Credit promotion - economic growth

Announcing the decision to establish and launch State Bank Branch Region 3.

State Bank Region 3 Branch (SBV Region 3) is under the State Bank of Vietnam, established on the basis of merging the State Bank branches of 4 provinces: Son La, Hoa Binh, Dien Bien and Lai Chau. After the arrangement, SBV Region 3 has 140 civil servants and employees. The organizational structure includes 6 departments: General Department; State Bank Regional Inspectorate; Management and Supervision Department; Accounting - Payment Department; Currency - Treasury Department; Administration - Personnel Department. The headquarters is located in Son La province and maintains the operational representative of SBV Region in the remaining 3 provinces.

Currently, Region 3 has 27 credit institutions, a network covering all districts, towns and cities with 54 level I branches, 39 level II branches, 158 transaction offices, 668 transaction points. There are 243 ATMs/CDMs, 35,500 QR code points and 2,583 service introduction points from 8 financial companies.

Following the direction of the Government, the Prime Minister, the State Bank of Vietnam and local Party committees and authorities, the State Bank of Region 3 proactively advised the Provincial Party Committee and Provincial People's Committee on monetary, banking, foreign exchange management and socio-economic development. At the same time, it directed credit institutions to increase capital mobilization, diversify credit products to suit the needs of people and businesses with reasonable interest rates, and prioritize capital for local strengths.

Customers transact at Bac A Commercial Joint Stock Bank, Son La Branch.

With the synchronous and effective implementation of solutions, by February 28, the State Bank of Region 3 mobilized over VND 113,000 billion, an increase of 2.06% compared to the end of 2024, accounting for 15.9% of the total mobilization of the Northern Midlands and Mountains. Outstanding loans were nearly VND 135,000 billion, down 1.61%. Credit sources mainly focused on strong areas, such as: Agricultural and rural loans accounted for 37.8% of total outstanding loans; loans to small and medium enterprises accounted for over 27%; policy credit programs of the Vietnam Bank for Social Policies accounted for 16%.

The State Bank of Vietnam’s provincial branches continued to effectively implement the program of connecting banks and enterprises in appropriate forms. Specifically, 37 meetings were organized in the form of conferences, working programs, dialogues, business coffees, etc. Thereby, credit institutions lent VND 20,500 billion to 1,165 enterprises and 1,699 other customers; restructured loans for 17 customers and reduced loan interest rates, fees and many other forms of support.

Despite many achievements, banking activities in the area still face difficulties. Locally mobilized capital only meets 84% of credit demand. Credit growth in 2024 is only 7.6%, lower than the 14.4% of the Northern Midlands and Mountains region, as well as 15.09% of the whole country. Many businesses and people face difficulties in production, business and access to loans.

In the coming time, the State Bank of Region 3 will fully and promptly implement monetary, credit and foreign exchange policies. At the same time, it will quickly grasp difficulties, focus on resolving them within its authority, and closely coordinate with the government and relevant agencies. The unit will also promote administrative reform and unlock resources, aiming to achieve a minimum growth of 8% by 2025.