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 2020 is considered as a year of good impressions of banking industry in Binh Duong, business indexes of credit institutions in general, commercial banking system in particular achieved and exceeded the set targets. This is also the foundation for credit institutions to be more optimistic about business prospects in 2021.

Customers consultancy and support at BIDV Binh Duong.

 Impression of good growth

In 2020, Vietcombank Binh Duong continued to gain good growth targets compared to the previous year. In particular, the credit quality and risks in operation were well controlled, client network continued to be expanded, the number of issued cards was quite impressive. Vietcombank Binh Duong's total deposits reached VND 18,578 billion, an increase of 13.5%; total loans reached VND 13,025 billion, an increase of 2.5%; international payment revenues reached $2,190 million, an increase of 5%. In the year, total profits from the bank's businesses was recorded at VND 598 billion.

In 2020, MB Bank Binh Duong also exceeded their set targets. Accordingly, the increase in outstanding loans and bonds reached 128%, deposit mobilization reached 98%, demand deposits reached 113%, bad debt was controlled at 0.08%. Vietinbank Binh Duong Industrial Park Branch also eyed a 21% increase in loan balance, a 14% increase in total mobilized deposits; net revenue from services increased 13%; total profits increased by 28%. Particularly, BIDV Binh Duong was an excellent organization in pre-tax profit, an example of retail bank. Pre-tax profit of BIDV Binh Duong reached VND 620 billion, outstanding loans increased by 6.2%, total assets increased by 8%, rate of bad debts and overdue debts was within the allowed limit of less than 3%.

Business results in 2020 of other banking systems, such as Agribank, HDbank, Sacombank, ACB etc. also exceeded targets. The banks' accomplishments have contributed to the overall business results of Binh Duong banking industry in 2020 with capital mobilization increasing by 15.44%, loan outstanding increased by 13.43%, exceeding the planned target. This is also a higher growth rate than the national average.

To make every effort to assist businesses

2020 was a difficult year to the national economy in general and to the banking industry due to the negative impact of Covid-19. Binh Duong banking industry has carried out solutions to overcome difficulties and support customers in developing production and business. Vietcombank Binh Duong has diversified solutions in deposit mobilization, lending, implemented 4 interest rate cuts to support institutional and individual clients; developed services, information technology infrastructure, and new potential customers. With responsibility and empathy with customers, Vietcombank Binh Duong specifys the level of interactions combined with customer care for each official. "The support and effort of Vietcombank Binh Duong to help businesses overcoming difficulties has been recognized and appreciated by customers", said Nguyen Thai Minh Quang, Director of Vietcombank Binh Duong.

Similarly, BIDV Binh Duong has also repeatedly reduced lending interest rates, reduced fees of many types of services, transactions, maintained debt groups (debt group transfer) with a total costs of over VND 1,500 billion. In order to assemble financial resources to share difficulties and support customers, BIDV Binh Duong cut its operating costs and profits by many billions in 2020. Similarly, Vietinbank Binh Duong, in addition to focusing on credit investment, has also applied solutions to improve the quality of debt appraisal and recovery in the process before, during and after disbursement and settlement of bad debts. Vietinbank Binh Duong becomes an example of implementing a safe and effective credit policy in serving local people and businesses.

The growth of profits and important accomplishments of Binh Duong banking industry in 2020 is bringing many opportunities for business activities of credit institutions in 2021. However, according to Vo Dinh Phong, Director of State Bank of Vietnam - Binh Duong Branch, 2021 was expected to have great challenges for the banking industry. In the face of the complicated epidemic situation, banking industry will continue to implement specific task groups and 5 solutions to join hands and share risks, difficulties with customers in the province, contributing to supporting economic growth at a reasonable level, ensuring the operational safety of the banking system.

 Reported by Thanh Hong - Translated by Ngoc Huynh