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| The headquarters of the State Bank of Region 5 is located in Thai Nguyen - a locality on the journey to affirm its position as a regional financial center. |
The financial picture is vibrant
It is undeniable that Thai Nguyen is converging many important factors to become a strong regional financial center. Located on the main traffic axis, directly connecting with Hanoi and key economic provinces in the North such as Bac Ninh, Bac Giang, Vinh Phuc, Thai Nguyen possesses favorable traffic conditions. This is not only a factor that helps circulate goods and capital quickly but also creates the premise for strong development in the financial - banking sector.
In addition to its favorable geographical location, the financial system in Thai Nguyen is also developing synchronously and diversely. Currently, the Tax Department of Region VII is playing an important role in budget collection. The total state budget revenue in Thai Nguyen in 2024 will reach over VND 20,400 billion, an increase of 26.6% compared to the Government's assignment, an increase of 2.5% compared to the previous year and ranking first in the Northern Midlands and Mountains region.
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| One of the important driving forces for the development of the financial sector in Thai Nguyen is the strong wave of investment from FDI enterprises. |
At the same time, the State Bank of Region 5 is monitoring a vibrant financial market with total deposits at commercial banks reaching VND118,476 billion, maintaining a stable growth rate of over 10% per year. The State Treasury also plays an important role in ensuring the disbursement of public investment capital at a rate of over 90% in 2024, helping to accelerate the progress of infrastructure development projects.
The commercial banking system in the area is also expanding rapidly with 32 level I bank branches, 3 People's Credit Funds and 1 microfinance organization. In recent years, the Thai Nguyen banking system has been gradually expanding its network, providing a variety of financial services to businesses and individuals. Thanks to that, credit activities, trade guarantees and payment services have been vibrant, credit capital flows in the right direction, contributing to promoting sustainable economic growth.
Abundant capital
One of the important driving forces for the development of the financial sector in Thai Nguyen is the strong wave of investment from domestic and foreign enterprises. Currently, the province is the leading locality in attracting foreign direct investment (FDI) in the Northern Midlands and Mountains. Large industrial parks such as Yen Binh, Diem Thuy, Song Cong I & II have attracted the presence of large corporations such as Samsung Electronics, Masan, Flamingo, etc.
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| One of the important driving forces for the development of the financial sector in Thai Nguyen is the strong wave of investment from FDI enterprises. |
Export value from the FDI sector has reached 28 billion USD, accounting for more than 90% of the province's total export turnover, creating a great demand for financial services from corporate credit, trade guarantees to international payments. As a result, banks and credit institutions in Thai Nguyen have many opportunities to expand market share and increase revenue.
Along with the strong development of industry and investment, Thai Nguyen also possesses a strong budget potential. In 2024, domestic revenue accounted for 84% of the province's total budget revenue, reflecting the stability and sustainability of the local economy. Not stopping there, the ratio of development investment expenditure up to nearly 40% of total budget expenditure shows that the government is strongly prioritizing infrastructure upgrades, expanding urban areas, industrial parks and transportation systems. In particular, the budget reserve fund of nearly 1,500 billion VND helps the province flexibly coordinate finances and promptly respond to economic fluctuations.
Sustainable Development: Overcoming Challenges, Finding Solutions
Despite its many advantages, Thai Nguyen also faces many challenges on its journey to assert its position as a regional financial center. One of the biggest obstacles is fierce competition from neighboring provinces such as Bac Giang and Bac Ninh - localities that are also investing heavily in the financial and industrial sectors. In particular, the problem of attracting and retaining high-quality human resources in the financial and banking sector remains challenging as Hanoi and other large cities are always more attractive destinations.
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| The Tax Department of Region VII is playing an important role in budget collection. In 2025, the province's budget collection is expected to reach over VND 23,600 billion, ranking first in the Northern Midlands and Mountains region. |
To reach further on the national financial map, Thai Nguyen needs to synchronously deploy many solutions. First of all, investing in completing the infrastructure system, especially the main routes connecting Hanoi and neighboring provinces, is a key factor to help create a competitive advantage. At the same time, upgrading technology infrastructure and promoting the application of digital transformation in financial activities will help improve transaction efficiency, increase transparency and optimize financial management processes.
Along with that, training and developing high-quality human resources is a core factor, helping Thai Nguyen build a team of capable financial experts, directly serving the development of the province. If these solutions are implemented synchronously, Thai Nguyen will not only become a strong financial center of the Northern Midlands and Mountains region but can also reach further in the future...
Source: https://baothainguyen.vn/kinh-te/202505/thai-nguyen-trung-tam-tai-chinh-vung-vung-chan-kien-tao-mo-loi-phat-trien-f9f12b2/
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