Credit development, breakthrough digitalization

Closing 2024, the State Bank of Vietnam (SBV) Thanh Hoa Branch has made a remarkable mark in its role as a state manager of currency and foreign exchange and as a “bank of credit institutions”, contributing to painting a promising socio-economic picture of the province. Thanh Hoa’s banking sector has not only achieved strong credit growth, but also promoted sustainable development, affirming its leading position in the local economic strategy.

Agribank Thanh Hoa supports customers to complete biometrics.

The numbers "talk"

In 2024, in the context of many fluctuations in the global and domestic economy, the State Bank of Vietnam Thanh Hoa Branch has demonstrated its pivotal role, synchronously, promptly and consistently implementing monetary and credit mechanisms and policies in the area, directing credit flows into production and business sectors, priority sectors, contributing to supporting local economic growth. Inspection and supervision work has helped to properly assess the quality of operations of credit institutions, while improving the efficiency of debt management and enhancing credit quality.

Implementing Resolution No. 01/NQ-CP dated January 5, 2024 of the Government, along with the Action Program of the State Bank of Vietnam, by the end of November 2024, the total mobilized capital in Thanh Hoa reached 183,849 billion VND, an increase of 7.9% compared to the beginning of the year. Of which, savings deposits accounted for 68.5% of the total mobilized capital, showing the great trust of the people in the banking system.

Total outstanding credit reached VND217,221 billion, up 11.8% compared to the beginning of the year. Notably, the overdue debt ratio only accounted for 1.1% of total outstanding debt, showing that credit quality was well controlled. In addition, state-owned commercial banks accounted for 64% of the market share, playing a leading role, followed by joint-stock commercial banks with 23%, the Vietnam Bank for Social Policies with 7%, and the cooperative credit institution sector (Cooperative Bank, People's Credit Fund, Microfinance Institutions) with 6% of the market share.

The State Bank of Vietnam Thanh Hoa Branch has strongly implemented digital transformation solutions according to Directive No. 02/CT-NHNN, contributing to the implementation of the national digital transformation strategy. By 2024, the rate of transactions via digital channels in Thanh Hoa will reach over 90%, thanks to the implementation of advanced banking services such as QR code payment, biometric authentication, mobile payment and e-commerce platforms.

The application of Big Data technology and artificial intelligence (AI) in credit management and activity monitoring has helped automate processes and improve management efficiency. The State Bank of Vietnam, Thanh Hoa Branch, has demonstrated its strategic vision in placing technology at the heart of sustainable development.

In 2024, the State Bank of Thanh Hoa effectively implemented the Credit Program under Resolution No. 33/NQ-CP of the Government, supporting social housing projects, worker housing projects and renovation of old apartments. Projects such as Tan Thanh Eco 3 Residential Area or Social Housing in Quang Thanh Ward (Thanh Hoa City) have disbursed nearly 100 billion VND, contributing to improving the lives of low-income workers and policy families.

The “Bank-Business Connection” program continues to be an important bridge, helping businesses access loans with reasonable interest rates, solving difficulties in costs and finance. In particular, the banking industry also supports businesses in cash flow management, operating operations and building production and business development strategies that adapt to reality.

Key tasks in 2025

The year 2025 will bring many advantages, but also many difficulties and challenges in the management and operation of the State Bank of Vietnam, Thanh Hoa Branch. Under the close direction of the Governor of the State Bank of Vietnam, the Provincial Party Committee, the People's Council and the Provincial People's Committee, the Thanh Hoa Banking sector has identified key tasks to continue comprehensive innovation, promote capital supply to the economy, and contribute to promoting sustainable growth.

Safe and effective credit growth continues to be the top priority. Credit sources continue to be directed to production and business sectors, especially priority sectors and growth drivers. At the same time, credit in potentially risky sectors such as BOT transport or real estate will be strictly controlled.

Promoting digital transformation remains a key strategy in 2025, with the development of modern payment services, ensuring information technology security and safety. Thanh Hoa Banking Industry will continue to actively implement Project 06, digital transformation of the banking industry and perfect the non-cash payment system, aiming to build a modern and convenient technological society.

The State Bank of Vietnam Thanh Hoa Branch will also continue to effectively implement credit programs such as the social housing loan program under Resolution No. 33/NQ-CP of the Government, the credit program for the forestry and fishery sectors, regulations on credit institutions to restructure debt repayment terms, maintain debt groups to support customers in difficulty or other preferential programs under the direction of the Government and the Governor of the State Bank of Vietnam. These policies not only support businesses to overcome difficulties, but also promote the re-establishment of production and business, contributing positively to local socio-economic development.

Entering 2024 with many outstanding achievements, Thanh Hoa Banking industry is constantly striving to continue conquering greater goals in 2025.

Article and photos: Ngoc Lan

Source: https://baothanhhoa.vn/nganh-ngan-hang-thanh-hoa-tin-dung-phat-trien-so-hoa-dot-pha-235353.htm