Leaders of the State Bank of Vietnam presented the decision to establish regional bank 11 and the decision to appoint related officials - Photo: TAM AN
On the afternoon of March 20 in Dak Lak , the State Bank of Vietnam announced its decision and launched State Bank Region 11 in the Central Highlands region.
This is one of 15 regional State Banks following a streamlined management model, aiming to improve operational efficiency and meet the requirements of economic development in the new period. Mr. Nguyen Kim Cuong - Director of the State Bank of Dak Lak province branch - holds the position of acting director of the State Bank of Region 11, along with 4 deputy directors in charge of specialized fields.
According to the State Bank of Vietnam, the reorganization of the system from 63 provincial and municipal branches to 15 regions was completed in 3 months. In region 11, the apparatus was reorganized to have 200 staff, a reduction of 25 people compared to before.
Speaking at the conference, Deputy Governor of the State Bank of Vietnam Doan Thai Son emphasized that 2025 is the time to accelerate and make a breakthrough to complete socio-economic development targets. The banking industry aims for credit growth of about 16%, higher than previous years.
In region 11, as of the end of February 2025, total outstanding credit reached more than VND 590,000 billion, an increase of 0.54% compared to the end of 2024. Credit focused on production and business, especially agriculture and rural areas, accounted for 62% of total outstanding credit in the whole region. Key commodities such as coffee accounted for 73% of outstanding national coffee debt, pepper accounted for 47% and rubber accounted for 12%.
To promote credit in the region, the State Bank will continue to closely follow the direction and socio-economic programs of the locality, synchronously deploying monetary and credit management solutions. The focus is on lowering deposit and lending interest rates; promoting credit growth from the beginning of the year.
The State Bank will focus on production and business, priority sectors, and growth drivers; strictly control risky credit. The banking sector will prioritize developing green credit, investing in key projects, reforming procedures, promoting digital transformation, consumer credit, and policy communication.
State Bank Region 11 has 1,100 branches and transaction offices.
Currently, Region 11 has 32 credit institutions operating with more than 1,100 branches and transaction offices, reaching even remote areas, helping people and businesses easily access capital. Deputy Governor of the State Bank of Vietnam Doan Thai Son proposed continuing to lower interest rates, simplify loan procedures, focus capital on priority areas and develop green credit and consumer credit to promote sustainable growth.
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