On May 13th, 2022, the VAPCF and GATTACA together signed a comprehensive cooperation agreement. Accordingly, the two sides will cooperate in promoting and providing legal advice to the association’s members, exchanging experiences, organizing training for the association’s members; coordinating to comment on draft legal documents of the State directly related to Co-opBank and PCF’s operations, protect rights and interests of association’s members when requested, participate in law related domestic and foreign projects and programs.
VAPCF and Co-opBank Chairman Nguyen Quoc Cuong said that through the process of formation and development, especially in the recent period when PCFs entered the second restructuring phase (2021- 2025), the PCFs’ operations have become more complicated and diversified, the increasing number of members would require strong legal expertise to support PCFs.
Actually, from the beginning of the period, one of the most important concerns for VAPCF is how to support the PCFs’ operation better and help their staff gain more practical experience. VAPCF have provided much support for PCFs, however in order to have better methodically support, it needs an intensive and continuous support from law firms and inspection agencies to restructure the PCFs system with 3 main activities, which are the foundation for the successful implementation of the second phase of restructuring project on improving financial capacity, completing the legal framework, and improving the quality of human resources.
Currently, Co-opBank is in the process of digital transformation and wishes to transfer modern banking products and services to the PCFs system, helping PCFs improve their competitiveness, supporting members, increase brand value and contribute to the local economic development. However, Chairmain Nguyen Quoc Cuong stressed that due to the imcompleteness of the current legal framework for digital transformation, the expansion of digital banking services for the PCF system is still rather limited. It requires consultations to propose to the authorities to issue and complete the legal framework as a basis for Co-opBank to support PCFs in digital transformation.
Mr. Cuong acknowledged that the cooperation between VAPCF and GATTACA Law Firm marked an important development for PCFs operation and hoped that PCFs would receive and efficiently explore benefits from this cooperation for their own operation. VAPCF will provide the maximum financial support for PCFs to grow together and strengthen the relationship between VAPCF and PCFs.
“The Party, the Government and SBV have focused policies which aim to support the collective economy and PCFs’ development. Therefore, I believe that in the near future there will be more drastic direction. I hoped that in the coming time, GATTACA Law Firm would study and consult effectively to PCFs to support them in operating and developing safely and sustainably”, said Chairman Nguyen Quoc Cuong.
According to Deputy General Secretary of VAPCF Dr. Nguyen Thi Kim Thanh, through this cooperation, VAPCF would be able to help members address their needs of advice and handling on legal issues. This may not be difficult for PCFs in big cities and provinces such as Hanoi and Ho Chi Minh City, but for PCFs in remote and isolated areas, accessing consulting units is not easy, many PCFs are still reluctant to approach legal consulting services. At the moment, with this cooperation, PCFs can seek for advice online, over the phone, or even directly discuss specific issues in a convenient and fast way.
Chairman of the BoD of GATTACA Dr Nguyen Thanh Nam said that GATTACA is providing legal advice to litigation and dispute resolution, supporting training and consulting on financial restructuring for enterprises. GATTACA is a major partner of the law faculty of , University of Hanoi Law School and many large domestic and foreign financial institutions. He said the cooperation agreement between the two sides was an important step to support the activities and magnify their strengths to perform their tasks well and increase benefits for VAPCF’s members.
Dr. Nguyen Thanh Nam said with legal advice, legal propaganda and dissemination, besides conferences and seminars, there is a direct consulting channel on VAPCF’s website for reference and application. It can be applied immediately when a similar situation occurs. At the same time, GATTACA will give tailor-made advice to each PCF individually for their own cases. The cooperation is aimed to solve existing issues to support PCFs system to operate more safely and soundly.
