Boosting credit, promoting economic growth in Region 8

On the afternoon of April 3, in Ha Tinh City, Deputy Governor of the State Bank of Vietnam (SBV) Pham Quang Dung, Vice Chairman of the People's Committee of Ha Tinh Province Tran Bau Ha, and leaders of SBV Region 8 chaired a conference to promote bank credit (connecting banks - businesses) to contribute to promoting economic growth in Region 8 (Nghe An, Ha Tinh, Quang Binh); combined with the announcement of the decision to establish and launch SBV Region 8 Branch.

Leaders of Nghe An and Quang Binh provinces also attended.

On the side of Ha Tinh province, there were Chairman of the Provincial People's Committee Vo Trong Hai, Vice Chairman of the Provincial People's Council Tran Van Ky, and leaders of departments and branches attending.

Delegates attending the conference.

Implementing the policy of the Politburo and the Secretariat on restructuring and streamlining the organizational apparatus, the Governor of the State Bank of Vietnam issued Decision 308/QD-NHNN dated February 24, 2025 on the establishment of the State Bank of Vietnam Branch in Region 8 on the basis of merging the State Bank branches in 3 provinces: Ha Tinh, Nghe An, Quang Binh.

The State Bank of Vietnam Region 8 performs the task of advising and assisting the Governor of the State Bank in performing the function of State management of currency, banking activities, foreign exchange and some central banking operations as authorized. At the same time, it continues to perform the function of advising local Party committees and authorities on areas related to currency, banking activities and foreign exchange, serving the socio-economic development in the area.

Previously, the State Bank of Vietnam announced the decision to appoint Ms. Nguyen Thi Thu Thu - Director of the State Bank of Vietnam Nghe An Branch to hold the position of Acting Director of the State Bank of Vietnam Region 8.

At this conference, the State Bank of Vietnam awarded the decision to appoint 3 Deputy Directors of the State Bank of Vietnam Region 8 to Mr. Nguyen Van Trung (Director of the State Bank of Vietnam Ha Tinh Branch before the arrangement), Mr. Luong Hai Luu (Director of the State Bank of Vietnam Quang Binh Branch before the arrangement) and Ms. Hoang Thi Minh Thu (Deputy Director of the State Bank of Vietnam Nghe An Branch before the arrangement); announced the decision to appoint the heads and deputy heads of departments of the State Bank of Vietnam Region 8.

Deputy Governor of the State Bank of Vietnam Pham Quang Dung presented the appointment decisions of Deputy Directors and heads and deputy heads of departments of the State Bank of Vietnam Region 8.

SBV Region 8 is the region with the fewest provinces, but the scale of operations of credit institutions (CIs) and CI branches under the management of the region ranks 8th out of 15 SBV regions.

Leaders of the three provinces of Ha Tinh, Quang Binh, Nghe An and leaders of the State Bank of Vietnam presented flowers to congratulate the newly appointed comrades.

As of February 28, 2025, the management network of the State Bank of Region 8 has 253 credit institutions and credit institution branches, including 133 banking units, 115 grassroots people's credit funds, 5 branches of charitable one-member limited liability microfinance organizations and 495 transaction offices 1.

There is also a deposit insurance branch in the North Central region, operating for the benefit of depositors, coordinating with the State Bank in monitoring the safety of credit institutions' operations.

Region 8 is located in 3 provinces with potential and advantages in infrastructure, tourism services, marine economy, mineral resources and energy project development. All three provinces have outstanding achievements in attracting FDI, with large projects in seaports, industrial parks and wind power, economic growth at a fairly high level, creating favorable conditions for the banking sector to boost credit growth.

Ms. Nguyen Thi Thu Thu - Acting Director of State Bank Region 8 reported on the bank credit situation in the area...

Based on the direction of the superiors, the State Bank of Region 8 directed units to strictly implement the tasks of the sector, increase credit growth safely and effectively; direct credit to production and priority sectors, increase lending for living and consumption; strictly control sectors with potential risks...

