On April 19, 2025, in Hanoi, the Co-operative Bank of Vietnam – Co-opBank (formerly the Central People’s Credit Fund) solemnly held the Ceremony to celebrate its 30th anniversary (1995 – 2025).
Attending the ceremony were Mr. Doan Thai Son – Member of the Party Committee’s, Deputy Governor of the State Bank of Vietnam (SBV); Mr. Cao Si Kiem – Former Governor of the SBV; Leaders of ministries, committees at central level; Leaders of departments and units under the SBV; Directors of SBV regional branches; The Embassy of Canada; Representatives of strategic partners; Leaders of financial institutions, commercial banks, international organizations; Representatives of academic institutions and universities and representatives from media agencies.
Representing Co-opBank at the event were Mr. Nguyen Quoc Cuong – Member of the SBV’s Party Committee, Co-opBank’s Party Secretary, Chairman of the Board of Directors (BoD); Ms. Pham Thi Hong Minh – Deputy Party Secretary and General Director; Members of the Board of Directors, the Executive Board and the Supervisory Board; Former leaders and staff, current heads of departments of Co-opBank and 350 representatives from People’s Credit Funds (PCFs), representing nearly 1,200 PCFs nationwide.
In his opening remarks, Mr. Nguyen Quoc Cuong – Party Secretary and Chairman of the Board of Directors of Co-opBank stated that the Central People’s Credit Fund (CCF) – the predecessor of Co-opBank, was established under Decision No. 162/QD-NH5 dated June 8, 1995, issued by the SBV Governor. The primary objective of Co-opBank was ensuring safety and cohesion within the PCF system. Over the past 30 years of development, thanks to the guidance and support of the Communist Party (the Party), the State, the SBV and with the tireless efforts and determination of successive generations of leaders and staff, Co-opBank has progressively improved its organizational structure and service quality. It now operates with a Head Office, 32 Branches, and 66 Transaction Offices. Working together with nearly 1,200 PCFs, Co-opBank has built an accessible credit channel, effectively fulfilled capital needs for production, business, services and livelihood improvement for nearly 2 million members across 57 out of 63 provinces and cities in Vietnam.
As the bank for PCFs, Co-opBank has consistently played an active and supportive role in the operations of the PCF system. The bank has focused on capital intermediation and liquidity support; conducted internal inspections, audits, and monitoring; participated in the restructuring of PCFs under the direction of the SBV; and implemented various banking activities to help ensure that PCFs operate in a safe and effective manner.
Notably, in the field of digital transformation, Co-opBank has affirmed its role as a key pillar supporting the PCF system. In addition to making significant investments in digital technology infrastructure and connecting more than 900 PCFs to the interbank payment system, allowing members and customers to send and receive money to and from commercial banks in Vietnam, Co-opBank has also introduced 24/7 money transfer services, the Co-opBank Mobile Banking app, and Co-opBank Napas chip cards. Co-opBank has also provided training and support for the implementation of banking products, particularly the first digital product suite designed specifically for PCFs, helping them swiftly adapt to modernization trends. A notable milestone was achieved in 2023 when Co-opBank was awarded “Digital Transformation Organization of the Year” by the World Council of Credit Unions (WOCCU), recognizing its efforts to promote financial inclusion through technology.
At the same time, Co-opBank places special emphasis on capacity-building for PCF staff. In collaboration with the Vietnam Association of People’s Credit Funds (VAPCF) and international partners, particularly the STEP Project funded by the Government of Canada, Co-opBank has organized dozens of training programs to enhance skills in internal auditing, risk management, and product development for 75 pilot PCFs participating in the project. These efforts have directly contributed to improving the overall performance of the PCF network.
In order to build a more reputable, professional, and unified PCF system, based on proposals from PCFs and VAPCF, Co-opBank and the Safety Assurance Fund for PCF network (the Safety fund), in collaboration with VAPCF have developed a new brand identity for PCFs. The new identity aligns with operational realities and has been widely adopted across the network, fully integrated into digital platforms and applications.
With the comprehensive support of Co-opBank, the PCF network has witnessed remarkable growth. Since 2015, the system’s total assets have reached over VND 192 trillion, an increase of 429 times; charter capital has grown to VND 7,856 billion, up 755 times; mobilized capital has surpassed VND 170 trillion, increasing 626 times; outstanding loans have reached more than VND 139 trillion, up 362 times. The non-performing loan (NPL) ratio has been maintained at under 1%, and annual profits have consistently increased year after year.
