On April 19, 2025, in Hanoi, Co-operative Bank of Vietnam (Co-opBank) convened its 2024 Member’s General Assembly. In his opening remarks, Mr. Nguyen Quoc Cuong – Chairman of the Board of Directors of Co-opBank, emphasized that “the 2024 Member’s General Assembly holds special significance as it coincides with the celebration of the 30th anniversary of Co-opBank’s establishment (formerly the Central People’s Credit Fund). The event serves as an important milestone to reflect on the bank’s development journey and to outline strategic directions for the future”.
The operational report presented at the meeting highlighted 2024 as a year marked by significant innovations in macroeconomic management mechanisms and policies, aimed at successfully delivering the targets set out in the 2021–2025 socio-economic development plan. In alignment with directives from the SBV’s Governor, from the outset of the year, Co-opBank has focused on fulfilling its core role as the focal point of the PCF system. The bank proactively supported PCFs in operating safely and efficiently, while also striving to implement its business and financial plans, along with other tasks assigned by the SBV. These efforts were reflected through the following key areas:
Co-opBank effectively performed its role in capital intermediation, ensuring sufficient funding for PCFs to expand credit, ensure liquidity, and implement preferential deposit interest rate policies. Specifically, Co-opBank maintained term deposit interest rates for PCFs consistently higher than those offered to individual savers for the same terms, while lending rates to PCFs remained lower than rates applied to businesses and individuals. In 2024, Co-opBank reduced lending rates for PCFs four times, with an average annual decrease of 1.4%. As of December 31, 2024, the balance of intermediate deposits by PCFs at Co-opBank reached VND 46,103 billion, an increase of VND 2,794 billion (an increase of 6.45%) compared to December 31, 2023. Meanwhile, Co-opBank’s intermediate outstanding loans amounted to VND 2,072 billion, up VND 480 billion (an increase of 30.12%) over the same period.
In addition, Co-opBank continued to carry out monitoring and supervision activities in accordance with the directives and plans of the SBV. The bank provided blank savings books, offered advice and information support, and assigned staff to hold key positions such as Chairpersons, Directors, and Deputy Directors of PCFs to intervene early or provide special oversight for those under special control. Co-opBank also supported restructuring efforts for struggling PCFs. The bank effectively managed and utilized the Safety Assurance Fund for PCFs (Safety Fund), coordinated with the VAPCF and the Safety Fund to develop a unified brand identity for the entire PCF system, and provided financial support for the installation of signage reflecting this identity at PCFs affected by the typhoon no 3.
Notably, Co-opBank has actively supported PCFs in their digital transformation by integrating modern banking services into their operations. This includes the research and provision of 24/7 payment services, the rollout of the new CF-eBank transfer system, and the launch of digital banking products and services tailored specifically for PCFs. Co-opBank has also waived all interbank payment transaction fees for PCFs participating in its e-banking network. These efforts have significantly enhanced the competitiveness of PCFs and better met the needs of their members for access to modern banking solutions. As of December 31, 2024, a total of 952 out of 1,180 PCFs had joined Co-opBank’s payment network.
On behalf of the 350 PCF delegates attending the Member’s General Assembly, Mr. Thai Dinh Cau – Director of Tay Thanh PCF, Nghe An province – delivered a speech emphasizing: “A key factor contributing to the success of Tay Thanh PCF is the close connection and invaluable support from the Co-opBank. No matter how proud we are of our own efforts, we must affirm that without the role of the Co-opBank, our PCF could not have developed as it has today.” His remarks once again highlighted the crucial role that the Co-opBank plays in promoting the sustainable development of the PCF system nationwide.
