On the morning of May 12, 2025, at the Headquarters of the Co-operative Bank of Vietnam (Co-opBank), Deputy Governor of the State Bank of Vietnam (SBV) Mr. Doan Thai Son chaired a working session with Co-opBank to discuss the operations of the People’s Credit Fund (PCF) system.
Also attending the meeting were Mr. Hoang Viet Dung – Deputy Director General of the SBV’s Agency for Safety of Credit Institution system; leaders and officers from the Safety Policy Division for Co-opBank, PCFs, and microfinance institutions; and representatives from the Vietnam Association of People’s Credit Funds (VAPCF)..
Representing Co-opBank were Mr. Nguyen Quoc Cuong – Chairman of the Board of Directors; Ms. Pham Thi Hong Minh – General Director; members of the Board of Directors, Executive Management Board, Supervisory Board; heads of relevant departments at the Headquarters; and Directors of 8 Co-opBank branches: Ha Tay, Hai Ba Trung, Ha Nam, Hung Yen, Ninh Binh, Thai Binh, Thanh Hoa, and Nghe An.
In his opening remarks, Deputy Governor Doan Thai Son acknowledged that the cooperative credit institution system with over 1,000 PCFs and Co-opBank has played an important role in promoting rural economic development and limiting informal lending (black credit). He emphasized that Co-opBank, as the central bank for the PCF system, has provided modern banking services to PCFs, which in turn have extended those services to their members in rural and remote areas. However, after more than 30 years of development, several challenges have emerged within the PCF system.
The Deputy Governor instructed that the working session focus on assessing the current situation of PCFs successes, achievements, challenges, and underlying causes; the difficulties in system linkage between Co-opBank and PCFs; and the proposal of comprehensive solutions to reform and enhance the PCF system. This includes affirming Co-opBank’s role as a core institution for the PCF system to ensure legal compliance, operational safety, and sustainable development, while also considering the implications of administrative boundary adjustments. Special attention was given to the implementation of Decision No. 1638/QD-NHNN dated March 31, 2025, which promulgates the action plan for Directive No. 06/CT-TTg dated March 12, 2019, of the Prime Minister on strengthening solutions to ensure the safe and sound operation of the PCF system. Also discussed was Decision No. 209/QD-NHNN dated January 31, 2019, approving the “PCF Consolidation and Development Plan to 2020, with orientation to 2030” (Phase 2: 2025–2030)
At the meeting, Mr. Nguyen Quoc Cuong – Chairman of the Board, and Ms. Pham Thi Hong Minh – General Director of Co-opBank presented updates on Co-opBank and the PCF system’s operations. They also offered several recommendations to the SBV for ensuring safer and more robust development of Co-opBank and PCFs in the future..
Mr. Nguyen Van Giang – Standing Deputy General Director of Co-opBank, also delivered a detailed report on the operations of Co-opBank and the PCF system. The Deputy Governor listened attentively to feedback from Co-opBank branch representatives on their experiences and challenges in working with PCFs, as well as remarks from Mr. Hoang Viet Dung of the SBV’s Agency for Safety of Credit Institution system.
In his concluding remarks, Deputy Governor Doan Thai Son recognized the dedication and efforts of Co-opBank in fulfilling its role as the central bank supporting PCFs. He urged Co-opBank to work closely with SBV departments to address existing shortcomings and to help shape the future development of the PCF system. He emphasized the need for Co-opBank to more clearly define and fulfill its central role within the PCF network and to actively contribute to the formulation of the PCF development plan for Phase 2. Co-opBank should propose practical solutions and help identify the root causes of current issues while setting realistic goals for the system.
At the close of the meeting, Mr. Nguyen Quoc Cuong and Ms. Pham Thi Hong Minh expressed their deep appreciation to the SBV leadership and especially to Deputy Governor Doan Thai Son for their close guidance and support for Co-opBank and the PCF system. They affirmed that Co-opBank would thoroughly absorb the Deputy Governor’s instructions and take prompt action to ensure a more effective and safer system going forward.
Below are some photos from the working session:
Deputy Governor of the State Bank of Vietnam, Mr. Doan Thai Son, delivers directives at the working session
Mr. Nguyen Quoc Cuong – Chairman of the Board of Directors of Co-opBank speaking at the working session
Ms. Pham Thi Hong Minh – General Director of Co-opBank speaking at the working session
Mr. Hoang Viet Dung – Deputy Director General of the Agency for Safety of Credit Institution System (SBV) speaking at the working session
Mr. Nguyen Van Giang – Standing Deputy General Director of Co-opBank presenting the report on the operations of Co-opBank and the PCF system
Overview of the Working Session
