Boosting credit growth from the beginning of the year

With the economic growth target of 12% or more in 2025 that Hai Duong has set, along with the growth scenario and the detailed public investment disbursement scenario, it shows the great determination of the Provincial Party Committee, People's Council, and Provincial People's Committee in the new year. This also requires that from the beginning of the year, credit institutions in the area need to have an urgent plan to promote cash flow to the market right after Tet.

After many years of monitoring the activities of credit institutions, it can be seen that in the first quarter, especially after Tet, the activities of credit institutions in Hai Duong mainly consisted of receiving savings deposits from people.

After the Lunar New Year, people and businesses deposit thousands of billions of dong in savings at credit institutions. Meanwhile, due to the mentality that January and February are the months of “playing around” and festivals, the number of customers borrowing capital for investment in production and business is very small. Therefore, for many years, credit growth in the first quarter has often been very low, even decreasing in some years. This has led to economic growth in the province in particular, as well as the whole country in the first quarter often being lower than in the remaining quarters of the year.

This year, the State Bank's message shows that to achieve the country's GDP growth target of 8%, the whole year's credit growth will have to reach about 16%. The State Bank will not control the credit growth limit for large banks but will let the banks decide and take responsibility for themselves. Depending on the actual situation, the State Bank will develop a more flexible monetary management policy to ensure capital flow for society. This is a new and very noteworthy feature of the State Bank to accompany the country for the goal of high development.

With the very clear messages from the State Bank, credit institutions and branches in Hai Duong province need to urgently have specific plans and soon "pump" money out. To ensure growth targets according to the province's scenario, credit institutions in the area, especially the State Bank Hai Duong branch, need to have scenarios to promote credit growth by month, quarter and year to facilitate operations.

Right after Tet, along with attracting savings deposits, credit institutions need to have solutions to encourage people and businesses to borrow capital for production and business. This will bring many benefits to credit institutions, people, businesses and the whole society.

First of all, credit institutions will not have to worry about receiving a lot of money but lending little. Then in the following months, they will be under great pressure to lend capital. People and businesses need to change the concept of January and February being leisurely, pay attention to borrowing capital, investing in production and business, and avoid missing opportunities.

2025 is a pivotal year for Hai Duong and the whole country to enter the Era of national development. Every citizen and business needs to change their awareness, attitude, and actions to adapt to the new situation. In particular, the method of operation as well as production and business activities must have more appropriate changes. That requires credit institutions - the units that are considered to hold the "blood vessels" of the economy to be more flexible and proactive in their operations.

Ensuring a steady and timely source of capital for people and businesses to conduct production and business activities will contribute to the successful implementation of the growth goals of Hai Duong as well as the whole country.