In addition to its core responsibilities toward the PCF system, Co-opBank has proactively implemented solutions to restructure operations and address non-performing loans (NPL). The bank is streamlining its organizational structure toward a modern banking model that places PCFs at the center, while also enhancing operational quality and scale. Co-opBank has invested significantly in technological development, promoted cashless payments, and accelerated digital transformation, with a strong emphasis on cybersecurity and IT safety. At the same time, the bank has applied various measures to boost credit growth, expand capital trading volumes, and optimize the use of intermediate deposit funds received from PCFs. As a result, by December 31, 2024, Co-opBank had successfully surpassed its business and financial targets assigned by the SBV by 8.54%.
Speaking at the Assembly, Mr. Nguyen Quoc Cuong – Chairman of the Board of Directors of Co-opBank – emphasized that 2025 marks the “finish line” for achieving the strategic development goals and the restructuring plan associated with non-performing loan resolution for the 2021–2025 period, laying a solid foundation for Co-opBank’s next stage of growth. Recognizing the urgent need to strengthen financial capacity for development in the new phase, Co-opBank has received strong attention and support from the SBV, which has taken the lead in coordinating with relevant agencies to finalize the proposal for submission to the Government on enhancing Co-opBank’s financial capacity. On April 16, 2025, the Government submitted a report to the National Assembly Standing Committee, proposing to allocate VND 5,000 billion in state capital to increase Co-opBank’s charter capital. This is seen as a powerful lever to propel Co-opBank forward, enabling it to better fulfill its mission, duties, and responsibilities to the PCF system.
Towards the 14th National Party Congress and building on the achievements of its 30 year of establishment, Co-opBank is committed to continuing its transformation in line with the development orientation for the cooperative credit institution model — comprising Co-opBank and PCFs, as directed by the National Assembly, the Government, and the SBV under the 2024 Law on Credit Institutions, the 2023 Law on Cooperatives, and related decrees and circulars. Co-opBank strives to drive innovation, enhance its organizational model, strengthen financial capacity, governance, and risk management, ensure safe operations, invest in IT modernization, and develop digital banking products and services. The goal is to build Co-opBank into a modern, multifunctional bank that meets the development needs of the PCF system as well as the demands of customers in this new phase.
At the 2024 Co-opBank Member’s General Assembly, the delegates unanimously approved the reports and documents presented by the Board of Directors, the Board of Management, the Supervisory Board, the Safety Fund and the contents proposed by the Board of Directors for the Assembly’s approval. The strong consensus among the delegates reflects their determination and commitment to building and developing Co-opBank into a modern, safe, and efficient bank that effectively fulfills its role as the bank for all PCFs. This will ensure that the PCF system operates stably, safely, and sustainably, in line with the goals and principles of cooperative credit institutions and the policies of the Party, State, and guidance from the SBV.
In the joyful and excited atmosphere following the success of the Assembly, with new momentum, renewed confidence, and a strong determination to build and develop Co-opBank along with the PCF system to operate more stably, safely, and sustainably, on behalf of the Presidium of the Assembly, Mr. Nguyen Quoc Cuong, Chairman of the Board of Directors of Co-opBank, solemnly declared the closing of the 2024 Co-opBank Member’s General Assembly.
Some images at the 2024 Co-opBank Member’s General Assembly:
Mr. Nguyen Quoc Cuong – Chairman of the Board of Directors of Co-opBank, delivered a speech at the Co-opBank Member’s General Assembly.
The Presidium of the Assembly
The delegates attending the Assembly
Mr. Nguyen Van Giang – Standing Deputy General Director of Co-opBank presented the 2024 performance report and the 2025 goals at the Assembly
Mr. Vu Ngoc Khuynh – Chief of Supervisory Board presented the supervisory activities report and 2025 work plan at the Assembly
Mrs. Vu Thanh Hang – Member of the Co-opBank’s Board of Directors presented the report on the activities of the Board and contents for Assembly’s approval.
Mr. Thai Dinh Cau – Director of Tay Thanh PCF, Nghe An province presented his speech at the Assembly
Mr. Le Quang Vinh – Chairman of the Board of Tan Hung PCF, Tay Ninh province presented his speech at the Assembly
Overview of the 2024 Co-opBank Member’s General Assembly
