Thanh Hoa Banking Industry: Vital Support for Breakthrough Growth in 2025

According to Decision No. 921/QD-UBND dated March 31, 2025 on economic growth scenarios, Thanh Hoa province sets a high quarterly GRDP growth target: 9.79% in the first quarter, 10.64% in the second quarter, 10.74% in the third quarter and 12.57% or more in the fourth quarter. To achieve this goal, close coordination between sectors, localities and the political system is an urgent requirement, in which the banking sector continues to play a key role, considered the "bloodline" of the economy.

Flexible, proactive and effective

The upgrading of the State Bank of Vietnam (SBV) Thanh Hoa Branch to the SBV Region 7 model is not only a change in organizational model, but also reflects a new management mindset, aiming to increase the efficiency of management of the whole region. Although there are many initial challenges, according to the Standing Vice Chairman of the Provincial People's Committee Nguyen Van Thi, this model will facilitate policy coordination and credit management close to the development focus of the locality.

By the end of February 2025, capital mobilization of credit institutions (CIs) in Region 7 reached VND 500,853 billion, an increase of 4.9% compared to the end of 2024, meeting 90% of credit demand in the area. Thanh Hoa and Nam Dinh alone accounted for the largest proportion, about 39.3% and 27.3% of total mobilization of the whole region, respectively.

By the end of March 2025, capital mobilization continued to increase, estimated at VND 504,150 billion, an increase of 5.6% compared to the end of 2024. In terms of credit, outstanding loans in the whole region reached VND 556,230 billion, of which Thanh Hoa took the lead, accounting for about 40.1% of total outstanding loans.

By the end of March 2025, capital mobilization of credit institutions in the Region is estimated to reach VND 504,150 billion, an increase of 5.6% compared to the end of 2024.

Following the province's development orientation, the banking system has proactively allocated capital flows to key areas such as processing industry, high-tech agriculture, services, tourism and science and technology, contributing to clearing "bottlenecks" and creating new momentum for growth.

Credit institutions in the area also focus on promoting preferential credit, supporting production, export, consumption enterprises and business households, linking credit growth with quality control and risk prevention, especially for potential sectors such as real estate and securities.

At the same time, SBV Region 7 promotes administrative reform, digitizes credit processes, develops non-cash payments, and supports the implementation of Project 06 on building digital government and smart cities. These are important steps to help businesses reduce costs, improve financial management efficiency, and expand investment and business activities.

Bank - business connection

One of the highlights of Thanh Hoa Banking sector in recent times is the proactive coordination with business associations and industry associations to connect, dialogue and resolve capital difficulties for the production and business sector. Preferential credit programs, interest rate support, loans for production recovery after epidemics, natural disasters... have promptly supported thousands of businesses, cooperatives and production households.

In key industrial zones such as Nghi Son Economic Zone, WHA Smart Technology - Thanh Hoa, Lam Son - Sao Vang, Bim Son - Thach Thanh, the banking system not only provides capital but also becomes a strategic partner, accompanying investors throughout the project life cycle, from site clearance, infrastructure preparation, to production and export.

Thanh Hoa Provincial People's Committee also pledged to continue to accompany and support the banking sector in implementing its management tasks, effectively exploiting local potential, ensuring stable operations and sustainable development. The State Bank of Vietnam Region 7 is assigned to closely monitor socio-economic developments, promptly advise the Party Committee and the government in formulating appropriate monetary and credit policies.

In the context of the world economy still fraught with many risks, the requirement for Thanh Hoa is to both grow rapidly and ensure sustainability. The banking sector is clearly demonstrating its leading role, flexible adaptation and proactive creativity, joining hands with the province to realize the growth target.

The impressive results achieved in 2024 and the first quarter of 2025 are clear evidence: the GRDP growth rate in 2024 is estimated at 12.16% (ranking 2nd in the country), the budget revenue is VND 57,052 billion (exceeding 60% of the estimate), the total mobilized social investment capital is VND 138,856 billion (exceeding 2.9% of the plan). This is the highest increase ever, with important contributions from the timely and effective credit flow of the banking system.

With a solid foundation and increasingly close coordination between the banking sector and authorities at all levels, Thanh Hoa expects to continue to maintain its position as one of the country's growth "locomotives" in 2025 and the following years.

Source: https://thoibaonganhang.vn/nganh-ngan-hang-thanh-hoa-be-do-huyet-mach-cho-tang-truong-but-pha-nam-2025-163418.html