Banking Industry Significantly Contributes to Economic Growth

“The banking industry in Ninh Thuan province consistently demonstrates its commitment to economic development. It actively participates in many programs, promptly addresses challenges that arise during the implementation of development programs, and stands united with the government and citizens at all stages,” said Mr. Nguyen Anh Tuan, Deputy Director of SBV Ninh Thuan.

The conference to address challenges faced by cooperatives and enhance their access to credit

Achievements and contributions

Last year, the Ninh Thuan banking industry effectively applied national monetary policies in an attempt to curb inflation, stabilize the economy and ensure social security to support and promote socioeconomic development. The network of local credit institutions has been constantly consolidated and modernized, closely supervised, complied with relevant regulations, and arranged in districts and cities to effectively function as a major capital supply channel for local development.

The State Bank of Vietnam - Ninh Thuan Branch (SBV Ninh Thuan) has effectively adopted credit programs and policies to remove difficulties and support comprehensive economic recovery and development. By December 31, 2023, debt repayment terms were restructured and debt categories were kept unchanged for 38 customers with a cumulative debt value of VND642 billion (outstanding principal plus interest), including VND434 billion for 24 corporate customers and VND208 billion for 14 individual customers.

Soft loan value, entitled to concessionary terms according to Decree 31/2022/ND-CP and Circular 03/2022/TT-NHNN in December 2023, was VND22.955 billion. The amount of subsidized interest was VND760 million for eight eligible borrowers. “Besides, in 2023, SBV Ninh Thuan consistently and effectively carried out assigned tasks under the National Comprehensive Financial Strategy to 2025 and further to 2030, the Ninh Thuan non cash payment development plan in the 2021-2025 period and the Ninh Thuan Banking Digital Transformation Plan to 2025 and further to 2030. The branch achieved many remarkable results,” he added.

Regarding digital transformation, SBV Ninh Thuan carried out Project 06 on population data, identification and electronic authentication application development to serve national digital transformation in 2022-2025 and to 2030; encouraged its employees to use VNEID accounts; expanded customer authentication solutions via chip-embedded citizenship cards at automatic teller machines/cash recycling machines (ATM/CRM) and transaction counters; exploited the national population database for its professional activities.

To boost communications on non-cash payment, SBV Ninh Thuan coordinated with the Ninh Thuan Youth Union to organize the “Exploring non cash payment in 2023” contest and launched a plan for non-cash payment development. By the end of 2023, the province had 704 non cash payment acceptance points (ATM and POS).

Maintaining focus on targets

To continue its encouraging achievements, SBV Ninh Thuan figured out key tasks in the coming time: Effectively applying monetary and banking solutions, boosting professional operations and supporting markets; improving credit quality, restructuring and handling bad debts; strengthening inspection and supervision; preventing corruption and resolving complaints and denunciations; quickening digital transformation and non-cash payment; speeding up administrative reform, enhancing the business environment, creating favorable conditions for people and businesses; intensifying administrative discipline; effectively managing foreign exchange and gold trading; carrying out treasury payment and banking services; and fulfilling its National Assembly tasks and communications.

“The banking industry will boost information and communications on Party and State policies, guidelines and laws as well as SBV policy communications to build up consensus and support of businesses, people and society. The sector will actively coordinate with local media agencies to convey information on monetary and banking policies and all banking aspects to the public,” Tuan emphasized.

By Bich Tram, Vietnam Business Forum