According to the latest figures from the State Bank of Vietnam, the credit institution system is estimated to have provided over VND 600,000 billion to the market in the first six months of the year, a 3.79% increase from the previous year-end. This brings the total outstanding credit to VND 14,170,000 billion. Of this, the total outstanding loans for consumption and living expenses in Vietnam reached approximately VND 2,800,000 billion, equivalent to 20% of the total outstanding credit in the economy.
With positive developments in the first half, lending activities for production and business are expected to become more vibrant in the second half of 2024 with the issuance of Circular No. 12/2024/TT-NHNN amending regulations on lending activities of credit institutions and foreign bank branches to customers.
Against the backdrop of improving economic capital demand, the entire SHB system has actively implemented the direction of the Prime Minister and the State Bank, proactively worked directly with customers to find solutions to difficulties and obstacles in capital access, and timely provided capital for production and business activities to promote economic growth.
The bank has particularly focused its credit orientation on production and business, priority areas, and growth drivers. It has also increased lending for consumption and living expenses and promoted lending through electronic and online forms.
Recently, SHB has increased the scale of its preferential loan package for individual customers, “Vay ưu đãi – Rồng phát tài” (Promotional Loan – Dragon Prosperity), to nearly VND 30,000 billion to meet diverse capital needs for production and business (supplementary working capital, investment in fixed assets), or other living needs such as buying real estate, cars, construction/repair of houses, and purchasing furniture, with interest rates from only 5.79%/year.
At the same time, the bank has reduced interest rates by up to 0.3%/year for medium and long-term loans compared to the program implemented at the beginning of the year to bring more attractive incentives to customers.
In addition, customers also enjoy many privileges and utilities, such as a 24-month grace period for principal payment, a credit card limit of up to VND 200 million, and a maximum interest rate reduction of 2% for overdraft loans. For the preferential loan package for buying houses, customers will enjoy up to 90% of the property value, a repayment period of up to 25 years, and a flexible repayment schedule to suit their financial needs.
SHB continues to deploy attractive preferential credit packages for individual customers
SHB’s representative said that in building the credit package, the bank wishes to continue accompanying the Government and the State Bank to provide personal financial solutions, design products according to customers’ actual needs, and improve access methods so that customers can use diverse products and services from SHB in the future.
“SHB hopes to empower customers to quickly access affordable capital, overcome difficulties, and achieve recovery and development,” the SHB representative emphasized.
During this time, for customers with capital needs but no collateral, SHB will provide an overdraft limit of up to VND 500 million and immediately credit VND 100,000 to their account when successfully opening an overdraft account at SHB transaction points nationwide.
Previously, SHB had implemented many interest rate reduction programs of up to 2.5% for individuals and businesses, helping customers overcome difficulties and expanding their access to credit.
The bank has also successfully signed credit cooperation agreements with large international organizations such as WB, ADB, and IFC. These include a VND 26 ODA project with a total value of over VND 2.6 billion, and nearly VND 400 million in medium and long-term capital from international organizations, helping the bank diversify its capital sources to meet the credit needs of all customers for production, business, and consumption.
With a strong financial foundation, reputation, and position in the international market, SHB was ranked 137th by Fortune magazine in the list of the 500 largest financial corporations and enterprises in Southeast Asia (Fortune Southeast Asia 500 – Fortune SEA 500) and 17th among financial institutions and enterprises in Vietnam.
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