On December 27th, 2022, the Co-operative Bank of Vietnam (Co-opBank) has formally admitted to the Vietnam Banks Association (VNBA) as its 76th member.
SBV Deputy Governor Nguyen Kim Anh spoke at the Admission ceremony
Speaking at the Membership Admission Ceremony, VNBA General Secretary Nguyen Quoc Hung congratulated Co-opBank on becoming an 76th official member of the Vietnam Banks Association.
General Secretary Nguyen Quoc Hung shared that in the past time, VNBA has played the role of a bridge between members as well as between members and management agencies, and collected information from the public in order to contribute to policies development of the State management agencies.
At the same time, VNBA also followed the principle and purpose of the Vietnam Banks Association, which is to protect the legitimate rights and interests of its member organizations, including in civil and criminal cases.
VNBA Vice President Tran Van Tan and General Secretary Nguyen Quoc Hung presented the Decision on admission and Certification of membership to the representatives of Co-opBank
In particular, training activities were focused on implementing by the VNBA, especially specialized knowledge and skills to help employees of member organisations understand the law in the field of operation and practice. The Association also strengthens the communication work, both contributing to the policy mechanism and communicating the activities of its members and the banking industry so that the public could understand more about banking industry and its activities. Hence, messages can be conveyed to all levels of leadership, agencies and departments. In addition, the Association also created among its members the consensus of compliance with the law, agreement in the observance and response to the guidelines and policies of the Party, State, Government and State Bank of Vietnam on banking policies.
General Secretary Nguyen Quoc Hung believed that after becoming a member of VNBA, Co-opBank will widely and effectively implement the “Code of professional ethics and behavior in banking industry” to all its employees throughout the system. This is an important set of documents developed and issued by the VNBA. In addition, VNBA will also closely coordinate with Co-opBank and the PCF system in organizing seminars, workshops on mechanisms and policies development. Co-opBank, as a member who is a lead bank of more than 1200 PCFs, VNBA will cooperate with Co-opBanks and the Vietnam Association of People’s Credit Funds (VAPCF) to promote training for employees of PCFs and Co-opBank, especially in the legal field.
VNBA General Secretary Nguyen Quoc Hung spoke at the Ceremony
Expressing the honor of himself as well as Co-opBank when joining the VNBA, Mr. Nguyen Quoc Cuong, Co-opBank Chairman shared that Co-opBank plays the role of “two banks in one bank”, one hand as a bank of the PCFs, a focal point for linking the system, other hand acting as a commercial bank serving the economy of the cooperatives, agricultural and rural areas in order to effectively implement financial inclusion strategy towards disadvantaged people who have difficulty in accessing financial and banking services.
During the past 27 years, Co-opBank has always been consistent with the development orientation of performing this role, gradually striving to become “2 banks in 1 bank”. Being well aware of the importance of professional associations in Vietnam, since 2006, Co-opBank has been a major member of the VAPCF with nearly 1200 members including Co-opBank and PCFs across the country. Co-opBank wanted to affirm its role as a bank of PCFs, always accompanying and supporting the safety, effectively and sustainable development of the PCF system.
According to Mr. Cuong, following the direction of the Managers and the SBV Governor, Co-opBank developed as a bank of PCFs, being more proactive in finance and strengthening the ability to support the system. In recent years, Co-opBank has focused on consolidating quality, strong finance, digital transformation and application of modern technology, products and services… to reach the goal of having enough sources for being a supporting foundation of PCF system in finance, human resources and technology. Therefore, being an official member of VNBA is important for Co-opBank when it’s following the journey of implementing the “two-in-one” banking mission.
“With the stature and important role of the Vietnam Banks Association to its members, as well as its influence on society, agencies and departments, it will be an opportunity for Co-opBank to expand cooperation, relationships, learn and exchange experiences with financial institutions, domestic and foreign partners, receive advice from experts in the field of finance and banking”, Mr. Cuong expected. At the same time, the Banking Association will also act as a bridge to fully inform domestic and foreign credit institutions about the role, image, brand and operation of Co-opBank in particular and the PCF system in general.
Co-opBank Chairman Nguyen Quoc Cuong spoke at the Ceremony
On behalf of the Party Committee and SBV’s leaders attending the ceremony, Deputy Governor Nguyen Kim Anh congratulated Co-opBank on becoming an official member of the VNBA to join the “common house” of credit institutions operating in the country. He also congratulated VNBA on admitting an important member because Co-opBank is currently the focal bank supporting nearly 1200 PCFs.
Recognizing the development of Co-opBank and its responsibility for the PCF system, Deputy Governor Nguyen Kim Anh also set the immediate task for VNBA, the VAPCF and Co-opBank to add comment on the draft of the Law on Credit Institutions (revised) to meet practical needs.
According to the Deputy Governor, some contents of the Law on Credit Institutions are under discussion and they made some problems for the operation of Co-opBank and PCFs in recent years, such as some PCFs that are far away from their operational purpose; family character in the management of the PCF; or the cadre’s age is too high. With Co-opBank’s problem is the story of enhancing responsibility and authority for PCFs; legal corridor for the implementation of modern products and services, Co-opBank’s digital banking to PCFs, legal regulations on early support mechanism to revive troubled PCFs, mechanism for handling financial collateral and bad debt.
“Co-opBank and the VAPCF are better than anyone else understand the problems in the system, so it is necessary to actively participate in the drafting of the revised Law on Credit Institutions to be correct, successful and in line with reality.” Deputy Governor emphasized. At the same time, he pointed out that Co-opBank should continue to work closely with the VNBA to contribute to the good results of the banking industry in the future.
Appreciating the Deputy Governor’s close attention to Co-opBank and the PCF system, Co-opBank Chairman Nguyen Quoc Cuong said that participating in the development of the Law on Credit Institutions is the responsibility and interest of the Co-opBank, VAPCF and PCF system. Therefore, with the highest responsibility and determination, we will together gradually bring the PCF system as well as Co-opBank into the rhythm of the financial and banking system.
According to The banking journal
