Yen Bai: Idle money flows into banks

Economy

Yen Bai: Idle money flows into banks

Thursday, September 17, 2020

YBO - Despite annual deposit rates being adjusted down between 0.3 and 0.5 percent, idle money continues to flow into banks in Yen Bai.

Good outcomes of deposit activities help commercial banks cut lending rates and support their business clients.

According to the Yen Bai branch of the State Bank of Vietnam, as of August 31, the total capital of local branches of commercial banks, the Cooperative Bank of Vietnam, and the People’s Credit Fund hit 28.13 trillion VND (1.22 billion USD), up 4.88 percent.

Economic experts said the reason behind the flow is that bank saving remains safe and profitable compared to fluctuated investment channels like gold and the stock market, while the real estate market is stagnant.

Pham Trung Tung, director of the BIDV’s Yen Bai branch, said under the direction of the Government and the State Bank, the bank has launched several measures to support customers amid difficulties caused by the COVID-19 pandemic. Over 100 customers have benefited from the bank’s support policy to date, with their outstanding loans exceeding 1.3 trillion VND.

As of August 13, COVID-19-impacted outstanding loans in the locality made up 18.5 percent of its total, at over 4.49 trillion VND, of which over 3.2 trillion VND belonged to enterprises and cooperatives. Local bank branches and people’s credit funds have assisted 21,861 customers by restructuring payment datelines and removing or reducing interest rates and fees, among other measures.

Le Phien

Other news

Yen Bai invests over 600 billion VND in digital transformation

Viettel Yen Bai assists highland residents in utilizing digital platforms and applications.

Since 2021, Yen Bai Province has allocated over 600 billion VND from its budget and socialized resources to implement digital transformation initiatives, focusing on information technology infrastructure and related projects.

Yen Bai strives to improve investment environment

In May 2024, Yen Bai provincial leaders handed over the Decision on Investment Policy Approval to Honna Hitoshi, Chairman and CEO of Erex Group.

As a mountainous province located deep inland, Yen Bai boasts significant potential for development. The province is rich in mineral resources with hundreds of mining sites, complemented by breathtaking natural landscapes. Additionally, Yen Bai has planned several concentrated commodity production zones.

Yen Bai City completes digital transformation indicators for 2024

Youth union members assist residents of Nam Cuong Ward, Yen Bai City, in scanning QR codes for the AI digitalization project of historical sites, including temples, pagodas, and communal houses in the area.

According to the self-assessment results for the 2024 Digital Transformation Index, Yen Bai City achieved a total score of 909.5 out of 1,000 points based on the Digital Transformation Evaluation Index for provincial departments, agencies, districts, towns, and cities in Yen Bai Province.

Hoang Lien Son Technical Porcelain JSC produces and distributes over 3,400 tons of insulating porcelain products

Hoang Lien Son Technical Porcelain JSC surpasses its revenue target, achieving over 126 billion VND.

In 2024, despite facing numerous challenges due to rising input material costs, Hoang Lien Son Technical Porcelain joint Stock Company successfully produced and distributed over 3,400 tons of insulating porcelain products of various types, achieving 112% of its annual plan.

Economy