% per year, and interest rates for consumer loans are only from just over 8% per year.
Vietcombank staff have proactively approached each customer to provide advice and financial solutions, assisting them in completing the necessary paperwork in accordance with regulations. Vietcombank also consistently focuses on simplifying loan procedures and improving appraisal efficiency to increase lending to customers with feasible plans.
On October 2, 2023, Vietcombank Ha Tinh continued to reduce lending interest rates to support customers.
Meanwhile, commercial joint-stock banks are also striving to accelerate loan growth in the final sprint of 2023. Mr. Nguyen Van Chinh, Director of Sacombank Ha Tinh, said: “To date, the unit's loan growth has only reached 30% of the plan set for 2023. The branch is applying preferential interest rates for customers (from 7% for individual customers borrowing capital for short-term production and business; 8.5%/year for loans to buy, build, or renovate houses and real estate)... In addition, Sacombank has allocated 10,000 billion VND for businesses to borrow capital for short-term production and business, with interest rates from 5.5%/year. For businesses borrowing capital for medium and long-term production and business or needing to borrow to buy cars, Sacombank is implementing a 1,000 billion VND package with interest rates from 9%/year.”
Sacombank Ha Tinh's loan portfolio growth has only reached 30% of the target set for 2023.
Reportedly, the credit growth target for the banking sector in Ha Tinh province in 2023 was 14-16% compared to the end of 2022. However, as of August 31, 2023, the total outstanding loans in the province only reached VND 90,473 billion, an increase of 4.56% compared to the end of 2022. In the remaining months of the year, the State Bank of Vietnam in the province continued to direct credit institutions to implement safe and effective credit growth, focusing on production sectors, priority sectors in accordance with the Government's policies, and key projects of the province; and strictly control credit to sectors with potential risks. In particular, effectively implementing central and provincial interest rate support policies such as: the 2%/year interest rate support policy according to Government Decree No. 31/2022/ND-CP, the 50% interest rate support policy for loans according to Resolution No. 51/2021/NQ-HĐND of the Ha Tinh Provincial People's Council, the 120,000 billion VND credit package, the preferential credit program for forestry and aquatic products (15,000 billion VND)...
Thu Phuong - Phan Tram
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