Looking back on 2024 – A year of raising capital and lowering obstacles for businesses

Despite the lack of year-end data, initial evaluations point to a number of significant accomplishments. First and foremost is the effective execution of monetary policy as delineated in Central Bank Directive 01. These successes show that credit and monetary policies are beneficial in promoting economic growth and stabilizing the local financial system.

Despite external problems, Ho Chi Minh City's banking activities and monetary market remained robust during 2024. These included shifts in the major world currencies, such as the US dollar, geopolitical wars, and disturbances in the global gold market.

The local banking sector managed to maintain its alignment with the Central Bank’s policy directions while adapting to market dynamics. This stability played a critical role in controlling inflation and ensuring macroeconomic stability, forming a solid foundation for local economic and social development programs.

Supporting businesses was a central theme in the banking sector's activities this year. Efforts were concentrated on implementing favorable credit, interest rate, and exchange rate policies to help businesses expand and overcome challenges.

Programs such as debt restructuring, maintaining debt classifications, and offering preferential loans to priority sectors such as exports, agriculture, and small and medium-sized enterprises (SMEs) provided direct benefits.

For instance, SMEs accounted for 57.4% of the VND 1,741 trillion in loans for the five key sectors. Additionally, 98 businesses were given specialized assistance to deal with their funding issues through frequent discussions and problem-solving activities.

Another noteworthy initiative was the Bank-Business Connection Program, which arranged 38 conferences and gave approximately 192,000 customers preferential loans totaling more than VND 584 trillion. In addition to offering financial assistance, these initiatives made sure that companies could successfully leverage government and Central Bank support policies.

The year also witnessed a strategic alignment of the banking sector with broader economic development trends, particularly the green and digital economies.

Financial institutions continued to expand modern banking services, focusing on digital transformation and innovation. This approach enhanced operational efficiency, reduced costs, and created more customer-centric services. Key outcomes included increased service revenue, effective capital utilization, and controlled non-performing loan ratios, all underscoring the sector’s adaptability and resilience in a challenging environment.

In conclusion, 2024 was a year of noteworthy accomplishments for the banking industry in Ho Chi Minh City, made possible by the Central Bank's strong policy direction, efficient local coordination, and the industry's proactive efforts to innovate and adapt. 

By supporting businesses and creating a stable financial environment, the banking industry made a significant contribution to macroeconomic stability and economic growth, which had a long-lasting effect on the development trajectory of the city.