Region 4 plays an important role in trade and connecting the northern mountainous region with other provinces in the country, as well as creating a bridge for international trade through border gates with China. — Photo cafef.vn

HÀ NỘI — Total bank loads of nearly VNĐ71 trillion (US$2.78 million) will be poured into six northern provinces of Phú Thọ, Vĩnh Phúc, Hà Giang, Tuyên Quang, Lào Cai and Yên Bái (Region 4) this year, according to Deputy Governor of the State Bank of Vietnam (SBV) Đào Minh Tú.

At a conference to boost credit in Region 4, held in Phú Thọ province on March 11, Tú said the local area's credit growth will contribute to help the entire banking industry meet the credit growth target of 16 per cent, equivalent to VNĐ2.5 quadrillion, this year.

“This is a challenge that requires the efforts of the entire banking industry, cooperation from customers and businesses and support from authorities of the provinces,” Tú said.

The provinces in Region 4 are important geographical locations, with Lào Cai and Hà Giang bordering with China to the North, and Vĩnh Phúc and Phú Thọ bordering with Hà Nội to the South. This region plays an important role in trade and connecting the northern mountainous region with other provinces in the country, as well as creating a bridge for international trade through border gates with China.

According to Trương Thu Hòa, head of the SBV’s Region 4 branch, the banking sector has recently implemented many solutions to promote credit growth to meet the capital needs for production and business of people and businesses, and to build the infrastructure for socio-economic development of the region.

Currently, there are over 30 credit institutions and 98 people's credit funds, with over 450 transaction offices, operating in the region.

Hòa reported that by January 31, 2025, outstanding loans in the region reached nearly VNĐ442.52 trillion, an increase of 0.28 per cent compared to December 31, 2024. The value accounted for 40.75 per cent of total outstanding loans in the northern midlands and mountainous region.

There were 52 meetings and dialogues between banks and enterprises held in region last year, which helped credit institutions lend about VNĐ89 trillion to 2,708 enterprises and 526 business households.

To promote credit in the region, representatives of companies in the region suggested that the SBV, along with other commercial banks, reduce lending interest rates, simplify administrative procedures to ease enterprises in accessing capital and research mortgage loans using future assets.

The SBV said it will continue to closely follow socio-economic programmes of local departments in the region to effectively implement solutions on monetary and credit management.

The SBV will direct credit institutions to take measures to cut deposit and lending interest rates, promote credit growth from the beginning of the year and target credit to production and business sectors, priority sectors, and growth drivers.

Administrative reform will be further strengthened to create favourable conditions for people and businesses to access bank credit, the SBV said. — BIZHUB/ VNS