On the morning of November 3rd, the State Bank of Vietnam (SBV) branch in Vinh Phuc province, in coordination with the Vietnam Investment and Development Bank (BIDV) Vinh Phuc branch and Phuc Yen branch, organized a bank-business connection conference to address difficulties and obstacles faced by customers in accessing credit and to promote credit growth in the remaining months of 2024.
According to a report from the State Bank of Vietnam's Vinh Phuc branch, in supporting the business community to overcome difficulties and create momentum for production and business, the banking sector in Vinh Phuc has implemented many solutions to boost credit growth, such as reducing interest rates, publicly disclosing lending interest rates; achieving credit growth according to the additional targets adjusted by the State Bank of Vietnam; strengthening bank-business connections; introducing many preferential credit packages suitable for different customer groups; simplifying loan procedures, and applying digital transformation to the credit granting process…
As of September 30th, credit institutions had provided loans to 3,208 businesses, with outstanding debt reaching VND 56,438 billion, accounting for over 41% of the total outstanding debt. Of these, 1,137 new loans were granted to businesses through the bank-business connection program, with a total outstanding debt of VND 19,300 billion.
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| Vice Chairman of the Vinh Phuc Provincial People's Committee Nguyen Khac Hieu directed the banking sector to resolutely implement solutions to ensure that businesses with sound business plans do not suffer from a lack of capital. Photo: Chu Kieu |
Specifically, the Vietnam Investment and Development Bank (BIDV) branches in Vinh Phuc and Phuc Yen have reduced lending interest rates for businesses by 1.5% - 2.5% per year, depending on the loan term, since the beginning of the year.
As of the end of September 2024, the unit had outstanding loans to corporate customers totaling VND 11,463 billion. Of this, preferential loans for small and medium-sized enterprises (SMEs) amounted to over VND 1,700 billion; short-term preferential loans for large enterprises totaled over VND 2,230 billion; and loans for import-export businesses reached VND 524 billion.
At the conference, representatives from businesses requested that the province continue to pay attention to creating favorable conditions regarding land, resolving difficulties and obstacles in compensation and land clearance for projects, especially social housing projects; and that the banking sector continue to consider reducing lending interest rates to increase attractiveness and support for businesses.
Speaking at the conference, Vice Chairman of the Vinh Phuc Provincial People's Committee Nguyen Khac Hieu highly appreciated the efforts of the banking sector and shared the difficulties faced by the business community in the province in the past period. He also requested that departments and agencies proactively review and gather information to promptly resolve difficulties and obstacles for businesses.
Vice Chairman Nguyen Khac Hieu requested the State Bank of Vietnam's Vinh Phuc branch to strengthen guidance and supervision of credit institutions to effectively implement credit programs supporting businesses; and to focus maximum capital on production and business sectors, priority sectors, and national programs and targets.
In particular, it is important to create favorable conditions for people and businesses to access bank loans, ensuring that businesses with sound business plans do not lack capital.
For commercial banks, the leaders of the Vinh Phuc Provincial People's Committee requested that banks proactively review and assess credit quality and handle bad debts, ensuring objective and accurate data.
Simultaneously, strengthen the connection between banks and businesses through various appropriate, practical, and effective methods to gather and share information, resolve difficulties for customers, and facilitate access to capital for production and business activities.
Continue to promote digital transformation in operations, developing new business models and products/services based on information technology, digital banking, and digital payments. Ensure security and safety in payment operations and digital transformation.
The leaders of the Vinh Phuc Provincial People's Committee also noted that businesses need to improve their management and operational capabilities, restructure their operations; and develop effective and feasible production and business plans so that credit institutions have a basis for appraisal and consideration of loans that are appropriate to their operational situation and production and business needs.
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