Looking back on the 30-year journey reveals a meaningful and proud path, Co-opBank has continuously grown stronger and operated safely, serving as a reliable foundation for the sustainable development of the PCF network. Each phase of Co-opBank’s development has revolved around a consistent axis: linking – supporting – developing the PCF network, building a modern and humane cooperative financial system. At the same time, it has effectively provided capital and banking services to individuals, household businesses, and cooperatives across the country. Throughout its operations, Co-opBank has been honored to receive numerous prestigious awards from the State, Government, the SBV and both domestic and international organizations. These accolades are clear evidence of Co-opBank’s unwavering determination and aspiration to “step steadily, reach beyond” and the tireless efforts of each and every Co-opBank staff member over the past three decades of development.
Over the past 30 years, acknowledging the positive contributions of Co-opBank, Co-opBank itself and many of its collectives and individuals have had the honor of receiving numerous prestigious titles and rewards from the Party, State, the SBV as well as various levels, sectors, and localities. Speaking at the anniversary ceremony, Mr Doan Thai Son – Member of the Standing Committee of the Party Committee and Deputy Governor of the SBV, on behalf of the Standing Committee of the Party Committee and the leadership of the SBV, praised and congratulated the outstanding achievements of the generations of leaders and employees of Co-opBank over the past 30 years. These contributions have played an important role in the development of the country’s economy and society in general, and in the banking sector and localities in particular.
Also, Mr Doan Thai Son – SBV Deputy Governor stated that in the coming time, both the domestic and international contexts will experience many complex and unpredictable fluctuations. The system of credit institutions in Vietnam, including the PCF system will continue to face numerous important goals and tasks to achieve the successful economic and social development targets for the 2021-2025 period, as well as to prepare and strengthen the foundational elements for the following phases. This requires Co-opBank to make significant efforts and be highly determined in improving and innovating its model and enhancing operational quality, aiming to quickly transform Co-opBank into a multi-functional, modern financial institution. It must excellently fulfill its role as the central link in the system, providing solid support to ensure the safe, sound, and efficient development of the cooperative financial sector in line with its principles and objectives. From this, the SBV Deputy Governor emphasized several key tasks that Co-opBank must focus on in the near future.
Firstly, the Board of Directors, the Executive Board, and all employees of Co-opBank today should inherit the achievements attained over the past 30 years and further develop the courage, intelligence, spirit of innovation, and creativity to continue driving Co-opBank’s strong, safe, effective, and sustainable growth in the next phase. It should take the lead in the field of community microfinance and further improve its role as the bank for the PCF system.
Secondly, focus on enhancing Co-opBank’s capacity to effectively fulfill its role as the bank for PCFs and the central link in the system. This includes completing the increase in Co-opBank’s charter capital; providing advanced training for leaders and employees of Co-opBank to improve their professional skills and ethical standards; continuing to invest in and build a modern technology system and information infrastructure that meets the requirements for information security and digital transformation; developing, amending, and supplementing internal regulations and statutes in accordance with the Law on Credit Institutions 2024 and related legal documents; improving organizational structure and internal control systems to prevent, detect, and address risks promptly, and effectively carry out the role as the bank for PCFs; actively and comprehensively implementing restructuring and non-performing loan resolution solutions for the 2021-2025 period and subsequent phases.
Thirdly, implement comprehensive solutions to support the entire PCF system in management, governance, control, and internal auditing. Study international experiences, practical lessons from Vietnam and the unique characteristics of the PCF system to develop products and services that cater to the needs of PCFs and their members, particularly households, small and micro enterprises in rural areas, remote regions, and areas where people still face limitations in accessing financial banking services. Effectively fulfill the role of linking PCF network, ensuring that the goal and mission as the bank for PCF system are met; actively support the PCF system in accelerating digital transformation and applying information technology.
Fourthly, create a strong shift in the internal inspection, supervision, and auditing work of the PCF system to ensure a clear understanding of operational status, detect violations, risks, and promptly correct the activities of PCFs. This will ensure compliance with legal regulations and risk prevention, safeguarding operational safety and solidifying the PCF system in line with the directions of the Prime Minister and the SBV Governor.
