Vietinbank's Hoa Binh branch has been actively implementing measures to ensure safe and effective credit growth.

In this period, credit growth of credit institutions in the province reached 1.5% compared to the end of 2023, roughly in line with the province's economic growth rate of 1.81%. Total capital mobilisation from economic organisations and individuals amounted to 35.14 trillion VND (1.38 billion USD), up 1.5% against that in late 2023. The province’s total outstanding loans increased by 2% compared to the end of 2023.

Specifically, outstanding loans of the agricultural and rural sector at the end of June reached nearly 18.6 trillion VND, accounting for 45.5% of the total, while those to support small- and medium-sized enterprises reached 9.2 trillion VND, accounting for 23%.

In an effort to accompany and support customers through difficult times, the provincial branch of the State Bank of Vietnam has actively directed credit institutions to restructure debt repayment periods and maintain the same debt group in accordance with Circular 02/2023/TT-NHNN. As a result, in the first half of this year, 94 customers benefited from debt restructuring. The outstanding principal debt with a restructured repayment term was 1.25 trillion VND. This policy has received appraisal from the business community, as they have an additional stepping stone to recover and strengthen their internal resources to both pay loans and continue production and business. Therefore, the central bank's decision to extend the validity period of Circular No. 02/2023/TT-NHNN until the end of 2024 is good news for businesses.

Ngo Quang Loi, acting Director of the State Bank of Vietnam (SBV)’s provincial branch, said that from now to the end of this year, credit institutions in the province will continue to organise and implement solutions to ensure safe and effective credit growth, as well as capital supply to serve the locality’s socio-economic development.

As the current context requires the banking industry to have greater determination to promote credit growth, contributing to solving difficulties for the economy, the SBV’s provincial branch will continue to closely follow the directions of the Government, the Prime Minister, the central bank, and the provincial People's Committee to direct and urge credit institutions to effectively implement monetary, credit and banking-related solutions, Loi said. He stressed the need to strengthen inspection, examination, and supervision to ensure banking operations comply with legal regulations, realise goals set for 2024, and create sustainable development momentum for the following years.

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