Agribank invests resources to promote comprehensive finance and build new rural areas

Affirming the leading position in business

In 2024, Agribank's business performance reached its highest level after 4 years of implementing the restructuring plan associated with bad debt settlement in the 2021-2025 period. Agribank fully completed the business plan targets assigned by the State Bank. By the end of 2024, Agribank's total assets reached over VND 2.2 million billion; capital mobilization exceeded VND 2 million billion; outstanding credit reached over VND 1.72 million billion; The bad debt ratio was controlled at 1.56%. These achievements are the result of the efforts of all Agribank officers and employees across the country towards the goal of prosperous development for customers and the community.

In comparison with the end of 2022, the scale of total assets, capital, and outstanding loans in 2024 of Agribank all increased (of which, total assets increased by more than 19%, capital increased by more than 18%, outstanding loans increased by more than 19%), however, the number of employees in the whole system only increased by more than 3% thanks to the promotion of the application of science and technology, digital transformation, towards digital banking, making an important contribution to the development of the national digital economy.

With high determination, no hamlet or village will be left without credit, no household with effective production and business plans will lack capital, each Agribank credit officer is in charge of thousands of customers, most of whom are small loans - Photo: VGP/HT

No hamlet or village is left without credit.

As the only state-owned commercial bank with a nationwide network, especially in remote areas, Agribank devotes more than 60% of its investment resources to rural areas with more than 200 modern, convenient and safe financial products; more than 64,000 effective lending groups; 7 preferential credit policies and 3 national target programs are being implemented synchronously. Thanks to that, millions of farming households, poor households and vulnerable groups have the opportunity to access legal capital sources to serve production and life.

With the characteristics of a country with an agricultural economy playing a "pillar" role, the proportion of labor and population in rural areas is the majority, access to microfinance with safe and legal financial services contributing to creating livelihoods, supporting people to improve production capacity, expand business activities, and gradually develop the economy is extremely important. With high determination, no hamlet or village is left "empty" of credit, no household with effective production and business plans is left without capital, in some areas each Agribank credit officer is in charge of thousands of customers, most of which are small loans.

With microfinance programs suitable for each customer group, especially people and production and business households in rural, remote and isolated areas with preferential interest rates, many individuals and collective economic models have had access to Agribank's capital, helping to develop commodity production, create jobs and increase income for local people.

These efforts have contributed to promoting financial inclusion, supporting millions of households to escape poverty sustainably, and playing an important role in building new rural areas, developing the local economy and pushing back black credit.

Resolutely join hands to push back black credit

Along with developing microfinance, Agribank focuses on promoting a comprehensive financial strategy to help people access formal financial services more conveniently. Accordingly, Agribank has simplified paperwork and procedures, shortened disbursement time, and implemented many unsecured loan packages, creating conditions for people to access legal and easy loan sources. To bring bank credit to people, Agribank has deployed a mobile banking model to remote villages; coordinated with the Women's Union, Farmers' Association, and Veterans' Association to organize unsecured loans; strengthened communication about black credit risks and guided people to access formal capital from banks. A number of flexible credit programs have been implemented, helping workers and small business households to access legal capital sources quickly, instead of having to resort to informal credit with high interest rates.

With Agribank's efforts to combat black credit, the rate of people in many localities using legal credit services has increased significantly, gradually narrowing the "living space" of black credit.

The National Financial Inclusion Strategy to 2025, with a vision to 2030, approved by the Government, sets an overarching goal: all people, especially the poor, the vulnerable and rural residents, need to access and use official financial products and services conveniently, at reasonable costs and safely. In this strategy, Agribank is not only one of the implementing units, but also plays a central role, leading the commercial banking system in universalizing finance to every village, hamlet and commune in remote and isolated areas.

Some of Agribank's outstanding achievements include: Promoting the universalization of financial services to all classes with more than 2,300 transaction points, most of which are located in rural, mountainous and island areas. This allows financial access to be expanded to hard-to-reach communities, contributing to narrowing the development gap between regions.

The bank also supports vulnerable groups in accessing capital and formal financial services. Agribank deploys many credit products that do not require collateral, simplifies lending procedures, provides small-scale loans, and meets the capital needs for production and business of the poor, women, farmers and other vulnerable groups. In addition, Agribank also builds appropriate and practical credit packages for workers and small business households; closely coordinates with mass organizations such as the Women's Union, Farmers' Association, etc. to raise financial awareness in the community, helping people avoid financial fraud traps and access bank capital.

Besides, Agribank also cooperates effectively with national target programs, participating in programs such as Sustainable Poverty Reduction, New Rural Development...

Agribank also promotes digital transformation - a lever to expand comprehensive finance. Agribank's digital strategy aims to not only serve urban customers but also expand digital financial services to people in rural, remote and isolated areas...

In addition, Agribank also promotes digital transformation - a lever to expand comprehensive finance. Agribank's digital strategy aims to not only serve urban customers but also expand digital financial services to people in rural, remote and isolated areas...

Orienting the future, Agribank comprehensively transforms digitally, focusing on customers. The bank expands the application of artificial intelligence (AI) and big data analysis (Big Data) in customer care and credit decision making; promotes automated banking (Digital Branch), pure digital banking...

From its role as a bank for "Tam Nong", Agribank has risen to become a pillar in realizing the goal of comprehensive finance - the foundation for sustainable poverty reduction, improving the quality of life and ensuring equitable development for the whole society.

Source: https://baochinhphu.vn/agribank-dau-tu-nguon-luc-thuc-day-tai-chinh-toan-dien-xay-dung-nong-thon-moi-102250408171602768.htm