Private economy - The leading important pillar of the economy
In the past two decades, the private economic sector has risen strongly, becoming one of the leading important pillars of the economy and increasingly showing itself to be the most important driving force to promote national economic growth.
With nearly one million enterprises, about 5 million individual business households, the private economic sector currently contributes about 51% of GDP, more than 30% of the state budget, creates more than 40 million jobs, accounts for more than 82% of the total number of employees in the economy, contributing nearly 60% of total social investment capital.
The private economy not only helps expand production, trade and services but also contributes significantly to improving labor productivity, promoting innovation and increasing national competitiveness. The strong rise of many Vietnamese private enterprises not only dominates the domestic market but also affirms the brand in the international market.
Agribank's capital accompanies private economic development
In the process of developing the business community, Vietnamese entrepreneurs always have the support and assistance of the commercial banking system. The commercial banking system is the artery of the economy, an effective capital channel for production and business, contributing to promoting economic restructuring.
Over the past 37 years of development, Agribank has been making continuous efforts to bring the best convenient products and services, the most suitable credit programs for customers, supporting customers to overcome difficulties, working with customers to develop production and business, contributing to the overall achievements of the economy.
Agribank's investment credit capital for the private economic sector has always been focused on with the proportion of investment credit accounting for about 80% of total outstanding loans, equivalent to nearly 1.4 million billion VND. Of which, private-sector enterprises with a scale of over 400 trillion VND account for about 90% of outstanding loans to corporate customers and have increased by more than 25% over the past 5 years.
Agribank always affirms its role as a leading state-owned commercial bank in the credit institution system in Vietnam, steadfast in its mission of being a key investor in developing the agricultural, farmer and rural economy, contributing to stabilizing the macro economy, controlling inflation and promoting the country's economic growth.
Agribank's capital through preferential credit programs with suitable interest rates has helped businesses, entrepreneurs, production households... develop sustainable production and business, reaching out to the world from specific agricultural raw materials and products with national brands. Agribank proactively and actively implements 07 policy credit programs, national target programs on new rural construction, sustainable poverty reduction, socio-economic development in ethnic minority and mountainous areas.
Agribank has been proactive and flexible to provide credit capital for the economy and serving production and business activities, focusing on three main growth drivers: consumption, export, investment and priority for 5 key fields including export, agriculture, high technology, small and medium -sized enterprises, supporting industries. In 2024, Agribank proactively reduces loan interest rates 04 times, giving an average loan interest rate at the end of the year by nearly 2% compared to the beginning of the year and belonging to low groups in the market.
To further support the business community and the private economic sector, in the first months of 2025, Agribank will continue to reduce the short-term lending interest rate rate by 0.2% - 0.5% to promote credit growth, while implementing 09 credit programs with a scale of over 350 trillion VND with lending interest rates 1%-3% lower than normal interest rates, ensuring adequate supply of credit products to all customers. In particular, for private economic enterprises alone, Agribank has allocated VND240,000 billion in capital, applicable to many customers such as: large corporate customers, small and medium enterprises, FDI customers, import-export customers, etc.
Agribank is constantly diversifying credit products for each object, customer segment (small and medium -sized enterprises, large businesses, corporations, corporations ...) as well as industries and fields, especially economic development drivers; Promote digitization and application of information technology to improve the procedure process to increase access to banking products and services via electronic vehicles, contributing to shortening the processing time, increasing access to bank products for customers. Along with that, Agribank reduces operating costs to reserve resources to reduce loan interest rates, regularly organize a conference to connect customers - banks to grasp the needs and promptly remove problems to increase the accessibility of credit capital of customers.
The close cooperation between Agribank and the business community and entrepreneurs in recent times has contributed to realizing the private economic development policy, supporting the business community and entrepreneurs to develop and become a driving force for national development, together building a healthy ecosystem, where all economic sectors are equal, connecting, supporting and creating prosperity and development, entering a new era with the country - an era of breakthrough and strong development.
