Promote safe and effective credit growth
Agribank's leaders said that in the first 6 months of 2024, closely following the direction of the Government and the State Bank, the entire Agribank system will focus on seriously and effectively implementing key tasks and solutions according to Directive No. 01/CT-NHNN dated January 17, 2024 of the State Bank to remove difficulties and strive to fully complete the assigned business plan targets for 2024.
Accordingly, Agribank focuses on implementing drastic and synchronous solutions to promote safe and effective credit growth. Notably, it continues to have appropriate support policies on interest rates and restructures debt repayment terms for borrowers facing prolonged difficulties due to objective reasons according to the policies of the Government and the State Bank; proactively reduces short-term lending interest rates by 0.5 - 2%/year, especially for new disbursements; medium and long-term lending interest rates are reduced by 1-2.5%/year.
Agribank is also proactively spending about VND 250,000 billion to implement preferential interest rate credit programs for many customer groups: large enterprises, small and medium enterprises, medium and long-term investment projects, import and export customers, customers investing in production and business of OCOP products and individual customers borrowing capital for business and consumption activities.
By June 30, 2024, after 11 months of implementing the preferential credit program for the forestry and fishery sector, Agribank had provided VND 7,183 billion in credit with about 5,000 disbursements to customers, focusing on aquaculture exploitation activities; purchasing and consuming aquatic products; processing and preserving forest products.
At the same time, preferential credit will be provided to project investors and buyers of social housing, workers' housing, and projects to renovate and rebuild old apartments according to Resolution 33/NQ-CP of the Government. By the end of the second quarter of 2024, Agribank has approved 11 social housing projects with a total approved amount of VND 3,023 billion, outstanding loans as of June 30, 2024 were VND 657 billion, continuing to be the leading bank in terms of disbursement turnover of the program.
As a result, the outstanding debt of the entire Agribank system as of June 30, 2024 increased by 2.6% compared to December 31, 2023; the bad debt ratio according to Circular 11 decreased by 0.02% compared to the end of 2023.
Promote pioneering and leading role
Governor of the State Bank of Vietnam Nguyen Thi Hong highly appreciated Agribank’s efforts in implementing its business plan and assigned political tasks in the past time and achieving many positive and comprehensive results in all aspects of its operations. Thanks to that, Agribank continues to be the bank with the leading network system and the second largest credit scale in the entire banking system.
In particular, the bank has always been a pioneer, playing a leading role in implementing monetary, credit, interest rate policies and solutions to remove difficulties for businesses and people under the direction of the Government and the State Bank, especially in lending activities and providing banking products and services in the agricultural and rural areas.
In the coming time, Governor of the State Bank of Vietnam Nguyen Thi Hong emphasized the requirement that Agribank promote the achieved results and strive to overcome difficulties and challenges to further improve the quality and efficiency of operations and seriously, resolutely and effectively implement assigned tasks and solutions.
In particular, noting some key contents on monetary and credit work and solutions to remove difficulties for businesses and people, Agribank continues to promote its leading role as a 100% state-owned commercial bank in leading the market, taking the lead in implementing the Government's and the Industry's policies on monetary and credit; maintaining its leading position in the agricultural and rural financial market.
The Governor also noted that Agribank needs to have practical solutions to further boost credit growth, directing credit to priority areas, especially agriculture and rural areas, to ensure good implementation of the credit growth target assigned by the State Bank.
Agribank is a 100% state-owned commercial bank. Agribank plays a key role in the banking system, with the largest network of nearly 2,300 branches and transaction offices across all regions, areas and island districts of the country. As of the end of June 2024, Agribank's total assets reached VND 2.1 million billion; capital reached VND 1.9 million billion; total outstanding loans to the economy reached over VND 1.5 million billion. With the spirit of always accompanying and sharing difficulties with businesses, removing difficulties for people, Agribank is the bank that always pioneers in providing the most support in reducing interest rates and fees for customers and businesses, contributing to the recovery and development of the socio-economy.