By the end of February 2025, capital mobilization in the Region reached VND 465,872 billion, an increase of VND 13,027 billion compared to the end of 2024 (of which, capital mobilization in Nghe An, Ha Tinh, Quang Binh accounted for the proportion in the region of 60%, 24%, 16% respectively); outstanding credit balance of the Region reached VND 535,688 billion, an increase of VND 7,957 billion compared to the end of 2024 (of which, outstanding debt in Nghe An, Ha Tinh, Quang Binh accounted for the proportion in the region of 61%, 21%, 18% respectively).

At the conference, delegates analyzed difficulties, obstacles, and issues that need attention in banking credit activities in the region; proposed and recommended to make banking credit activities in the region more and more effective.

Mr. Tran Minh Tinh - Director of BIDV Nghe An Branch spoke at the conference.

Speaking at the conference, Vice Chairman of Ha Tinh Provincial People's Committee Tran Bau Ha emphasized: In 2024 and the first quarter of 2025, in the context of slow global economic recovery, many difficulties and challenges still exist; however, the socio-economic situation of Ha Tinh province has had positive changes.

Vice Chairman of Ha Tinh Provincial People's Committee Tran Bao Ha spoke at the conference.

In 2024, Ha Tinh's GRDP growth rate will reach 7.48%, the total state budget revenue in the area will reach 18,133 billion VND, exceeding 103% of the estimate assigned by the Provincial People's Council; industrial production is gradually recovering with the industry-wide growth rate reaching 6.54%...

In the first quarter of 2025, the province's GRDP is estimated to reach 6.5 - 7%; total budget revenue will reach 4,555 billion VND, reaching 26% of the estimate...

The results achieved have important contributions from the banking sector with its role as the lifeblood of the economy, providing timely capital, directing credit to priority areas and local growth drivers.

The Vice Chairman of the Provincial People's Committee emphasized: The transformation of the State Bank branches into regional branch models does not create additional procedures for credit institutions, businesses and people, and at the same time creates favorable conditions for policy coordination. Although there are initial difficulties, it is believed that this model will improve the efficiency of banking management in the area, promoting credit to key areas of the locality.

In the coming time, it is recommended that the State Bank of Region 8 Closely monitor the socio-economic situation and banking activities to promptly advise local Party committees and authorities in implementing appropriate credit policies, contributing to the socio-economic development of provinces in the region; Promote credit growth in line with local development orientation, focusing on production sectors and priority sectors, promote preferential credit to support economic growth; continue to reform administrative procedures, create favorable conditions for businesses and people to access bank capital, but still ensure credit quality, limit bad debt; coordinate to promote digital transformation, implement Project 06 and develop non-cash payments, contribute to building e-government and smart cities...

Ha Tinh province commits to always support the banking sector in performing its tasks of monetary management and trading, exploiting the province's potential for sustainable development.

Mr. Pham Quang Dung - Deputy Governor of the State Bank of Vietnam concluded the conference.

Concluding the conference, Deputy Governor of the State Bank of Vietnam Pham Quang Dung requested the State Bank of Vietnam Region 8 to continue directing credit institutions in the area to implement solutions to increase credit growth safely and effectively, balance capital sources to ensure meeting the needs of the economy; promote the implementation of preferential credit programs according to the direction of the Government; continue to implement solutions to create favorable conditions for customers to access credit on the basis of ensuring legal regulations...

The Deputy Governor of the State Bank of Vietnam also requested leaders of provinces in the region to continue to direct departments, branches and sectors to create favorable conditions for the banking sector to operate and develop credit; promptly have solutions to remove difficulties for businesses to have enough conditions to access capital for production and business investment, contributing to promoting local socio-economic development...

Source: https://baohatinh.vn/day-manh-tin-dung-thuc-day-tang-truong-kinh-te-tren-dia-ban-khu-vuc-8-post285329.html