“Emulation is patriotism, patriotism means emulation”- President Ho Chi Minh’s teaching words remain bright and enduring with time. Especially for an institution that carries on its shoulder a special mission that the Party, the Government and the State Bank entrust which is the Bank of the PCFs system. Co-opBank has recognized that emulation as a tool and driving force to accelerate the process of restructuring, improving operational and financial capacity to support PCFs to develop safely and sustainably in accordance with the system’s goals and objectives and enhance the reputation and position of the PCFs system.
Deputy Governor Nguyen Kim Anh speaks at the conference.
In his opening remark at Co-opBank’s Emulation and Reward Conference on July 15th, Co-opBank’s Chairman Nguyen Quoc Cuong said over the past 5 years, the emulation and reward activity has renewed in both content and form, associated with learning and working according to Ho Chi Minh’s ideology, contributing to the strength of the whole system to complete assigned political tasks.
Co-opBank’s emulation activities have not stopped at emulation movements launched by the Prime Minister, the Central Commission for Emulation and Commendation, the Governor of the State Bank, but Co-opBank has set emulation activities for the period 2015-2020. At the same time, it has adjusted emulation plans annually to match the development requirements of the organization as well as to effectively execute assigned political tasks.
Co-opBank’s branches receive rewards from the Vietnamese government and the State Bank of Vietnam.
Different activities have taken place and on separate themes which have focused on professional fields that are topical, new, difficult and complex to excel Co-opBank’s core tasks. Emulation with Co-opBank system includes capital mobilization, loans beyond targets, improvement of credit quality, staff’s work ethics and customer relationships.
Especially, staffs have been encouraged to raise ideas and take initiatives. This is particularly important as the country is entering a new phase in global economic integration.
The effective implementation of emulation movements launched by the Prime Minister and the Governor of the State Bank, such as “The whole country joins hands for the poor – not leaving anyone behind” is associated with the movement “The whole country joins hands to build a new countryside” movement, bringing the total outstanding loans of the whole banking system for agricultural and rural development by up to 60%.
Co-opBank’s commendation has focused on the quality, scope, and the impact level of achievements, and at the same time, focused on rewarding individuals who do not hold the leadership and management positions. It has encouraged employees to strive to be creative” said Co-opBank’s Deputy CEO in charge Nguyen Minh Tuan.
Through emulation movements, many outstanding branches and individuals have been recognized for their contribution to Co-opbank’s development. They deserve praise, commendation and are leading examples for others in the system to follow. Especially in 2018 and 2019, Co-opBank has rewarded individuals who have participated in the management and administration of PCFs which are under special control.
Looking back from 2015 to 2019, Co-opBank has implemented relevant monetary policies and banking operations, controlled credit quality and improved efficiency. Along with that, it has drastically and effectively implemented the restructuring plan associated with bad debts handling for the 2016-2020 period; developed modern technology facilities, promoted new products and services to PCFs to support PCFs’ operation to develop safely and sustainably in accordance with the principles of the system and improving its reputation and position.
Over the past 5 years, Co-opBank’s business performance has increased through improved customer and income structure, completed organizational and governance model and controlled operating costs. NPL ratio has been kept at below 3%, which are in compliance with legal regulations and safety limits as prescribed by the State Bank of Vietnam. By the end of 2019, Co-opBank’s total capital reached 36,994 billion VND (1.7 billion USD), rising by 65.24% compared to 2015. Total outstanding loans by the end of 2019 was 24,549 billion VND (1.1 billion USD), increasing by 52.62% compared to that of 2015. On-balance sheet NPL ratio fell from 1.61% in 2015 to 1.41% in 2019.
Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh authorized by the Prime Minister to present Certificates of Merit to Co-opBank’s outstanding individuals.
In 2020, both the global and domestic economy are forecasted to encounter many potential challenges, risks from trade tensions, natural disasters and epidemics … which can potentially affect economic growth and profitability of all banks in general and Co-opBank in particular. This is also the last year in Co-opBank’s 5-year roadmap in implementing the Restructuring Plan associated with the handling of bad debts and preparing the foundation for a new stage.
Therefore, Co-opBank will continue emulation and commendation “to encourage all resources to participate in the implementation of the strategic goals of the banking system in the 2016-2020 period, with the immediate maximum focus being to exceed the targets of the 2020.
“It can be affirmed that the emulation is very important to motivate each individual to strive to fulfill their tasks well, contributing significantly to Co-opBank’s development as well to the overall performance of the industry. Each branch and individual is a good story that needs to be replicated in Co-opBank’s system and in the banking sector”, Deputy Governor Nguyen Kim Anh emphasized.
Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh give Certificates of Merit to Co-opBank’s outstanding branches.
And in order for emulation to really become the driving force contributing to the successful implementation of the assigned political tasks in 2020 and the coming 2020-2025 period, Deputy Governor Nguyen Kim Anh directed Co-opBank’s leaders to really pay attention and direct the organization in the implementation of the emulation and commendation work, in which it is necessary to continue to well implement Directive No. 34-CT / TW of the Politburo dated April 7th, 2014 on continuing to make a comprehensive reform in emulation and commendation work.
At the same time, Deputy Governor Nguyen Kim Anh suggested that Co-opBank should also focus on the education of political ideology, morality and manners for all staff.
Emulation should focus on risk management, liquidity adequacy, credit quality, diversification of banking products and services especially E-banking digital, high-tech products and services, early prevention of potential risks and internal control.
Deputy Governor Nguyen Kim Anh believed that good examples will be replicated widely and strongly within Co-opBank system and Co-opBank will continue to gain great achievements.
