Boosting credit to boost economic growth in the Central Highlands region

Timely realization of development goals

In 2025, under the strong direction of the National Assembly, the Government and the Prime Minister, the SBV has promptly concretized the goals and solutions for socio-economic development. These solutions include tasks related to currency, credit, banking restructuring, bad debt handling, inspection, supervision, administrative procedure reform, and digital transformation in banking operations. One of the main priorities of the SBV in 2025 is to promote credit development to contribute to boosting the economy.

Deputy Governor of the State Bank of Vietnam Doan Thai Son speaks at the conference

In particular, in credit work, the State Bank has assigned credit growth targets to each credit institution (CI) in 2025, with the target of the entire banking sector growing by about 16%. This helps CIs to be proactive in business activities, while implementing reasonable credit growth solutions from the beginning of the year. Solutions include simplifying credit granting processes, enhancing digital transformation applications, and optimizing loan procedures to support businesses and people to access credit conveniently.

Speaking at the opening of the conference, Deputy Governor Doan Thai Son said that in the context of the economy facing many difficulties, the banking sector is also not immune to challenges. However, the Government has set a target of double-digit economic growth in 2025. To achieve this target, the SBV has directed banks to reduce interest rates, encouraged credit institutions to save costs to reduce lending interest rates, and maintained stable deposit interest rates. At the same time, credit is focused on priority areas such as agriculture, forestry, fisheries, exports and key national projects.

Deputy Governor of the State Bank of Vietnam Doan Thai Son and Vice Chairman of Dak Lak Provincial People's Committee Truong Cong Thai co-chaired the conference.

According to Mr. Nguyen Kim Cuong, Acting Director of the State Bank of Vietnam, Region 11 Branch, the Central Highlands has great advantages in agricultural development, especially long-term industrial crops such as coffee, rubber, and pepper. In addition, this region also has great potential for eco-tourism, renewable energy, and mineral resources such as bauxite. By 2024, the region's GRDP will reach 4.6%, with a GRDP scale of up to VND485 trillion, and GRDP per capita reaching VND78.5 million, an increase of 16% over the previous year.

However, Mr. Cuong said that this region still faces many difficulties in economic development. The State Bank of Vietnam, Region 11 branch, has actively implemented monetary and credit policies to support businesses and people, especially in the local industry strengths.

By the end of February 2025, the total outstanding debt of credit institutions in Region 11 was about VND 590,618 billion, an increase of 0.54% compared to the end of 2024, accounting for 3.75% of the total outstanding debt of the economy. In fact, credit growth in the region is still slower than the national average.

Therefore, according to Mr. Cuong, in the coming time, the State Bank of Vietnam, Region 11 branch, will continue to direct credit institutions in the area to carry out the key tasks of the banking sector in 2025; Focus on directing and promoting the implementation of credit programs and policies being implemented in the area.

Mr. Nguyen Kim Cuong, Acting Director of the State Bank of Vietnam, Region 11 branch, spoke at the conference.

At the same time, monitor, supervise and inspect the implementation of regulations on interest rates; stabilize deposit interest rates to have a basis for reducing lending interest rates. Direct credit institutions to continue to reduce operating costs, increase the application of information technology, simplify procedures and other measures to reduce interest rates, fees and support people and businesses in accessing capital for consumption and production and business activities. Timely grasp issues related to mechanisms, policies and difficulties and obstacles in actual implementation, focus on removing and handling issues under their authority; report to the Governor of the State Bank, propose and advise on amending and supplementing mechanisms and policies in accordance with the practical situation.

Efforts to reform and support businesses

One of the important issues raised at the conference was the difficulty many businesses still face in accessing loans. Business representatives such as Mr. Le Duc Huy, Chairman of the Board of Members of Dak Lak 2-9 Import-Export Company Limited, shared that banks have provided great support in providing credit to coffee exporting businesses in the Central Highlands. However, businesses hope that banks will continue to support in simplifying procedures and increasing lending levels, especially in the context of economic difficulties.

At the same time, Mr. Pham Dong Thanh, Chairman of Dak Lak Young Entrepreneurs Association, acknowledged the support of the banking sector in reducing interest rates and extending debt repayment periods in recent times, helping businesses overcome difficulties. However, businesses also proposed increasing the level of mobile loans and being more flexible in mortgaging assets...

Commercial banks pledge to continue accompanying businesses and people with preferential credit products.

Representatives of credit institutions, such as Mr. Nguyen Quang Hung, Deputy General Director of Agribank, affirmed that the unit is committed to continuing to accompany businesses with preferential credit products. Agribank has implemented many programs to support businesses, especially in the fields of agriculture, rural areas and agricultural exports, with measures to reduce interest rates and provide financial support for agricultural projects.

Ms. Do Thi Viet Hang, Director of Vietcombank Gia Lai, also shared that her bank has implemented many support programs for agricultural export enterprises, especially coffee, and renewable energy projects. Vietcombank is at the forefront of developing green credit products, supporting renewable energy projects and environmental protection.

Local authorities also play an important role in facilitating the operation of the banking sector. Mr. Vo Ngoc Hiep, Vice Chairman of Lam Dong Provincial People's Committee, emphasized the important contribution of the banking sector to the local economic development in recent times. Currently, the total outstanding credit balance of Lam Dong province is about 191 trillion VND, which is an important resource supporting socio-economic development. Hopefully, the banking sector will continue to accompany local authorities in removing difficulties, supporting businesses and people to access loans to promote production and business development.

Concluding the conference, Deputy Governor Doan Thai Son welcomed the attention of local leaders to the banking sector's activities. The Deputy Governor hopes that local leaders will continue to pay attention and closely coordinate with the State Bank of Vietnam, Region 11 Branch, to help businesses and people access credit to serve production and business development.

Deputy Governor Doan Thai Son directed banks to develop credit products for industries and sectors that are suitable to the business strategy and resource balance capacity of credit institutions.

Regarding the Banking sector in Region 11, the Deputy Governor of the State Bank emphasized the need to strengthen strict control of credit in areas with potential risks; develop credit products for industries and sectors in line with the business strategy and resource balancing capacity of credit institutions. Focus on credit investment in key projects and works, green credit, credit serving the development of strong sectors of the region and locality. Strengthen administrative reform, create favorable conditions for people and businesses to access bank credit capital; continue digital transformation, provide technology products in both credit and payment; promote consumer credit and strengthen policy communication...

Deputy Governor of the State Bank of Vietnam Doan Thai Son said that, in addition to the above solutions, the banking sector needs close coordination among departments, branches, business associations, and professional associations in the area so that support solutions and policies are effective and synchronous. Thereby, helping people and businesses stabilize production and business activities, develop the economy sustainably, contributing to the implementation of socio-economic growth targets in 2025 and the following years.