Billionaire Nguyen Thi Phuong Thao: "GDP growth of over 8% is not a distant dream"

Representative of HDBank, Ms. Nguyen Thi Phuong Thao, Permanent Vice Chairwoman of the Board of Directors, said that in 2025, the Government is setting a target of GDP growth of over 8%, macro stability, and promoting new double-digit growth drivers from 2026, starting the era of national growth. This is a symbol of the will and aspiration for Vietnam to reach the level of an economic nation, a new growth pole of the region.

Ms. Nguyen Thi Phuong Thao, founder and Permanent Vice Chairwoman of HDBank Board of Directors, spoke at the Conference.

According to Ms. Thao, Vietnam has overcome the pandemic with great courage. Stable growth, sustainable exports, strong production, continued FDI inflows, and industry-wide credit growth of more than 15%, the highest in 5 years. That is the result of the drastic, specific, and timely direction of the Government, the Prime Minister, and the State Bank. The State Bank has proactively followed domestic and foreign market developments to synchronously and drastically manage monetary and credit policy solutions to remove difficulties, create favorable conditions for businesses and people to access bank credit capital to develop production and business, promote economic growth associated with macroeconomic stability, and control inflation.

In 2024, the Government and the State Bank of Vietnam have resolutely taken the step of transferring 4 weak banks to banks with strong resources and financial capacity. In January 2025, the Government issued a resolution and the State Bank of Vietnam decided to transfer Dong A Commercial Joint Stock Bank to HDBank. "For us, this is an honor and responsibility of HDBank in accompanying the Government and the State Bank of Vietnam to ensure the safe and sustainable development of the national financial and banking system," Ms. Thao emphasized.

Contributing to the overall development of the entire banking industry, HDBank has been on a journey of continuous innovation over the past 10 years, with a high growth rate, an average of 25-30%/year, good asset quality, safe and sustainable financial indicators. In 2024, HDBank will have total assets of nearly 700 trillion VND, serving more than 30 million customers in 63 provinces and cities, capital safety ratio reaching over 14%; Bad debt ratio is controlled below 1.5%; Providing the economy with about 420 trillion VND of credit capital. In 2024, HDBank will contribute 5,200 billion VND to the budget. Enterprises in the ecosystem related to HDBank will contribute over 15,000 billion VND to the budget excluding land use fees; creating 24,000 jobs in the banking industry, and over 40,000 jobs in enterprises.

Bank General Directors attending the Conference on the morning of February 11 (From left to right: General Directors of BIDV, ACB, HDBank, TPBank)

Billionaire Nguyen Thi Phuong Thao added that HDBank and businesses in this ecosystem also actively participate in foreign affairs and economic activities. "Recently meeting with US President Donald Trump, we affirmed the Vietnam - US strategic partnership for 30 years of normalizing Vietnam - US relations. We are implementing a contract worth 48 billion USD and are negotiating to increase it to 64 billion USD, creating nearly 500,000 jobs for Americans. With the Vietnam - China market, we aim for 75 years of diplomatic relations in 2025 with economic activities with significant numbers in the country. We are partners of the United Nations, Unesco, developing the economy together on the basis of respecting cultural values, traditions, and will of nations".

With the Government's general target of GDP growth of 8% in 2025, the State Bank of Vietnam has set the overall credit growth target for the whole industry at 16%. Ms. Thao said that she agrees with the reports of the State Bank and the opinions of the leaders of the banks at today's meeting. In addition to increasing capital supply, HDBank's outstanding loans to traditional areas continue to grow and account for a major proportion of total outstanding loans such as rural agriculture, remote areas, small and medium enterprises, supply chains, industrial real estate, social housing, and microfinance.

6 action programs to accelerate, break through, and promote HDBank's growth

HDBank leaders added that the Bank is implementing programs to accelerate, break through, promote growth and control inflation, specifically as follows:

Firstly , restructuring Dong A Bank Limited into a new generation digital bank, thereby supporting businesses and people across the country, especially small and medium enterprises, to access capital at the lowest cost with the simplest procedures through digital channels.

Second, support the promotion and provision of capital for businesses in programs to improve labor productivity and apply technology such as AI, Bigdata, Blockchain.

Third , participate in funding projects to promote public investment, transport infrastructure, logistics, highways, aviation infrastructure, and seaports. Funding smart logistics systems, reducing transportation costs, and improving the competitiveness of Vietnamese enterprises. Funding tourism and service enterprises, prioritizing the application of digital technology, connecting with modern consumer ecosystems in the world.

Fourth , support the exploration of new growth drivers. We prioritize funding for digital transformation activities, building a digital economy, developing cashless payments, promoting e-commerce, digital finance, and digital banking.

Fifth, promote green credit, invest in renewable energy and smart infrastructure, and circular economy. Establish and support the operation of AI investment funds, innovation and Blockchain investment funds to build "Make-in-Vietnam" technology products. Prepare funding sources for businesses, prioritizing the semiconductor and high-tech sectors.

Sixth , deploy cashless payment solutions and encourage the use of public transport to reduce costs, increase transparency, promote e-commerce, increase labor productivity, reduce traffic congestion, reduce environmental pollution and develop sustainable public transport.

Two major recommendations to boost capital markets

To further promote growth, HDBank proposes a number of recommendations to the Government to promote the development of the capital market and reduce pressure on bank loans. And to accompany the Prime Minister's goal of upgrading the stock market, there needs to be a sustainable solution to harmonize bank credit and the capital market, creating a balanced driving force, supporting long-term growth until 2030. HDBank recommends the Government and the State Bank:

Bank leaders attending the Conference on the morning of February 11 (from right to left: Chairman of SeABank, Permanent Vice Chairman of HDBank, Chairman of ACB)

Firstly , provide quick and timely support to HDBank according to the approved compulsory transfer plan, to quickly restore operations and increase credit supply and banking services for businesses and people.

Second , it is recommended that the State Bank continue to maintain stable interest rates to facilitate businesses' easy access to capital. Support interest rates for social housing investment programs and credit for workers. Have a mechanism to encourage the development of digital credit, operate flexible and stable exchange rates to attract investment and promote exports, and exploit the EVFTA, CPTPP, and RCEP agreements.

Finally, HDBank representatives believe that with the determination of the entire system, close direction and practical solutions from the Government and the State Bank, the banking industry will achieve the goal of contributing to 8% GDP growth by 2025, creating a solid foundation for a period of strong development in the future.

We are facing a decisive moment when 8% growth is not a distant dream but a feasible goal, preparing for the next stage of sustainable development, when we act decisively, with the consensus and support of the entire system. The Government has taken the lead, businesses are ready to innovate, our banks are ready to accompany. HDBank commits to always be a reliable partner, providing effective capital flows, promoting sustainable growth according to the direction of the Government, the management of the State Bank, accompanying businesses and the people of Vietnam. We believe that we will realize the aspiration of a strong Vietnam!