On the morning of June 7, 2025, the Co-operative Bank of Vietnam (Co-opBank), in collaboration with the State Bank of Vietnam (SBV) Region 8, organized the “Conference on Assigning Tasks to People’s Credit Funds (PCFs) in Region 8 (Nghe An, Ha Tinh, Quang Binh).” The event was attended and directed by Comrade Tran Bau Ha – Standing Committee Member and Vice Chairman of the Ha Tinh Provincial People’s Committee.
The conference was chaired by Ms. Nguyen Thi Thu Thu – Acting Director of SBV Region 8; Mr. Nguyen Van Trung and Mr. Luong Hai Luu – Deputy Directors of SBV Region 8; and notably, co-chaired by Mr. Nguyen Quoc Cuong – Party Secretary and Chairman of the Board of Directors of Co-opBank
Also in attendance were leaders of departments under SBV Region 8; Deputy General Directors of Co-opBank, relevant departments from Co-opBank Headquarters; Directors of Co-opBank branches in Nghe An, Ha Tinh, and Quang Binh; representatives of the Vietnam Association of People’s Credit Funds (VAPCF); the Vietnam Deposit Insurance Corporation in the North Central Region; and leaders from 115 PCFs across the three provinces.
At the conference, delegates heard a report presented by SBV Region 8 summarizing the operations of PCFs in Nghe An, Ha Tinh, and Quang Binh for 2024 and the first four months of 2025, along with tasks for the remaining eight months of 2025. As of April 30, 2025, there were 115 PCFs across the three provinces with a total membership of 287,080, an increase of 17,599 members compared to 2023. As of December 31, 2024, total operating capital reached VND 25,787.8 billion, up VND 1,922 billion (8.1%) year-on-year. By April 30, 2025, it increased to VND 26,829.3 billion, a rise of VND 1,041.5 billion (4%) since the beginning of the year. Total outstanding loans by December 31, 2024, stood at VND 20,127 billion, up VND 1,414.7 billion (7.6%) compared to 2023. By April 30, 2025, this figure slightly decreased to VND 20,049.7 billion, accounting for 74.73% of total assets, a decline of VND 77.3 billion (0.4%) from the start of the year;
Deposits at Co-opBank as of December 31, 2024, reached VND 5,050 billion, up 11.4% from 2023. By April 30, 2025, this had grown to VND 6,166 billion, a 22% increase from the start of the year—exceeding the 14.8% growth recorded for the same period in 2024. This indicates that PCFs are managing local capital mobilization well, not only meeting members’ loan demands but also having surplus funds for deposits at Co-opBank. It reflects the improving liquidity management and growing credibility of PCFs among members and local residents.
In terms of business performance, all 115 PCFs were profitable as of December 31, 2024. The net operating surplus of the entire PCF system across the three provinces totaled VND 206.6 billion (Nghe An: VND 95.9 billion; Ha Tinh: VND 44.8 billion; Quang Binh: VND 65.9 billion).
Regarding money transfer services, 113 out of 115 PCFs are currently offering transfer, collection, and disbursement services to their members via the CF-eBank system of Co-opBank. By December 31, 2024, the total transaction volume reached VND 40,816.5 billion, an increase of VND 15,466.4 billion (61%) compared to 2023. By April 30, 2025, it stood at VND 12,927.6 billion—higher than the same period in 2024 (VND 12,601.1 billion). Additionally, 105 PCFs provide cash withdrawal services via Co-opBank’s POS terminals.
It can be said that most PCFs in the three provinces are performing well. In addition to supporting local people and rural economic development, PCFs contribute to local budget revenues. By December 31, 2024, they had paid VND 43.33 billion in taxes and directly employed 1,792 local staff with increasing annual income. Moreover, PCFs actively participated in new rural development and social welfare programs, contributing VND 9.082 billion in 2024 and the first four months of 2025.
However, the report also pointed out several limitations that some PCFs need to address, such as: underqualified management boards and executive teams; inadequate internal control, inspection, and auditing; shortcomings in reporting and IT; and operational deviations from the cooperative nature of credit institutions. There were also deficiencies in implementing restructuring plans…
The conference featured presentations from several PCFs, highlighting current difficulties and offering solutions for safe, effective, and sustainable development.
