Want to be in the loop?
subscribe to
our notification
Business News
OFFERING MANY PREFERENTIAL CREDIT PROGRAMS FOR BUSINESSES
Playing a key role in the local banking system, Vietinbank Vinh Phuc has always taken the lead in delivering soft credit to businesses and customers who are managing to live through difficulties and reinforce business recovery and development.
In 2022, Vietinbank Vinh Phuc launched many preferential credit programs for businesses and helped economic recovery and development as directed by the Government and the State Bank of Vietnam (SBV). The branch offered over VND300 billion of concessional loans to corporate customers as of December 2022, achieving credit growth of 8% in the year. Based on selective credit growth and ensuring capital adequacy, Vietinbank Vinh Phuc spurred retail banking development, focusing on credit growth for small and medium-sized enterprises (SMEs) and government-prioritized sectors.
Consistently supporting businesses in optimizing cost and business funding, Vietinbank Vinh Phuc is carrying out two giant preferential loan packages, including a financing package for construction enterprises and a chain-based guarantee package. For the financing package for construction enterprises, the branch is offering a full financial solution with a competitive collateral ratio, a reasonable interest rate, flexible management and credit funding as well as a package solution for the project life cycle, from customer selection in public tending to project construction and completion. For the chain-based guarantee package, businesses will receive more incentives, with fee reductions by up to 40% in 12 months from the date of joining the program, for more types of guarantees issued. The program is widely applied to all borrowers, not only companies that are existing customers of Vietinbank but also new customers. The advantage of the chain-based guarantee package lies in the fact that businesses that introduce partners to use bank guarantee products will be granted incentives from the program as well.
After the State Bank of Vietnam recently revised up credit “room”, Vietinbank Vinh Phuc continued to boost credit growth for retail banking and SMEs; access many effective investment projects, especially for green energy projects and investment projects in industrial zones; and ensure timely response to customers' credit needs for business. Moreover, following Decree 31 of the Government on interest support for businesses, cooperatives and business households, Vietinbank Vinh Phuc reviewed and compiled a list of customers eligible for support, focused on transport, tourism, accommodation services, agriculture, processing and manufacturing industries. In late 2022, the branch mobilized VND10,200 billion of deposits, up 5% year on year; and lent a total of VND10,093 billion, up 8%. The bad debt ratio was kept below 0.5%. The branch offered more than VND300 billion in interest-supported loans.
In 2023, the economy is forecast to continue facing difficulties. Companies will have greater borrowing demand for their business recovery and development. Vietinbank Vinh Phuc will continue to adopt an effective, practical and flexible business strategy to carry out preferential credit programs backed by the Government and the central bank. The branch will strengthen communication and grasp feedback from customers to gradually diversify products and services, improve service quality, and remove difficulties for customers in accessing preferential loans.
Source: VCCI
Related News
DIGITAL TRANSFORMATION IN LOGISTICS – A KEY TO UNLOCKING SUSTAINABLE E-COMMERCE AND ECONOMIC DEVELOPMENT
Accelerating digital transformation in logistics is critical in order to promote the sustainable development of e-commerce, a conference on applying technology held by the Ministry of Industry and Trade heard on Thursday, as well as accelerating overall economic growth.
SOILBUILD EXTENDS ITS HORIZONS INTO VIETNAM INDUSTRIAL REAL ESTATE
Soilbuild Group, an integrated real estate group, has broadened its investment in industrial real estate to Vietnam through its Soilbuild International division. The official launch of Soilbuild International (Vietnam) took place in Hanoi on May 9th, 2024, and was attended by esteemed guests, including domestic and international partners.
SEMINAR: BUSINESS SPOTLIGHT - THE HONG KONG-INSPIRED PRESENCE NESTLED IN THE HEART OF HANOI'S EAST
16h00 - 18h00, Wednesday (May 22nd, 2024)Almaz Convention Center - Hanoi (GG map: https://maps.app.goo.gl/YtWyGgkiTwWvFnfX6)
VIETNAM SECURES REMARKABLE ECONOMIC SUCCESSES SINCE NATIONAL REUNIFICATION
Since the national reunification on April 30, 1975, Vietnam has obtained admirable economic achievements and is now on its way to become the 20th largest economy in the world. Back to 1975, Vietnam, torn by two major wars, was a backward economy dependent on agriculture and foreign assistance. Foreign loans and aid accounted for over 63 percent of its budget.
350 EXHIBITORS TO TAKE PART IN HCM CITY PAPER, COATINGS, RUBBER, PLASTIC EXPOS
They will have a total display area of 10,000sq.m, 30 per cent more than last year, and the participation of over 350 local and international exhibitors who will showcase thousands of products and technologies.
INT’L INVESTORS EYE VIETNAM’S DATA CENTER MARKET – REPORT
Vietnam’s data center market is increasingly attractive to foreign investors, driven by the country’s expanding digital economy, rising data consumption, and supportive government policies, said a new report by JLL. While Vietnam’s data center sector has traditionally been dominated by local telecommunications companies, global players are now entering the market.