On July 5, 2025, the Co-operative Bank of Vietnam (Co-opBank) Nghe An Branch organized a conference to review the operations of People’s Credit Funds (PCFs) in 2024 and the first half of 2025, and to implement tasks for the second half of 2025.
Attending the conference were Mr. Nguyen Thac Tam – Deputy General Director of Co-opBank; representatives of several departments from the Head Office of Co-opBank; the leadership of Co-opBank Nghe An Branch; and Chairpersons and Directors of PCFs in the area.
At the conference, delegates were presented with a report on PCF performance in 2024 and a summary of the first half of 2025. Accordingly, the PCF system nationwide mobilized capital reaching VND 170,183 billion, and outstanding loans amounted to VND 139,140 billion. In particular, Nghe An Province showed remarkable growth, with average total capital, deposits, and loan balances per PCF exceeding the system average. Specifically, the loan growth rate of PCFs in the province reached 5.86% in 2024 compared to 2023, while the system average was 4%.
As the “bank of the PCF system,” Co-opBank Nghe An Branch has closely monitored PCF operations and actively deployed financial products and services, as well as coordinated activities with PCFs. In 2024, the total balance of harmonized deposits reached VND 2,328 billion, and the balance of harmonized loans was VND 63.2 billion. By mid-2025, the deposit balance had increased to VND 3,186 billion. Additionally, in 2024, the branch provided overdraft limits to 45 PCFs with a total limit of VND 108 billion, and continued to maintain VND 106 billion for 41 PCFs in 2025.
Regarding lending from the Safety Fund, Co-opBank Nghe An Branch coordinated with the Fund to support two PCFs experiencing financial difficulties: Yen Thanh Town PCF and Nghi Hoa PCF. These PCFs were offered loans with very low interest rates ranging from 1.5% to 2% per year and a loan term of five years, providing them with affordable, long-term capital to support recovery and business continuity.
In line with the SBV’s digital transformation plan for the banking sector through 2025, with a vision to 2030, the branch has supported 54 PCFs in implementing payroll services via accounts, 52 PCFs in installing POS machines, and 58 PCFs in participating in the electronic fund transfer system. Over 41,000 accounts have been opened at PCFs, with total CASA balances reaching VND 194 billion. Notably, Co-opBank Nghe An has also launched two new products: collection services (with 11 PCFs signing authorization agreements and 7 PCFs currently operating with nearly 1,500 transactions) and the Co-opBank X speaker system for local-level communications. Other modern digital banking services are being effectively deployed, including CF eBank, CF eBiz, Co-op Smart, Mobile Banking, and biometric digital ID account services…
After hearing the report on the Nghe An branch’s responsibilities toward PCFs, delegates shared challenges faced in PCF operations and proposed solutions to improve performance and resolve difficulties.
In his remarks at the conference, Mr. Nguyen Thac Tam – Deputy General Director of Co-opBank – acknowledged the achievements of the Nghe An Branch and appreciated the constructive, open contributions from the PCFs. In the coming time, Co-opBank Nghe An should continue to implement the tasks and solutions set out in the PCF restructuring and NPL resolution plan for 2021–2025. The branch should fulfill its responsibilities to PCFs, strengthen capital harmonization, expand banking services, and actively promote digital transformation and technology modernization to support the system’s safe and sustainable development. He also urged Co-opBank Nghe An and local PCFs to uphold the spirit of cooperation, solidarity, and innovation to overcome challenges, fulfill financial and business plans for 2025, and continue progressing in the coming years.
Also within the framework of the conference, Co-opBank honored outstanding PCFs with excellent achievements in capital harmonization, payment operations, digital banking, syndicated lending, and operational management in support of system connectivity.
Some photos from the Conference:
Mr. Nguyen Thac Tam – Deputy General Director of Co-opBank delivering remarks
Honoring PCFs with outstanding achievements in operations
Honoring PCFs with outstanding achievements in operations
Overview of the Conference
Reporter