In his directive speech, Mr. Tran Bau Ha, Vice Chairman of the Ha Tinh Provincial People’s Committee, emphasized that this was a large-scale, meaningful conference amid ongoing bank restructuring efforts. He acknowledged and praised the achievements of SBV and PCFs.
However, he noted that the PCF system still faces challenges, necessitating stronger discipline and enhanced staff capacity and state management. To ensure sustainable and effective PCF contributions to rural development, he proposed several key tasks. First, PCFs must comply with the law, operate in line with cooperative principles, uphold professional ethics, promote digital transformation and the use of modern technologies to enhance competitiveness and service quality.
Second, SBV Region 8 must continue its supervisory role—monitoring, inspecting, and guiding PCFs, ensuring regulatory compliance, addressing deficiencies, and fostering stable, effective development. SBV Region 8 should also work closely with Co-opBank, local Co-opBank branches, the Deposit Insurance Corporation, and VAPCF to implement directives like Prime Minister’s Directive 06/CT-TTg. Furthermore, SBV Region 8 should act as a bridge between PCFs and local authorities, providing information to facilitate support and problem-solving.
Third, It is recommended that local departments, sectors, and authorities coordinate to resolve difficulties, pay attention to, support, and facilitate the operations of PCFs; closely cooperate with SBV Region 8 Branch in detecting, warning against, and preventing violations within PCF.
The People’s Committee of Ha Tinh Province will continue to pay close attention and coordinate with SBV Region 8 in managing PCFs. We will work proactively with SBV to effectively implement the PCF restructuring plan associated with NPL resolution, and the PCF development strategy to 2020 with a vision to 2030. We will also instruct provincial departments and local governments to fulfill their responsibilities under Directive 06/CT-TTg,” Mr. Tran Bau Ha affirmed.
In response, Mr. Nguyen Quoc Cuong, Chairman of Co-opBank, acknowledged Mr. Tran Bau Ha’s remarks, the input from SBV Region 8, and the PCFs. Co-opBank will review and implement relevant actions based on actual operational conditions.
Mr. Cuong shared that Co-opBank will focus on developing standardized credit assessment files and procedures to support PCFs in complying with current regulations. For PCFs needing capital enhancement, increased charter capital, credit expansion, product and service diversification, and flexible-term fundraising, Co-opBank will review and adjust products and coordination mechanisms accordingly. When issuing new regulations for PCFs, Co-opBank will send copies to SBV Region 8 to coordinate implementation.
Co-opBank will also help PCFs adopt a unified branding system, including signage installation for PCFs post-boundary reorganization. It will continue investing in IT infrastructure, promoting digital transformation, and improving management quality to support PCF stability and safety.
“In the time ahead, Co-opBank requests that local authorities and SBV create more favorable conditions for PCFs to undergo digital transformation. Please also promptly notify Co-opBank of any struggling PCFs for coordinated assistance to ensure system safety,” Mr. Cuong emphasized.
Concluding the conference, Ms. Nguyen Thi Thu Thu – Acting Director of SBV Region 8 – expressed appreciation for the remarks of Mr. Tran Bau Ha and Mr. Nguyen Quoc Cuong. She hopes SBV Region 8 will continue receiving support to fulfill its assigned political tasks and help PCFs overcome difficulties to grow safely and effectively. SBV Region 8 will enhance inspection and law enforcement to ensure PCF system safety, oversee implementation of restructuring and NPL resolution plans for 2021–2025, improve financial capacity, equity, credit quality, and internal controls, and promptly adjust policies to align with practical conditions.
Some photos from the Conference on Assigning Tasks to PCFs in Region 8 (Nghe An, Ha Tinh, Quang Binh):
Mr.Tran Bau Ha – Vice Chairman of the Ha Tinh Provincial People’s Committee – delivers a directive speech at the Conference
Mr. Nguyen Quoc Cuong – Chairman of the Board of Directors of Co-opBank – delivers a speech at the Conference
Ms. Nguyen Thi Thu Thu – Acting Director of SBV Region 8 – delivers the closing remarks at the Conference
General view of the Conference on Assigning Tasks to PCFs in Region 8 (Nghe An, Ha Tinh, Quang Binh)
