Member of the SBV’s Standing Party Committee, Secretary of the Co-opBank Party Committee, Chairman of Co-opBank, Mr Nguyen Quoc Cuong shared that 20 years of implementing Resolution 13-NQ/TW, with the direction of the Party Committee of the SBV along with its objectives and operating principles, over the past time, the Executive Party Committee of Co-opBank has closely coordinated with the Board of Directors and the Board of Managers in leadership, direction, mastery, planning and organization to perform tasks well.
Mr. Nguyen Quoc Cuong – Secretary of the Party Committee, Chairman of Co-opBank spoke at the Conference on Research, Study, Mastery and Implementation of the Resolution of the XIII Party Congress organized by the Co-opBank Party Committee on July 2021.
For nearly 30 years of establishment and development, Co-opBank has been affirming its role as the Bank of People’s Credit Funds (PCFs), contributing to the implementation of guidelines and policies of the Party, Government and SBV on Tam Nong Policy; accelerate the process of economic restructuring, limit black credit, contributing to poverty reduction, help people overcome difficulties caused by the Covid-19 pandemic…
Co-opBank, formerly known as the Central People’s Credit Fund, was established in 1995. In 2013, it was transformed into the Co-operative Bank of Vietnam, operating under the model of a co-operative credit institution. Starting from a small scale, meager capital and human resources, up to now, Co-opBank has 32 branches, 66 transaction offices serving nearly 1,200 PCFs who have more than 1.6 million members in 57/63 provinces and cities with a total capital of nearly VND 200 trillion, in which loans portfolio is over VND 150 trillion, mainly in agriculture and rural areas, supporting households and customers in remote areas who have difficulties in access financial and banking services.
Co-opBank Party Committee is under the Party Committee of the SBV (formerly the Central People’s Fund Party cell was upgraded to Party Committee in April 2011 and renamed to Co-opBank Party Committee in August 2013). Currently, it now has more than 100 members active in 6 units.
Over the past time, following the directives, resolutions, action plan and documents of the higher level Committees, the Co-opBank Party Committee has led, directed and concretized the contents in the action plan into plans of the Executive Party Committee, the Board of Directors, the Board of Managers with specific targets, tasks and solutions, such as: strictly implement the 4thCentral’s Resolution session XII on strengthening Party building and rectification; prevent and reverse the deterioration of political ideology, morality, lifestyle, associated with the Central’s regulations on the responsibility of being example of party members, managers of agencies and units and Secretaries of the Party Committee especially. The plan was also focusing on leading and directing the study, mastering, propagandizing and effectively implementing the 4th Central Resolution, session XII in association with the implementation of Directive No 05-CT/TW of the Politburo on “Strengthening Ho Chi Minh’s ideology, morality and style”.
During the process of establishment and development, Co-opBank has always actively supported and implemented its responsibilities for the operation of the PCF system, focusing on regulating the deposit capital of the PCFs (up to VND 40,000 billion), loans to support liquidity; supporting weak PCFs, inspecting, supervising, participating in restructuring PCFs; support to improve the quality of human resources of PCFs… Especially, Co-opBank has invested in digital transformation, products and services development, modernization of banking services, payment system, money transfer, card… connected to switching system (Napas system), inter-bank electronic payment systems of the SBV and other commercial banks’ multilateral system.
Up to now, Co-opBank has developed a payment network with nearly 700 PCFs. In January 2022, Co-opBank launched the 24/7 fast money transfer service, digital banking application (Co-opBank Mobile Banking), and Co-opBank Napas chip card to help PCFs and their members to perform fast money transfer… contributed to well implement the policy of the Prime Minister and the Governor of the SBV on promoting non-cash payment. In addition, Co-opBank also actively promoted the Safety fund for PCFs system security and implemented the restructuring plan associated with bad debt settlement in the 2021-2025 period; implemented the Project on strengthening and developing the PCF system until 2020, with a vision to 2030; and the SBV’s digital transformation plan.
During the process of formation and development, Co-opBank has always proactively implemented its responsibilities and duties for the operation of the PCF system.
The Covid-19 pandemic has imposed negative impacts on all aspects of the country’s economy, culture and society, especially in the agricultural and rural areas – where most of the PCF’s are active. Therefore, in order to be able to carry out the key task of “The Bank of People’s Credit Funds”, the Co-opBank Party Committee directed the entire system to closely follow the direction and management of the SBV, continue to promote the implementation of restructuring solutions associated with bad debts settlement according to the Scheme approved by the SBV and focused on performing the responsibilities and duties for PCFs members, affirming the role of the focal point, contribute to ensure PCFs system’s stability, safety and sustainability. At the same time, Co-opBank continues to perform well the role of the focal unit in connecting the PCF system, ensuring capital regulation, inspection and supervision of the system. Co-opBank has actively supported and promptly provided the additional capital for PCFs in order to strengthen lending activities to support PCFs members; supported PCFs who was facing difficulties in liquidity.
Co-opBank Party Committee always closely coordinate with the Board of Managers on the principle of centralization and democracy to lead the Bank to carry out political tasks, closely follow SBV and Government’s monetary, credit and operational policies; to proactively save operating costs, reduce profit targets in order to focus on lending interest rates reduction for PCFs, businesses and people, especially for pre-existing loans and medium-sized loans to help remove difficulties for customers. Many support policies have been put in place, for instance: restructuring debt repayment terms, removing and reducing interest and fees, unchanging bad debt group for customers affected by the Covid-19 pandemic; Co-opBank accompanies customers and joins hands to support members campaigns.
Credit growth should go hand in hand with improved credit quality, controlling and handling bad debts. The credit capital under the direction of the Government and SBV, is focusing on supporting production sectors, especially in agriculture and rural areas, contributing to the elimination of black credit; giving priority to small and medium enterprises or those heavily affected by the Covid-19.
Supporting the SBV in managing and supervising the operation of the PCF system, Co-opBank has always actively cooperated with the SBV branches in providing support and advice to the weak PCFs such as solutions, development plans for consolidation and reorganization. “Those achievements reflect the success of Co-opBank Party Committee in well performing its leadership role, thereby actively and creatively led the system to complete the political tasks successfully, contributed to promoting the safe and sustainable development of the PCF system”, said Mr. Nguyen Quoc Cuong – Secretary of the Party Committee, Chairman of Co-opBank.
Entering the restructuring process of 2021-2025 periods, the Co-opBank Party Committee continues to closely follow the Party’s Directives and Resolutions, and the direction of the SBV Designated Representation Party Committee, Central Bank Party Committee to complete successfully the political tasks. In particular, Co-opBank will continue to promote the implementation of restructuring solutions associated with bad debt settlement according to the Scheme approved by the SBV; focus on implementing functions and tasks for PCFs, affirm the role of the focal point institution, contribute to ensure the stable, safe and sustainable development of the PCF system; well perform the role and responsibility in connecting, regulating capital, inspecting, supervising, and ensuring the safety of the PCFs system.
At the same time, Co-opBank continues to implement effectively credit expansion, increase credit growth along with credit quality improvement, focus on supporting manufacturing sectors, priority areas according to the orientation of Government and SBV, especially in agriculture and rural areas, support people and businesses to overcome difficulties from the Covid-19, recover and develop in the new normacy. Thereby, Co-opBank will thrive to become a strong financial institution, the focal bank of PCFs and an effective tool of the SBV in carrying out political tasks for the PCF system and the cooperative economy.
According to Sbv.com.vn
