Long An: The total capital of credit institutions in the province is over 109,460 billion VND

Deputy Chairman of Long An Provincial People's Committee - Nguyen Van Ut emphasizes the results of socio-economic development in 2019 and recognizes the contribution of Long An Banking sector.

Long An Provincial People's Committee Vice Chairman - Nguyen Van Ut emphasized that in 2019, the growth rate of GRDP products of the province reached 9.41 percent. Achieving such satisfactory results, the Provincial People's Committee recognizes the contribution of Long An Banking sector in investing in credit for socio-economic development, developing banking products and services to provide for people and businesses.

Vice Chairman of the Provincial People's Committee requested that in 2020, the State Bank of Long An province, credit institutions in the area should continue to closely following the orientation and goals of socio-economic development of the province; directing and operating of the State Bank of Vietnam in promptly implementing the State's laws and policies, the sector’s guiding documents. At the same time, it strengthens the role of state management of currency, banking activities, management of foreign exchange and gold markets in the area; regularly inspects and ensures that credit institutions in the area operate in a healthy and lawful manner.

In particular, credit institutions in the area should continue to focus capital on rural agriculture, small and medium-sized enterprises, supporting industries, exports, high-tech agriculture; strengthen Bank-business connection; control credit quality safely and effectively.

According to the report of the Director of the State Bank – Long An branch - Dao Van Nghiep, the results of the management of monetary policy, banking industry activities in 2019 in the area are always guaranteed. Besides, the interest rate level dropped sharply, the credit structure continued to shift towards focusing on priority areas.

The total capital of credit institutions in the province is now over 109,460 billion VND

Currently, in Long An province, there is 1 Bank Head Office, 35 Banks of type-I Branches, 19 People's Credit Funds and 4 branches of microfinance institutions with a total of 197 transaction sites.

The total capital of credit institutions in the province is currently over 109,460 billion VND, up 15.43 percent compared to the beginning of 2019. Of which, the mobilized capital reached 68,350 billion VND, up 13.05 percent compared to the beginning of the year. Total outstanding loans reached over 73,800 billion VND, an increase of 11,981 billion VND, an increase of 19.38 percent compared to the beginning of the year; in which, loans in VND accounted for over 96 percent, the rest was in foreign currencies. In particular, credit institutions currently lend to preferential credit sectors with interest rates as specified by the Government reached over 55,900 billion VND, accounting for 75.2 percent of the total outstanding loans.

Bad debt rate is handled well. The bad debt rate of credit institutions in the province is 0.56 percent, about over 400 billion VND.

Social security activities of the banking sector in 2019

In addition to business activities, credit institutions in the province also participate in implementing social security works quite well with a total amount of over 5.58 billion VND. The above money is for helping policy beneficiary families, families in difficult circumstances, building houses of gratitude, and helping schools for poor and studious pupils to overcome difficulties due to their difficulties in the province./.

By Mai Huong – Translated by Duc Tam

Source: http://baolongan.vn/long-an-tong-nguon-von-cua-cac-to-chuc-tin-dung-tren-dia-ban-tinh-da-t-tren-109-460-ti-do-ng-a88933.html