Quang Ngai Intensifies Modern Banking Technology Development

Functioning as an important funding channel in the economy, the banking system of Quang Ngai province has made every endeavour to mobilise capital, expand effective lending schemes, and meet the demand for money and payment in the province.

 

Since the start of this year, the Quang Ngai Branch of the State Bank of Vietnam (SBV) clearly instructed local financial institutions to implement measures and documents adopted by the SBV in order to effectuate the Government’s policies to ensure safe banking operations and stabilise the economy. The Branch also imposes remote monitoring on all credit institutions in the province to boost effective guidance and regulation on issues related to deposit rates and negotiation-based lending rates; applies monetary policies and ensures effective operation of the banking system. Payment activities are made smoothly with high quality, prompt, accurate and secure. Banking networks, encryptions and digital signatures are carried out in due course to ensure the confidentiality of payment.

 

With active support from the Branch, the credit institution system in Quang Ngai province continues performing well the role of financial intermediary and providing capital and investment for the province’s economic development. Credit institutions diversify forms of capital mobilisation, step up local capital mobilisation, and improve banking services to meet growing capital demand of corporate and personal customers. The high growth of mobilised capital enables the local banking system to expand funding for socioeconomic development and poverty reduction in the province of Quang Ngai. Local credit institutions give lending priority to agricultural and rural development, export-oriented sectors, small and medium enterprises, manufacturers of consumer goods, and manufacturers of export-replaced goods. In 2010, they created many new products and services to meet the demand of customers. Remarkably, payment card services are developing strongly, and many multi-utility cards have been introduced to customers.

 

Besides, monetary and budgetary works are always a special concern of the SBV Quang Ngai, as they help ensure absolute safety of the money and assets it manages. Its budgetary activities expanded nearly 14 percent in 2010, with total revenues of more than VND7,300 billion and total expenditures of more than VND9,800 billion.

 

The SBV Quang Ngai also creates all favourable conditions for commercial banks’ branches in the province to operate in a secure, effective and lawful manner in order to support provincial social and economic development. To be precise, it advised the SBV Governor to ratify the establishment of eight new branches of commercial banks in Quang Ngai province, and approved operating registration of 25 transaction offices and 49 ATMs in 2010. By the end of 2010, the province had 17 first-grade bank branches, 14 second-grade branches, 45 transaction offices, and 120 ATMs.

 

In 2011, the banking system of Quang Ngai province will focus on renovating activities and providing customer-centred utility services and mobilising local capital sources to meet the growing demand of customers. The branch will complete banking modernisation project and payment system, concentrate on developing banking technologies to narrow the gap with banks from developed nations. Besides, it will effectively implement the SBV’s policies, particularly Directive 01/CT-NHNN dated March 1, 2011 on monetary measures to ease inflation, stabilise the macro economy and ensure social security.

 

 Hoa Vu