In 2024, bad debt of Binh Phuoc banking industry is 1.52%

On the afternoon of January 10, the State Bank of Vietnam (SBV) Binh Phuoc branch held a conference to summarize activities in 2024, deploy directions and tasks in 2025 and the People's Credit Fund topic in 2024 in the province.

In 2024, the State Bank of Vietnam, Binh Phuoc branch, effectively implemented tasks and solutions in line with macroeconomic developments, meeting capital needs for the provincial economy according to the direction of the State Bank of Vietnam and the province. Specifically, capital mobilization in the year reached VND 65,688 billion, an increase of nearly 20% over the same period; outstanding credit reached VND 125,898 billion.

Representatives of credit institutions in the province attended the conference.

Although mobilized capital increased, credit growth in 2024 was quite low compared to recent years, specifically increasing by only 4.66%. Meanwhile, in recent years, credit growth in the area has often been above 10% (in 2023, credit growth was 12.28%). Compared to the general growth rate of the whole country of 15-16%, Binh Phuoc's credit growth is quite low.

Mr. Bui Huy Tho, Director of the State Bank of Vietnam, Binh Phuoc province branch, spoke at the conference.

Commenting on the reason for low credit growth, at the conference, Mr. Bui Huy Tho, Director of the State Bank of Vietnam, Binh Phuoc Province Branch, acknowledged: In 2024, while the province's economic growth still meets the target, low credit growth is not too worrying. The reason is that the system of credit institutions in the area is in the process of ensuring credit safety in the context of the economy with many risks due to many objective and subjective reasons.

Regarding the bad debt ratio increasing beyond the target set at the beginning of the year (under 1%), Mr. Bui Huy Tho said that if compared to the average bad debt ratio of the whole country from 4-5%, Binh Phuoc's bad debt is only 1.52%, which is a great effort of the credit institution system. This figure shows that Binh Phuoc is a locality that effectively restrains the bad debt ratio.

In 2025, the goal set by the State Bank of Vietnam, Binh Phuoc branch, is to focus on the task of credit growth, while ensuring credit quality; directing credit to priority areas, especially preferential interest rate loan packages under the direction of the Government, the State Bank of Vietnam and Binh Phuoc province.

At the conference, there were also many comments contributing to the activities of people's credit funds in the province in the coming time to operate more effectively.

Source: https://baobinhphuoc.com.vn/news/4/167781/nam-2024-no-xau-cua-nganh-ngan-hang-binh-phuoc-la-1-52