Achieve credit growth target

To meet the capital needs of people and businesses, promote credit growth, and ensure stable growth, credit institutions in the province not only proactively manage flexible interest rates, but also promptly remove difficulties, expand credit programs, and increase access to capital.

Implementing the direction of the Central Government and the State Bank of Vietnam (SBV) Quang Ninh branch, credit institutions in the province have expanded credit reasonably and improved credit quality; focused credit capital on production and business sectors, especially priority sectors and growth drivers according to the policies of the Government, the State Bank of Vietnam and the province; synchronously deployed solutions to support business development, enhance competitiveness, and improve the investment and business environment. At the same time, increase the ability to absorb capital and access capital of people and businesses; promote digital transformation in banking activities; develop and provide modern, safe, and convenient banking services, bringing benefits and practical values to people and businesses.

Banks are stepping up the reduction of lending interest rates for priority sectors such as agriculture, export, industry, services, small and medium enterprises, etc. to support credit growth in important sectors of the economy. To date, banks have reduced lending interest rates by 1% - 1.5% per year compared to the end of 2023. Currently, the maximum short-term lending interest rate in VND for priority sectors is 4% per year; lending interest rates are commonly at 6-7.5% per year for short term and 8.5-10% per year for medium and long term. In addition to reducing lending interest rates, banks are continuously offering preferential credit packages for different customer groups.

VIB Quang Ninh staff advise customers on preferential loan programs.

Implementing the direction of the State Bank, banks continue to restructure debt repayment terms and maintain debt groups for customers facing difficulties according to Circular 02/2023/TT-NHNN (dated April 23, 2023) of the State Bank of Vietnam. The whole province currently has 306 customers (258 individuals, 46 enterprises and 2 cooperatives) whose debt repayment terms have been restructured and their debt groups have been maintained with a total restructured value of VND 1,180 billion in principal and interest.

In particular, many solutions to support people and businesses affected by storm No. 3 have been actively implemented by banks. Banks have restructured the repayment period for 14,510 customers with outstanding loans of VND 1,032 billion; reduced lending interest rates for 5,763 customers with a total outstanding loan interest rate reduction of VND 18,917 billion, the interest rate reduction is from 0.5-2%/year; provided new loans to 7,540 customers, with a total loan amount of VND 3,050 billion to help people and businesses recover and reproduce.

To promote credit growth, many loan packages with preferential interest rates have been deployed by banks on a large scale, such as: The 120,000 billion VND program for loans for social housing, workers' housing, renovation and reconstruction of apartment buildings; the 60,000 billion VND credit program for forestry and fishery; the social policy credit program...

In particular, for the program of lending for social housing, workers' housing, renovation and reconstruction of apartments, the province currently has 8 banks participating in the credit package: Vietcombank, BIDV, Vietinbank, Agribank, TPBank, VPBank, MBBank, Techcombank. In addition, the Bank for Social Policies, Quang Ninh branch, continues to maintain loans for purchasing, leasing social housing, building new or renovating and repairing houses for living according to the provisions of Decree 100/2024/ND-CP. Up to now, the province has 3 people borrowing capital to buy social housing at Commercial Banks with outstanding loans of 650 million VND and 125 people borrowing capital to buy social housing at the Bank for Social Policies, Quang Ninh branch with a total outstanding loan of 34.9 billion VND.

With synchronous solutions, up to now, the credit balance of banks in the province obtain 196,000 billion VND, up 10.6% in 2023. It is expected that the outstanding credit balance of banks by December 31, 2024 will reach 199,000 billion VND, up 12.3% compared to 2023, reaching 100% of the set plan. This is an important premise for the banking industry to achieve the goal of credit growth of about 12-13%/year in line with the economic growth target, controlling inflation, ensuring safe, effective and sustainable banking operations.

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