The Co-operative Bank of Vietnam (Co-opBank) is formerly known as the Central People’s Credit Fund- which was established on August 5th, 1995 and transformed into Co-opBank under License No. 166/GP-NHNN dated June 4th, 2013 by the Governor of the State Bank of Vietnam.
Over the past 26 years of development, Co-opBank has contributed significantly to the PCFs’ development, becoming a driving force for hunger alleviation, poverty reduction and socio-economic development in agricultural and rural areas in accordance with the guidelines of the Party and State.
Currently, the co-operative credit unions in Vietnam consists of Co-opBank and almost 1,200 PCFs operating in 57/63 provinces and cities and serving more than 1.6 million member individuals and households in agricultural, rural and remote areas who have limited access to financial and banking services.
Co-opBank is a co-operative credit institution which assists and increases the efficiency in the operation of the PCFs system. It is the apex organization of the entire system which plays the role of capital intermediation.
Co-opBank’s network consists of a head office in Hanoi, 32 branches and 66 transaction offices serving about 1,200 PCFs in the entire country.
An ATM at a Co-opBank’s branch
As a 99% State-owned institution, Co-opBank has proved its importance in being the “Bank of all PCFs” for the development of farmers, rural agricultural development and it has made majorly positive contributions in promoting the process of economic restructuring and new rural development.
Accordingly, Co-opBank has continuously improved its operations to meet PCFs’ needs in deposits and loans. At the same time, it has introduced modern banking services such as payment, CF-eBank electronic money transfer, ATM cards, overdraft cards, etc., connecting nearly 700 PCFs with nearly 1,000 payment transaction points nationwide, contributing to policy of the Government and the Governor of the SBV on non-cash payment. In addition, it has provided guidance and training in banking operation, IT, internal audit support and personnel for PCFs together with many other products and services such as overdraft loans, co-lending loans, etc.
The role of “the Bank of all PCFs” is also reflected in PCFs inspection according to the plan of the SBV, printing and issuing saving templates, improving the management and use of the Safety Fund to ensure system safety in a proactive and effective manner to support troubled PCFs. Also, Co-opBank actively advises and makes recommendation to the Governor of the SBV on the mechanisms and policies to improve the legal framework regulating the model, organization and operation.
In addition to supporting PCFs, Co-opBank also trades in currency and provides other banking services for individuals and corporate customers such as: capital mobilization, loans, E-banking, domestic payment cards, discounting, guarantees, salary payments via accounts and etc.
Co-opBank Vietnam actively participates in social security activities with many projects and sponsorship programs across the country, demonstrating its sense of responsibility to the community and actively contributing to the implementation of the National Target Program on sustainable poverty reduction and new rural development according to the policy of the Party and State
Co-opBank has partnered with many domestic and international organizations. It is a member of the Asian Association of Confederation of Credit Unions (ACCU), the Association of integrated community finance institutions (Proxfin), Vietnam Co-operatives Alliance (VCA) and the Vietnam Association of People’s Credit Fund (VAPCF).
Co-opBank has been honored to receive many awards, certificates of merit and emulation titles from the Prime Minister, the Governor of the SBV and the Vietnam Cooperative Alliance for its achievement and contribution, hence marking a firm foothold in the heart of the people and customers as well as domestic and international partners.
