The Lao Cai Branch of the Vietnam Bank for Agriculture and Rural Development (Agribank Lao Cai) was established in 1991. After 23 years of operation, with the close direction of Agribank, the Provincial Party Committee, the Provincial People's Committee and the State Bank of Vietnam (SBV), Agribank Lao Cai Branch has overcome all difficulties and challenges to play a leading role in the financial market in Lao Cai province.
Agribank Lao Cai now has one head office, 11 third-class banks and 10 transaction offices across the province with over 405 employees. The branch supplies modern banking services for all economic sectors and serves local socioeconomic development.
The branch’s mobilised capital increased steadily in the past years. To provide sufficient funds for socioeconomic development, the branch has carried out many fund raising solutions, improved service quality, deployed many products for different depositors, and launched promotion programmes. The branch has also received money from non-resident sources like investment trusts from international credit organisations. Currently, its capital base exceeded VND5,600 billion, representing an increase of 2.6 times over 2009 and an average annual growth of over 30 percent and accounting for 50 percent of total outstanding loans of commercial banks in the area. These impressive figures partially show the prideful efforts of the entire branch. With its strong capital base, Agribank Lao Cai has lent production and business projects, with priority given to agricultural and rural development projects, especially to extremely poor projects, small and medium-sized enterprises, industrial and service projects. The branch has significantly contributed to socioeconomic development programme and poverty reduction of the province.
Forex trading and international payment is also developed. The branch signed cross-border payment cooperation agreements with six commercial banks in Yunnan Province of China, successfully arranged cross-border payments in local currency, expanded foreign exchange operations, and provided international money transfer services. Cross-border payment has contributed to promoting border trade through border gates in Lao Cai province.
In addition, to serve customer needs in the best manner, the branch has increased utility products and services. With nearly 500 network-enabled computers, 17 ATMs and 130 points of sales (POS), Agribank Lao Cai has provided many new products for customers, such as ATM cards, e-banking services, SMS account management, cash management system (CMS), electricity and water invoice payment. So far, the branch issued over 11,000 ATM cards and served over 995 units to pay salaries into 27,354 registered bank accounts. These help empower and popularise Agribank brand name.
To accompany the local socioeconomic development, the branch has endeavoured to implement measures to draw capital sources to increase its capital base to meet credit demand of all economic sectors. It has also adjusted and restructured payment terms and provided new loans for corporate customers to maintain and expand operations and overcome difficulties. It has also joined hands with companies to analyse debts to apply more appropriate policies.
In particular, Agribank Lao Cai is also very active in social welfare activities. The branch raises funds for charitable funds, builds charitable houses, and finances school and hospital construction. Agribank is not only a good friend of enterprises, but also a good friend of poor farmers.
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