(HBO) – Since the start of this year, the State Bank of Vietnam (SBV)’s Branch in Hoa Binh province has actively implemented guidelines and policies of the Party, State and sectors for banks and credit institutions in the province, with focus placed on providing preferential credit to people and businesses hurt by the COVID-19 pandemic and expanding non-cash payment from 2022 – 2025.
Vietcombank’s branch
in Hoa Binh contributes to effectively boosting the local economic development.
Reports showed that Hoa Binh’s monetary market
remained fairly stable this year, with total capital mobilized by the end of
May totaling 35.55 trillion VND, up 6 percent from the end of last year. Over
28.13 trillion VND of which came from businesses and individuals, an increase
of 8 percent from the end of 2021.
According to statistics from the SBV Branch in
Hoa Binh, total outstanding loans in agriculture and rural development exceeded
15.78 trillion VND as of the end of May, accounting for 51 percent of the
total. Soft loans for small- and medium-sized enterprises reached over 7.03
trillion VND, making up 22.7 percent of the total; and that for exports and
supporting industry valued 22 billion VND.
In the coming time, Ngo Quang Loi, Deputy
Director of the SBV Branch in Hoa Binh, said it will continue focusing on
enforcing the State and Party’s related guidelines and policies, particularly
financial support packages under the government’s post-pandemic recovery
programme; and accelerate inspection over banks and credit institutions and
anti-corruption efforts.
It will also closely control credit provision in
high-risk sectors, such as investment, real estate, securities, BOT and BT
transport projects, and corporate bonds; and strictly monitor credit poured
into land use right auctions under the direction of the State Bank of Vietnam.
The SBV Branch has been urging the continued
provision of support for pandemic-hit enterprises to push for economic recovery
and the effective implementation of policy credit programmes, particularly for
the poor and policy beneficiaries. It also plans to promote digital transformation
and cashless payment over the next three years./.
Prime Minister Pham Minh Chinh attended a groundbreaking ceremony for an electronic printed circuit board (PCB) factory at Da River Left Bank Industrial Park in Hoa Binh province on April 13. The electronic PCB factory is invested by Japan's Meiko Group at a total cost of 200 million USD.
In the first quarter of 2024, the credit institutions in the province have actively deployed the legal documents of the State and the State Bank relating to currency, credit and interest rates. At the same time, they have promoted the capital mobilization, focusing on the solutions to expand the credit investment along with strengthening the credit quality management, lending to priority programs to promptly meet the capital needs for export - business and consumer demand during Tet in 2024.
Outside the key economic region of Hoa Binh, yet Lac Son district has utilised its potential and strengths regarding labour, land, and transportation connectivity to attract investment to the locality, contributing to promoting socio-economic development.
In a move to expedite the execution and disbursement of the 2024 capital plan for ODA projects, aiming for a disbursement rate of over 90% of the allocated funding, the Hoa Binh People's Committee issued Document No. 483/UBND-KTN on April 3, 2024, regarding such efforts.
Nguyen Van Thap from Kim Duc hamlet, Vinh Tien commune, Kim Boi district, has built the brand of Hoa Qua Son for local fruits. His efforts have brought about income for his family and generated job opportunities for locals, helping hundreds of households escape from poverty.
The Hoa Binh administration was entrusted by the Prime Minister with a budget of 3.43 trillion VND (142.91 million USD) for investment in 2024. The provincial People's Council approved nearly 3.76 trillion VND, which has been meticulously allocated to projects, achieving 100% of the assigned capital plan.
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