On June 29, 2020 in Hanoi, the Co-operative Bank of Vietnam (Co-opBank) organized the 2019 General Members’ Meeting (GMM), and a ceremony to celebrate the 25th anniversary of the Bank’s establishment. Looking back on its 25 years’ journey of development, it can be affirmed that Co-opBank has fulfilled its core task of supporting and taking care of its members, which are the People's Credit Funds (PCFs), through regulating the financial capital among the funds, from those with surpluses to those in shortages, contributing to providing finance for those funds in need.
Attending the meeting were SBV First Deputy Governor Dao Minh Tu, Dr. Nguyen Ngoc Bao, President of Vietnam Cooperative Alliance (VCA), and representatives of several SBV Departments, as well as representatives of Co-opBank branches and the PCFs.
The development of Co-opBank has been the process of gradual transformation and development in order to meet the requirements for growth of the PCF system, and the requirements for growth of the class of cooperative credit institutions (CIs). From the 3-level PCF model in the early years of its establishment, which was transformed into the 2-level system in 2000, then was reformed again in 2013 from the Central People’s Credit Fund to become Co-opBank. Along with that was the clearer transformation to the model of a business cooperative engaged in credit and currency services, subject to both the Law on Credit Institutions and the Law on Cooperatives; promoting the leading role of the State in the organization and operations of Co-opBank in providing monetary and credit services, and also in acting as a focal point for linkages within, and ensuring the safety of the PCF system.
The SBV First Deputy Governor awards the 2019 Emulation Flag to Co-opBank
Looking back on its 25 years, Co-opBank has performed successfully its core task of supporting and taking care of its member PCFs through coordinating and allocating finance among the Funds when necessary. Co-opBank has proactively approached foreign-sponsored projects to provide practical products to its member PCFs, including the application and investment in core banking at its member Funds, as well as introducing more electronic money transfer tools, internal payments to diversify its operations, enhancing the brand reputation of the PCF system. In addition, Co-opBank has also helped generate financial resources for its members’ production and business development, making an important contribution to the poverty reduction, containing black credit, improving the people's lives, especially in the agricultural and rural areas.
Overview of the meeting
According to Co-opBank’s report, in 2019, the Bank continued to perform effectively its mandate as a management tool of the SBV over the PCF system, actively supporting and creating a momentum for the PCFs, generating financial capital for its members to serve their production and business development needs, making an important contribution to the cause of poverty reduction, containing black credit, improving the people's lives, especially in the agricultural and rural areas.
Representatives of the PCFs receiving awards for “Extraordinary Members in linking the system "
Speaking at the Meeting, SBV Deputy Governor Dao Minh Tu acknowledged and evaluated highly the achievements of Co-opBank in the recent years. At the same time, he commended the results achieved by Co-opBank’s Board of Management, Board of Directors, Board of Supervisors and all of its officers and employees in 2019.
SBV Deputy Governor Dao Minh Tu emphasized that the year 2020 has a specially important meaning to the country. This is the last year for the implementation of the 2016-2020 socio-economic development plan; the year of the the Party Congresses at different levels in preparation for the 13th National Party Congress; and also the year for the review of the Scheme on restructuring the system of credit institutions in association with handling with bad debts between 2016-2020, to create foundation for the next Restructuring plan between 2021-2026. Right from the beginning of 2020, the SBV Governor already issued Directive No. 01/CT-NHNN on the implementation of the key tasks of the Banking industry in 2020, which also sets out a key task for Co-opBank, namely: enhancing the role and responsibility of Co-opBank in connecting the PCF system, regulating financial capital, inspecting, monitoring and ensuring the safety of the PCF system in accordance with the law.
Besides, Co-opBank has performed effectively its role as a supervisor of the PCFs, advising and provinding timely warnings to the PCFs on risks based on the monitoring results. In collaboration with the Vietnam Association of People Credit Funds (VAPCF) and the SBV branches in the cities and provinces in training the PCF staff in order to improve their management, administrative and operational capabilities; supporting the VAPCF to effectively fulfill the role of a connecting bridge between the PCFs and the State management agencies, the domestic and international organizations, with a view to improving the operational efficiency of the VAPCF and the coherence in the operations of the PCF system.
VA