Contribute to local economic development

In recent times, branches of the Bank for Agriculture and Rural Development of Vietnam (Agribank) in the province have synchronously implemented many preferential credit programs, suitable for many customer groups. Thereby, it has supported people and businesses to overcome difficulties, boost production and business, contributing to promoting economic development in localities.

Contribute to local economic development Agribank capital contributes to building the brand of Le Gia fish sauce products (Hoang Hoa).

Mr. Le Van Thao, sub-zone 4, Thieu Hoa town (Thieu Hoa), said: “For nearly 20 years of building and developing the economy, my family has always received favorable conditions to support loans from Agribank. Initially, my family only borrowed about 30 million VND from Agribank, but thanks to effective business, along with Agribank having preferential loan programs with annual interest rates, I boldly borrowed more to expand production. My family's total loan capital sometimes reached nearly 2 billion VND. Currently, my family has invested in building solid barns and raising 200 sows, more than 1,000 pigs, supplying the market with an average of nearly 400 tons of products per year, creating regular jobs for 3 workers with stable income. Up to now, I have gradually paid off the loans to the bank".

Following the direction of the Government and the banking sector on credit support for economic development, Agribank branches in the province have increased lending with interest rates as prescribed. Preferential lending policies and programs for each customer segment are diversified in loan packages. At the same time, the branches are also pioneers in reducing loan interest rates, always having the lowest lending interest rates in the rural agricultural market in accordance with the regulations of the Government and the State Bank. As of the end of May 2024, the total outstanding loans of Agribank branches in the province reached more than 62,000 billion VND, accounting for 30.5% of the market share.

The preferential lending programs that are being implemented effectively are preferential lending for agriculture and rural areas; Preferential credit program for small and medium-sized enterprises with a scale of 10,000 billion VND with the lowest interest rate of 3.5%/year; Preferential short-term lending program for individual customers serving production and business activities with a scale of 50,000 billion VND with an interest rate of only 3%/year; The preferential short-term loan program for individual customers serving their living needs is 10,000 billion VND with an interest rate of only 4%/year and preferential consumer loans for officials, civil servants, public employees and workers receiving salaries from the State budget... In particular, for the preferential credit program of Agribank branches, preferential loans with interest rates for agricultural and rural investment according to Decree No. 55/2015/ND-CP and Decree 116/2018/ND-CP of the Government on credit policies serving agricultural and rural development are nearly 46,000 billion VND in all affiliated districts, accounting for 74.6% of the total outstanding loans of the entire branch; with nearly 200,000 households, 555 enterprises and 3 cooperatives currently borrowing capital. Among them, many customers borrow to produce and trade OCOP products in the area, some typical products such as beef ham products of Ngoc Lac and Hau Loc districts; sausage and sausage of Ba Thuoc district; Phu Quang Lam tea of Vinh Loc district; Le Gia fish sauce of Hoang Hoa district; shrimp paste of Nghi Son town; purple rice of Nong Cong; baby melon of Thieu Hoa district...

As 100% state-owned commercial bank branches, Agribank branches in the province have always been at the forefront of implementing State and Government policies, constantly affirming their leading role in the agricultural and rural financial market; strictly implementing the direction of the State Bank of Vietnam, actively implementing solutions to support the economy to overcome difficulties, contributing to strongly promoting local economic development and pushing back "black credit" in the province. Up to now, the total capital of Agribank branches in the province has reached nearly 60,000 billion VND, accounting for 33.3% of the market share of credit institutions. In addition, with the characteristics of a large area, people in rural areas do not have access to digital banking services, banks have invested in technical infrastructure including 2 mobile transaction points with specialized cars, 69 ATMs and 14 CDM machines, 466 POS machines to support customers to access preferential capital flows of Agribank in the most convenient way and experience the most comprehensive digital banking services of Agribank. Agribank branches are accompanying nearly 1.6 million customers with deposits, loans and use of banking and financial products and services. Agribank branches in the province have truly affirmed the position of a State-owned commercial bank with a key role, leading the financial and monetary market, effectively implementing the socio-economic development policies of the Party, the State and Thanh Hoa province.

Currently, Agribank branches are continuing to closely follow the socio-economic development programs and goals of the province to serve people and businesses to expand production and business, creating jobs for many workers. Continue to effectively implement the policies of the State and Agribank on credit for industrial development, export, support, small and medium enterprises, and loans for consumer life. Ensure the maintenance and stable and sustainable development of the bank's operations at all times. Expand market share and credit market in both aspects, increasing outstanding loans and increasing the number of customers.

Article and photos: Khanh Phuong

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