Vinh Phuc Banking Industry Facilitating Businesses to Access Capital

10:47:47 AM | 23/10/2019

As directed by Vinh Phuc branch of the State Bank, since the beginning of the year, credit institutions have actively implemented many solutions to provide loans to businesses through the following programs: Connecting banks - enterprises; stabilizing the market from supporting capital sources; simplifying lending procedures, implementing credit guarantee mechanism for small and medium enterprises. At the same time, it has actively mobilized capital; created many products, services, preferential loan packages suitable to the specific characteristics and business scale of enterprises in the locality such as: Domestic and international deposit account services; assistance in the process of exchanging, purchasing and consuming products in order to remove difficulties and create favorable conditions for capital sources for enterprises to develop production and business.

In the first nine months of 2019, the banking sector has effectively implemented the State's mechanisms and policies, the solutions of the State Bank of Vietnam (SBV): Priority is given to the credit in production areas and prioritized areas, creating favorable conditions for accessing credit capital of enterprises. Since September 16, 2019, the SBV has reduced operating rates 0.25%/yr. The decrease in operating interest rates is the basis for commercial banks to reduce refinancing and rediscounting loan costs from the SBV, thereby helping to lower lending rates when input costs are reduced. Currently, the mobilizing interest rate is popular at 4.5-7.3%/year for deposits with a term of one month or more. Lending interest rate for priority fields is 6-9%/year; normal production and business sectors are at 6.8-10.5%/year.

Mobilized fund in the area has increased slightly compared to the end of 2018. The total mobilized capital was estimated at VND70 trillion, up 1.43%. Total outstanding loans by the end of September were estimated at VND72,850 billion, up 8.31% compared to the end of 2018.

Currently, Vinh Phuc province has a strong system of bank branches with ATM and POS networks available at commercial centers, amusement parks, supermarkets, restaurants, hotels, retail stores to facilitate businesses and people for payment and use of services of banks.

Continuing to create favorable conditions for businesses to access loans, investing in expanding production and business scale, in the coming time, the Vinh Phuc SBV will actively coordinate with departments, branches and localities in investigating and supporting enterprises to access credit. At the same time, Vinh Phuc SBV will diversify modern banking products and services, reduce procedures, improve service quality to meet customer needs in the process of competition, integration, as well as contributing to the development of economic development of the province.

Nguyet Tham