Thai Binh banking industry: Promoting its vital role, actively contributing to the province's socio-economic development

In 2024, despite many difficulties, the banking industry in Thai Binh still maintained stability and efficiency. Credit growth reached the set target; bad debt was controlled at a low level; the development of services and the application of modern technology in banking continued to be promoted; banks introduced many modern and convenient payment products and services, bringing practical benefits to customers; a reasonable cash structure in circulation, promptly meeting the needs of economic organizations and people... thereby actively contributing to the implementation of the political tasks of the industry, promoting the vital role, and actively contributing to the socio-economic development of the province.

Vietnam Bank for Agriculture and Rural Development, Thai Binh Branch will put Agribank Digital Bank into operation from 2022.

Restore production and business activities

Right from the beginning of the year, closely following the direction of the Government, the Prime Minister, the State Bank of Vietnam (SBV) and the socio-economic development situation of the province, the Thai Binh banking sector has had many appropriate and timely solutions to direct and manage to increase access to credit capital for people and businesses, and remove difficulties for production and business. Along with focusing on solutions to expand credit investment along with strengthening credit quality management, the whole sector has also implemented many key credit programs such as: Lending to 5 priority areas with outstanding loans reaching 1,725 ​​billion VND, accounting for 1.6%; lending to serve agricultural and rural development with outstanding loans reaching 36,800 billion VND, an increase of 8.7% compared to December 31, 2023, accounting for 36.2%; lending to the rural clean water program, outstanding loans reaching nearly 1,792 billion VND; lending to the poor and policy beneficiaries with outstanding loans reaching over 4,830 billion VND, accounting for 4.5% of total outstanding loans in the whole area...

Accompanying and sharing difficulties with borrowers is also one of the key tasks that credit institutions have focused on implementing in the past time. In 2024, along with many localities across the country, Thai Binh is a province heavily affected by storm No. 3 and floods after the storm. Implementing the direction of the State Bank of Vietnam, the State Bank of Vietnam Provincial Branch has directed credit institutions in the area to proactively review and summarize the damage of borrowers to promptly take measures to support customers and implement the debt cancellation policy according to Decree No. 55/2015/ND-CP for borrowers; at the same time, advise the Provincial People's Committee to issue a directive document on organizing the implementation of banking solutions to help people and businesses facing difficulties due to the impact of storm No. 3 to restore and promote production, business and economic development. According to statistics, the whole province has nearly 1,300 loan customers who suffered losses due to storm No. 3 with outstanding loans of over VND 235 billion. As of November 30, 2024, credit institutions in the area have restructured the repayment period for 351 customers with a restructured loan balance of VND 14.5 billion, exempted and reduced loan interest for more than 320 customers with a loan balance of nearly VND 565 billion. The Provincial Branch of the Vietnam Bank for Social Policies has prepared a dossier requesting consideration of debt settlement for 20 customers with an amount of nearly VND 730 million, of which the principal debt is over VND 700 million. Along with that, credit institutions have also actively implemented interest rate support for social housing, worker housing, renovation and reconstruction of old apartments. Up to now, in the province, there are nearly 250 customers whose debt repayment terms have been restructured with a total debt value of more than 450 billion VND, and outstanding debt with a restructured debt repayment term of nearly 190 billion VND.

Pioneer in digital transformation

In 2024, Thai Binh's banking industry will pioneer in digital transformation with payment activities, especially non-cash payments, developing strongly. In 2024, the total payment turnover via banks is estimated at 1.85 million billion VND, an increase of 11.4% compared to 2023, of which non-cash payments account for 85% of total payment turnover. Credit institutions offer many modern, friendly and convenient products and services such as: QR code, contactless payment, internet banking, mobile banking, payment of electricity, water, public services... to meet the needs, bringing practical experiences and benefits to customers. Along with that, the payment infrastructure is invested in by credit institutions to be modern, operate safely, effectively and smoothly. By the end of 2024, credit institutions in the area will install 215 ATMs, 1,290 POS card acceptance devices; increased by 8 ATMs and 57 POS machines compared to 2023; issued thousands of QR codes, opened over 1.8 million accounts, issued over 2.4 million payment cards of all kinds; paid salaries through accounts for 2,270 administrative agencies and enterprises with nearly 200,000 employees receiving salaries through accounts. Thai Binh banking industry has made efforts to review and classify accounts; collect and compare biometric information to protect users, improve system security and confidentiality. By November 30, 2024, nearly 530,000 individual customers in the province had installed biometrics, reaching a rate of 68%.

Although the results achieved are positive, the credit growth of the whole province is quite good compared to the whole country, the credit growth is uneven among credit institutions; bad debt is at risk of increasing; the increasing development of technology poses many risks and challenges to the work of ensuring security and safety of banking payments due to the increasingly diverse and sophisticated tricks of high-tech criminals... Therefore, to create a premise to enter a new era - the era of national development, in 2025, the banking industry of Thai Binh continues to closely follow the orientation and objectives of monetary policy management of the State Bank of Vietnam, the socio-economic development goals of the province, on that basis, strengthen and improve the effectiveness of state management of currency and banking activities in the area, at the same time direct, guide, monitor and supervise credit institutions in the area to implement monetary and credit solutions of the Government and the State Bank; Strengthen inspection, examination, supervision, prevention, and suppression of violations of the law in the banking sector; restructure credit institutions in conjunction with bad debt handling; strengthen management of people's credit fund activities; promote non-cash payments, promote digital transformation in banking activities, ensure information technology safety and payment activities. Credit institutions in the area continue to organize and implement monetary, credit, and foreign exchange solutions to ensure effective business operations; increase capital mobilization from within the economy through product and service development, diversify types of mobilization, and improve customer service quality; focus on implementing solutions to support people and businesses, strengthen bank-business connectivity; increase investment, equip facilities, modernize technology, and equip ATM and POS systems; Apply advanced payment technology solutions and international standards on security and confidentiality for information technology systems...

State Bank of Vietnam provincial branch

Source: https://baothaibinh.com.vn/tin-tuc/4/215178/nganh-ngan-hang-thai-binh-phat-huy-vai-tro-huyet-mach-dong-gop-tich-cuc-vao-phat-trien-kinh-te-xa-hoi-cua-tinh