Agribank Soc Trang Helps to Foster Socioeconomic Development

Established in 1992, the Soc Trang Branch of the State-owned Vietnam Bank for Agriculture and Rural Development (Agribank) was one of the first banks to have a presence in Soc Trang province. In its nearly 20 years of construction and development, Agribank Soc Trang has made significant contributions to socioeconomic development of the province, especially to agricultural production and rural development.

 

In 1992, Agribank Soc Trang was set up from the merger of six district Agribank offices from former Agribank Hau Giang Branch. The merged units include Ke Sach, My Tu, Long Phu, Vinh Chau, My Xuyen, Thanh Tri and Soc Trang Incombank Branch.

 

When the province was split, Soc Trang Agribank was weak in human resources and infrastructure. The branch’s mobilised capital reached only VND14,914 million and total outstanding loans were VND21,689 million, of which unfrozen overdue debts accounted for 80.9 percent of total loans.

 

Under the guidance of Agribank on expansion of operating networks in areas with good business environments, particularly residential concentrations and rural economic areas, Agribank Soc Trang opened five sub-branches in the province in a short time, including Transaction Office No. 1 (which serves six wards in Soc Trang City), Transaction Office No. 2 (serving five communes in My Tu district), Tran De fishing port sub-branch (a component of Long Phu District Branch, serving four coastal communes: An Thanh 3, Lich Hoi Thuong, Lieu Tu and Trung Binh), and An Lac Thon sub-branch (a part of Ke Sach District Branch, serving four communes along the Hau River: An Lac Thon, Phong Nam, Xuan Hoa and Ba Trinh).

 

According to Mr Nguyen Tan Buu, Director of Agribank Soc Trang, opening new branches in rural areas not only brings real benefits for the bank itself, but also for farmers who are in real need of the bank’s support for capital and other banking services.

 

In addition to network expansion investment, Agribank Soc Trang also continuously improves service quality. Thus, the bank has been the largest lender in the province since 1996, in the face of growing competition with other lenders. Since 1997, Agribank Soc Trang’s deposits and loans have always outdone its peers in the province.

With a province-wide business network (including a headquarters, 18 sub-branches and transaction offices), Agribank Soc Trang is the largest commercial bank in the province of Soc Trang. This position is demonstrated by a total deposit of more than VND2,700 billion, accounting for 34 percent of total deposits mobilised by all credit institutions in the province, and a total outstanding loan of more than VND6,200 billion, accounting for 46 percent of the total outstanding loans offered by all credit institutions there.

 

For years, Agribank Soc Trang has consistently performed well its leading role in the provincial economy, financial and monetary market.

 

Mr Nguyen Tan Buu added that the principal role of Agribank Soc Trang in funding the provincial economy is also affirmed by the trust of central and provincial authorities. With the network reaching even the most remote areas and with nearly 400 employees, Agribank Soc Trang has effectively served the target of social and economic development, especially for agricultural and rural development.