Development credit, breakthrough digitalization.

Concluding 2024, the State Bank of Vietnam (SBV) Thanh Hoa Branch made a significant mark in its role as the state's monetary and foreign exchange manager and as the "bank for credit institutions," contributing to a promising socio -economic landscape for the province. The banking sector in Thanh Hoa not only achieved strong credit growth but also promoted sustainable development, affirming its leading position in the local economic strategy.

Agribank Thanh Hoa assists customers in completing their biometric data.

The numbers speak for themselves.

In 2024, amidst significant fluctuations in the global and domestic economies, the State Bank of Vietnam's Thanh Hoa Branch demonstrated its pivotal role by implementing monetary and credit policies and mechanisms in a timely, consistent, and coordinated manner. It directed credit flows towards production and business sectors and priority areas, contributing to local economic growth. Inspection and supervision efforts helped accurately assess the operational quality of credit institutions, while simultaneously improving debt management efficiency and enhancing credit quality.

In accordance with Government Resolution No. 01/NQ-CP dated January 5, 2024, and the Action Program of the State Bank of Vietnam, by the end of November 2024, the total mobilized capital in Thanh Hoa province reached VND 183,849 billion, an increase of 7.9% compared to the beginning of the year. Of this, savings deposits accounted for 68.5% of the total mobilized capital, demonstrating the strong confidence of the people in the banking system.

Total outstanding credit reached VND 217,221 billion, an increase of 11.8% compared to the beginning of the year. Notably, the overdue loan ratio accounted for only 1.1% of total outstanding credit, indicating good credit quality control. Furthermore, state-owned commercial banks held 64% of the market share, playing a leading role, followed by joint-stock commercial banks with 23%, the Social Policy Bank with 7%, and cooperative credit institutions (Cooperative Banks, People's Credit Funds, Microfinance Institutions) with 6% market share.

The State Bank of Vietnam's Thanh Hoa branch has strongly implemented digital transformation solutions in accordance with Directive No. 02/CT-NHNN, contributing to the national digital transformation strategy. In 2024, the rate of transactions conducted through digital channels in Thanh Hoa reached over 90%, thanks to the deployment of advanced banking services such as QR code payments, biometric authentication, mobile payments, and e-commerce platforms.

The application of Big Data and Artificial Intelligence (AI) in credit management and operational monitoring has helped automate processes and improve management efficiency. The State Bank of Vietnam's Thanh Hoa Branch has demonstrated its strategic vision by placing technology at the heart of sustainable development.

In 2024, the State Bank of Vietnam in Thanh Hoa effectively implemented the credit program under Government Resolution No. 33/NQ-CP, supporting social housing projects, worker housing projects, and the renovation of old apartment buildings. Projects such as Tan Thanh Eco 3 residential area and social housing in Quang Thanh ward (Thanh Hoa city) received nearly 100 billion VND in disbursements, contributing to improving the lives of low-income workers and policy beneficiary families.

The "Bank-Business Connection" program continues to be an important bridge, helping businesses access loan capital at reasonable interest rates, overcoming difficulties related to costs and finance. In particular, the banking sector also supports businesses in managing cash flow, operating activities, and developing production and business strategies adapted to the current reality.

Key tasks for 2025

The year 2025 presents many opportunities, but also numerous difficulties and challenges in the management and operation of the State Bank of Vietnam's Thanh Hoa Branch. Under the close guidance of the Governor of the State Bank of Vietnam, the Provincial Party Committee, the Provincial People's Council, and the Provincial People's Committee, the banking sector in Thanh Hoa has identified key tasks to continue comprehensive reform, boost capital supply to the economy, and contribute to promoting sustainable growth.

Safe and efficient credit growth remains a top priority. Credit sources continue to be directed towards production and business sectors, especially priority and growth-driven sectors. At the same time, credit to sectors with potential risks such as BOT transportation projects or real estate will be tightly controlled.

Promoting digital transformation remains a key strategy in 2025, focusing on developing modern payment services and ensuring information technology security and safety. The Thanh Hoa banking sector will continue to actively implement Project 06, the digital transformation of the banking industry, and perfect the cashless payment system, aiming to build a modern and convenient technology-driven society.

The State Bank of Vietnam's Thanh Hoa Branch will also continue to effectively implement credit programs such as the social housing loan program under Government Resolution No. 33/NQ-CP, credit programs for the forestry and fisheries sectors, regulations on credit institutions restructuring loan repayment terms and maintaining loan classifications to support customers facing difficulties, and other preferential programs as directed by the Government and the Governor of the State Bank of Vietnam. These policies not only support businesses in overcoming difficulties but also promote the re-establishment of production and business, contributing positively to the socio-economic development of the locality.

Having achieved many outstanding accomplishments in 2024, the banking sector in Thanh Hoa province is continuously striving to conquer even greater goals in 2025.

Text and photos: Ngoc Lan

Source: https://baothanhhoa.vn/nganh-ngan-hang-thanh-hoa-tin-dung-phat-trien-so-hoa-dot-pha-235353.htm