On the afternoon of June 30, 2025, in Hanoi, the Co-operative Bank of Vietnam (Co-opBank) organized the Conference on Inspection Work for People’s Credit Funds (PCFs).
Attending the conference were Mr. Hoang Viet Dung – Deputy Director General of the Agency for Safety of Credit Institution System (SBV); Mr. Vu Duy Tin – Deputy Director General of the Agency for Supervision and Management of Credit Institutions (SBV); Mr. Vu Van Long – Deputy General Director of the Vietnam Deposit Insurance; representatives of the Vietnam Association of People’s Credit Funds (VAPCF); and Dr. Phan Thanh Duc – Dean of the Faculty of Information Technology and Digital Economy, Banking Academy..
On the side of Co-opBank were Mr. Nguyen Quoc Cuong – Chairman of the Board of Directors; Ms. Pham Thi Hong Minh – Member of the Board of Directors, General Director; along with full-time members of the Board of Directors; Deputy General Directors; the Supervisory Board; leaders of departments at the Head Office; and representatives of 32 Co-opBank branches.
In his opening speech, Mr. Nguyen Quoc Cuong noted that the conference was held in a very special context: as of July 1, 2025, the country will have 34 provincial-level administrative units and 3,321 commune-level units, ushering in a new era of a two-tiered local administrative model. This is a historic political event of the nation and a significant milestone for Co-opBank and the PCF system — a moment that presents both challenges and opportunities for the system’s development. The PCF Inspection Work Conference provides an opportunity for Co-opBank to review PCF inspection activities, evaluate achievements and shortcomings, discuss difficulties and challenges, and jointly develop more effective directions and solutions for future inspection activities, thereby contributing to the safe, stable, and sustainable development of the PCF system and reaffirming Co-opBank’s role as the central bank of the system.
Mr. Nguyen Quoc Cuong emphasized that inspection work plays an extremely important role in reinforcing and rectifying the operations of the PCF system, in accordance with the direction of the Politburo, the Government, and the State Bank of Vietnam. It is a decisive factor for the early detection and prevention of ethical and operational risks to ensure the PCF system operates in line with its principles and legal regulations, developing safely and sustainably.
The report on PCF inspection work presented at the conference showed that, under the direction of the SBV, from 2019 to 2024, Co-opBank was assigned by the SBV to inspect 200 PCFs. The number of PCFs assigned for inspection increased annually: in 2024, 55 PCFs across 13 provinces and cities were assigned; in 2025, 100 PCFs under the jurisdiction of 26 Co-opBank branches are to be inspected, focusing on areas with high potential risk. Co-opBank has always taken the inspection work seriously, implementing it rigorously, in line with SBV guidance. Each year, Co-opBank actively cooperates with the SBV to develop detailed inspection outlines, including scope, duration, and reporting in accordance with SBV requirements. In parallel with inspection, regular off-site supervision is maintained to identify potential risks early, allowing timely issuance of recommendations and warnings to non-compliant PCFs. Co-opBank also submits reports to provincial and municipal SBV branches to take appropriate measures to ensure system safety and improve compliance and operational quality at PCFs.
Through these inspection efforts, the PCF system has seen positive changes, with gradually improved operational quality and reduced major violations compared to previous years. Many PCFs have proactively strengthened financial capacity, improved risk management systems, and complied with capital safety regulations. Internal regulations and procedures have been increasingly completed and issued in accordance with legal requirements. However, a considerable number of PCFs still fail to comply with management regulations, lack initiative in resolving deficiencies, and carry potential operational risks that threaten system safety. These PCFs need further supervision and corrective measures. In 2024, Co-opBank issued 682 recommendations to PCFs and submitted 55 reports to local SBV branches for timely intervention.
At the conference, Mr. Hoang Viet Dung presented the draft “Master Plan for Restructuring the PCF and Co-opBank System for the 2025–2030 Period, with Orientation to 2045” and discussed several related issues. According to Mr. Dung, after more than 30 years of development under the cooperative economic model, the PCF system has achieved significant results but still reveals shortcomings. The SBV is urgently drafting and seeking input on this restructuring plan to restructure cooperative credit institutions, including Co-opBank and PCFs, to better suit the new context.
Also at the conference, Dr. Phan Thanh Duc presented the “Report on Current Status and Policy Recommendations for the Digital Transformation Roadmap for the PCF System.” This project was conducted under Document No. 7151/NHNN-TTGSNH dated August 27, 2024, from the SBV on digital transformation for Co-opBank and the PCF system. The project surveyed the entire PCF network, assessing readiness to meet the goals, tasks, and solutions outlined in Decision No. 810/QD-NHNN dated May 11, 2021, on the approval of the digital transformation plan for the banking sector to 2025, with orientation to 2030.
In his concluding remarks, Mr. Nguyen Quoc Cuong stated that the SBV is finalizing the draft “Master Plan for Restructuring the PCF and Co-opBank System for the 2025–2030 Period, with Orientation to 2045,” which aims to develop Co-opBank into a true “bank of PCFs,” serving as the central link of cooperative credit institutions and a leading community microfinance bank. It will support PCFs in safe and sustainable development, contributing to financial market stability. At the same time, the plan focuses on consolidating and rectifying PCFs to operate in accordance with their legal mandates as cooperative credit institutions, aligning the system with financial standards.
“To improve the effectiveness and efficiency of PCF inspections, Co-opBank will continue to closely follow SBV direction, coordinate regularly with SBV inspectors and regional branches to ensure that PCF operations comply with legal regulations, maintaining the system’s stability and sustainable development,” said Mr. Nguyen Quoc Cuong.
Mr. Nguyen Quoc Cuong also directed Co-opBank branch directors – the units directly conducting PCF inspections – to regularly communicate and consult with regional SBV branches and the Head Office, share experiences, assess results, and report difficulties and proposals during inspections, so that joint solutions can be developed to enhance the quality and effectiveness of the inspection work, ensuring a healthy and sustainable PCF system.
“I believe that with close direction from the SBV, strong coordination with regional SBV branches, Deposit Insurance of Vietnam, the Vietnam Association of PCFs, and the unity and efforts of all Co-opBank staff, PCF inspection work will continue to achieve significant results, fulfilling SBV expectations, strengthening the safety, effectiveness, and reputation of the PCF system, and building public trust,” emphasized Mr. Nguyen Quoc Cuong.
Some photos from the PCF Inspection Work Conference:
Mr. Nguyen Quoc Cuong – Chairman of the Board of Directors of Co-opBank speaking at the conference
Mr. Hoang Viet Dung – Deputy Director General of the Agency for Safety of Credit Institution System presenting the Draft “Master Plan for Restructuring the PCF and Co-opBank System for the 2025–2030 Period, with Orientation to 2045”
Dr. Phan Thanh Duc – Dean of the Faculty of IT and Digital Economy, Banking Academy presenting the “Report on Digital Transformation Roadmap for the PCF System”
Full view of the conference
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