Credit institutions offer many policy mechanisms to support businesses in accessing credit.

Regularly direct credit institutions to expand credit focusing on production sectors and priority sectors; effectively implement credit programs of the Government and the State Bank of Vietnam in conjunction with the implementation of socio-economic programs in Son La province, focusing on promoting credit policies to serve agricultural and rural development; implement solutions to support businesses, specifically small and medium enterprises, enterprises participating in the chain, and cooperatives. By October 31, 2023, the total mobilized capital in the locality reached VND 31,701 billion; total outstanding loans reached VND 44,128 billion; outstanding loans to enterprises reached VND 15,954 billion with 572 enterprises with outstanding loans, accounting for 36.15% of the total outstanding loans in the whole area; providing loans for agricultural and rural development to 200 enterprises, with pending loans of VND 3,626 billion, accounting for 17.35% of outstanding loans for agriculture and rural areas.

Credit institutions in the area have strictly implemented the regulations and instructions of the State Bank of Vietnam on interest rates, applied reasonable lending interest rates based on mobilization interest rates and the risk level of the loan, shared difficulties with customers, ensured the financial safety of credit institutions' operations; the average deposit and lending interest rates of the whole system decreased slightly compared to the end of 2022; actively implemented the Socio-economic Recovery and Development Program according to Resolution No. 11/NQ-CP dated January 30, 2022, of the Government, Decision No. 422/QD-NHNN dated March 18, 2022 of the State Bank of Vietnam and Decision No. 324/QD-UBND dated February 25, 2022 of the People's Committee of Son La province; implemented solutions to remove difficulties for customers borrowing capital to serve their living and consumption needs according to Resolution No. 50/NQ-CP dated April 8, 2023, Resolution No. 59/NQ-CP dated April 23, 2023 of the Government and Circular No. 02/2023/TT-NHNN dated April 23, 2023.

To support and facilitate businesses in accessing bank credit capital and simultaneously learn and grasp the difficulties and obstacles in the borrowing process of customers, the State Bank of Vietnam, Son La branch, chaired the Bank - Enterprise Connection Conference under the direction of the State Bank of Vietnam, attended meetings chaired by the Provincial People's Committee on dialogue with the Business Association to resolve recommendations and proposals of people and businesses, and answered many related recommendations for timely handling and resolution.

Companying with the banking sector, enterprises have access to capital and developed production and business, contributing positively to the overall provincial development. In the coming time, the State Bank of Vietnam, the Son La branch, will proactively coordinate with agencies and units to synchronously and effectively implement solutions to remove difficulties and obstacles in accessing capital, increasing information on credit programs and policies and credit support for enterprises, so that enterprises in the province can proactively research, access, and promote the recovery and development of production and business. Credit institutions continue to reduce costs, increase the application of information technology and digital transformation to have room to reduce lending interest rates, and review and shorten processes and procedures.

                                                                                                                       Hong Le

                                                                                Translated by Tuan Minh Dang