Economy

Nghe An Banking Industry: Financial flow fuels the province's development aspirations

Comrade Nguyen Thi Thu Thu - Acting Director of State Bank Branch Region 8 • October 2, 2025 13:02

Each period of development of the country is associated with a strong aspiration to rise up. In line with that flow, Nghe An - a land rich in revolutionary tradition, humanity, and love of learning - is affirming its role as the center of the North Central region in industry, trade, services, education and startups. For Nghe An to rise up strongly, a solid, modern, and flexible financial and banking foundation is indispensable.

Each period of development of the country is associated with a strong aspiration to rise up. In line with that flow, Nghe An - a land rich in revolutionary tradition, humanity, and love of learning - is affirming its role as the center of the North Central region in industry, trade, services, education and startups. For Nghe An to rise up strongly, a solid, modern, and flexible financial and banking foundation is indispensable.

Comrade Nguyen Thi Thu Thu - Acting Director of State Bank Branch Region 8

• October 1, 2025

In the 2021-2025 period, in the context of volatile regional and global economies, under the direction of the State Bank of Vietnam (SBV), SBV Branch Region 8 affirms its role as a financial "blood vessel", leading recovery and growth, and is an important fulcrum in the local development process.

With proactive advisory work, strategic vision and deep understanding of local practices, the State Bank of Vietnam Branch in Region 8 not only stops at the role of advising on policy implementation but also orients credit in the right direction and right target. In the area of ​​3 provinces in Region 8, of which Nghe An manages 127 banking units (out of a total of 286 in the whole region), monetary, credit and foreign exchange policies have been implemented flexibly and closely to reality, creating a stable and transparent financial environment, playing the role of an important catalyst for growth.

In the period 2021-2025, mobilized capital in Nghe An increased by an average of 20.8%/year - reflecting the strong confidence of people and businesses. Credit serving the economy increased by an average of 16%/year - clearly demonstrating the role of timely and focused capital supply.

By September 30, 2025, the total mobilized capital is estimated at VND 308,270 billion (up 92.5% compared to 2020), accounting for 54.7% of Region 8's mobilization; the total outstanding debt is estimated at VND 358,670 billion (up 58.7% compared to 2020), accounting for 55.4% of Region 8's outstanding debt. Social policy credit reached VND 22,756 billion, accounting for 6.3% of outstanding debt, contributing to hunger eradication and poverty reduction, improving people's lives, especially in remote areas, remote areas, and ethnic minority areas.

Nghe An banking sector focuses on directing capital flows in line with the province's strategy. Credit is effectively allocated to agriculture, forestry and fishery (14.6%), industry - construction (27.8%), trade - services (57.6%). In particular, medium and long-term credit accounts for 40%, reflecting the orientation of sustainable investment in infrastructure, processing and manufacturing, supporting industries and key projects.

The highlight of the 2021-2025 period is maintaining a reasonable interest rate level, supporting businesses to overcome difficulties, and unblocking capital flows for production and business. The banking industry has implemented 4 rounds of operating interest rate reductions with a total reduction of 0.5 - 2%/year. Following the direction of the State Bank, credit institutions have reduced costs, the average new loan interest rate has decreased by about 3%/year compared to the beginning of the term, creating conditions for businesses to restructure and expand investment.

In Nghe An, many commercial banks have implemented preferential credit packages, directly supporting key production sectors, small and medium enterprises, rural agriculture, etc. Inspection, listing and transparency of interest rates are strictly implemented, protecting borrowers' rights and maintaining a safe credit environment.

In the context of many international fluctuations, maintaining the stability of exchange rates and the foreign exchange market helps import-export enterprises feel secure in expanding their operations. The State Bank of Vietnam (SBV) Region 8 closely coordinates with credit institutions to monitor foreign exchange, control foreign exchange transactions, prevent speculation, and contribute to stabilizing the market. Outstanding credit for import and export continues to increase, with Nghe An alone reaching nearly VND4,000 billion, accounting for 1.2% of total outstanding loans - showing that the banking system accompanies enterprises in integration.

Entering a new phase with many expectations but also many challenges, the role of the banking industry is increasingly important. In the coming time, the direction of credit management will be "reasonable expansion - effective allocation - risk control", prioritizing capital for the fields of production, digital transformation, green economy, renewable energy, high-tech agriculture, supporting industry, logistics services and creative startups - the pillars of long-term development of the province. Some typical projects such as the Industrial-scale concentrated dairy farming and milk processing project (TH true MILK), Tan Thang Cement Factory, VSIP Nghe An Industrial, Urban and Service Park... have contributed to economic development.

The banking industry is also promoting the application of digital technology in monitoring and providing services, aiming for a modern, transparent banking ecosystem, focusing on people and businesses. Digital banking platforms, cashless payments, and comprehensive financial services will continue to expand to every corner - from urban to rural areas, from the center to remote areas.

Above all, Nghe An province's banking sector will continue to accompany businesses and people, playing the role of a solid "financial support" for socio-economic development.

With the role of managing monetary, credit and foreign exchange policies under the direction of the Government, the Governor of the State Bank of Vietnam and local authorities, the State Bank of Vietnam Branch Region 8 has been accompanying the socio-economic development of the province. With a solid foundation and the right orientation, the Nghe An banking sector will contribute to making the province become the center of the North Central region, building a prosperous and powerful country.