Fifthly, closely coordinate with relevant units of the SBV, SBV regional branches, the Vietnam Deposit Insurance Corporation, and local authorities at all levels in the work of caring for, supporting, inspecting, and supervising the activities of the PCF system, especially in the detection and timely handling of weak PCFs, minimizing any negative impacts.
“With the achievements and noble traditions attained over the past 30 years, along with the courage, intelligence, solidarity, innovation, and creativity of today’s generation of leaders and staff, Co-opBank will continue to grow strongly and effectively, making even greater contributions to the renewal, development, and integration of the industry and the country in the new era, worthy of the trust and responsibility entrusted by the Party, State, and the SBV” expressed Mr Doan Thai Son – Deputy Governor of the SBV.
In his response speech, Mr Nguyen Quoc Cuong – Secretary of the Party Committee and Chairman of the Board of Directors of Co-opBank, on behalf of the Party Committee, the leadership, and all employees of Co-opBank, sincerely expressed deep gratitude to the leadership, former leaders, leaders of the departments and functional units of the SBV, and domestic and international partners. Mr Nguyen Quoc Cuong acknowledged the guidance from the SBV Deputy Governor and committed to translating Co-opBank’s directions into strategies, which will serve as a compass for Co-opBank in its next development phase.
“Co-opBank will continue to reach further with the ambition to become a leading bank in the field of community microfinance, effectively fulfilling its role for PCFs, firmly advancing on the path of sustainable development, and serving members, customers, and society even better…” stated Mr Nguyen Quoc Cuong – Secretary of the Party Committee and Chairman of the Board of Directors of Co-opBank.
At this event, Co-opBank and 14 collectives from its headquarters and branches were honored to receive Certificates of Merit from the SBV Governor for their outstanding achievements in contributing to the completion of the bank’s tasks. Co-opBank also recognized and honored 50 PCF members for their effective system linkage and cooperation in digital transformation.
As of December 31, 2024, Co-opBank’s total assets reached nearly 62 trillion VND, an increase of 523 times compared to 1995; capital mobilization reached over 55 trillion VND, an increase of 4,746 times compared to 1995; and the loan outstanding balance reached nearly 37 trillion VND, an increase of 567 times compared to 1995.
Some images from the Co-opBank’s 30th Anniversary Ceremony – the predecessor of the Central People’s Credit Fund (1995 – 2025):
Mr. Doan Thai Son – Member of the Standing Committee of the Party Committee and Deputy Governor of the SBV delivered a speech at the 30th Anniversary Ceremony of Co-opBank.
The leadership of Co-opBank received the Certificate of Merit from SBV Governor for their outstanding achievements in contributing to the completion of the bank’s tasks, presented by Mr Doan Thai Son – SBV Deputy Governor at the Co-opBank’s 30th Anniversary Ceremony.
Mr Doan Thai Son – SBV Deputy Governor and Mr Nguyen Quoc Cuong – Chairman of the Co-opBank’s Board of Directors presented certificates of merit from SBV Governor and flowers to 14 collectives from the headquarters and branches of Co-opBank for their outstanding achievements in contributing to the completion of the bank’s tasks at the Co-opBank’s 30th Anniversary Ceremony.
Mr Nguyen Quoc Cuong – Secretary of the Party Committee and Chairman of the BoD of Co-opBank delivered a speech at the Co-opBank’s 30th Anniversary Ceremony.
The leaders, former leaders of the SBV, the leadership and former leaders of Co-opBank took commemorative photos at the Co-opBank’s 30th Anniversary Ceremony.
Mr Nguyen Quoc Cuong – Chairman of the BoD and Mrs Pham Thi Hong Minh – CEO of Co-opBank honored the PCF members that have effectively implemented system linkage and digital transformation at the Co-opBank’s 30th Anniversary Ceremony.
The leadership of Co-opBank honored the PCF members that have effectively implemented system linkage and digital transformation at the Co-opBank’s 30th Anniversary Ceremony.
The leaders of Co-opBank presented honors to the PCF members that have excelled in system linkage and digital transformation at the Co-opBank’s 30th Anniversary Ceremony.
The overall view of the Co-opBank’s 30th Anniversary Ceremony.
Cultural performance to celebrate the 30th Anniversary of Co-opBank.
