After 20 years of formation and development, the Vietnam Association of People’s Credit Funds has affirmed its role as an important bridge within the cooperative financial system, contributing to strengthening PCF operations and moving toward the goal of safe and sustainable development in the new phase.
Overview of the 20th Anniversary Celebration of VAPCF and the Assembly
Affirming its “bridging” role over 20 years
On March 30, at the Phu Tho Provincial Convention Center, the Vietnam Association of People’s Credit Funds (VAPCF) solemnly held the 20th Anniversary Celebration of its establishment (2006–2026) in conjunction with its 5th Assembly. This event not only marks an important milestone in VAPCF’s development journey but also provides an opportunity to reflect on the past, reaffirm its role, and define its direction for the new phase of the cooperative financial network.
The event was attended by Mr. Doan Thai Son – Standing Deputy Secretary of the Party Committee and Standing Deputy Governor of the State Bank of Vietnam (SBV); representatives of central ministries and agencies; units under the SBV; along with a large number of members, including the Co-operative Bank of Vietnam (Co-opBank) and 257 delegates representing 1,145 PCFs nationwide. This demonstrates the strong attention and support of authorities at all levels toward the development of the cooperative financial model, which is an important component of the national financial system.
Mr. Nguyen Quoc Cuong – Chairman of VAPCF delivered remarks at the 20th Anniversary Celebration of VAPCF
Speaking at the ceremony, Mr. Nguyen Quoc Cuong – Chairman of VAPCF and Chairman of the Board of Directors of Co-opBank emphasized that VAPCF was established at a time when the economy faced numerous difficulties and the legal framework for the cooperative economic model was not yet fully developed. However, from its very early days, VAPCF clearly defined its mission as a representative, a bridge, and a legal support for its member PCFs nationwide.
Over the past two decades, VAPCF has steadily grown into a non-profit socio-professional organization representing 1,146 members. Its operational network has been continuously expanded, with four representative offices and various regional clubs, facilitating connections, experience sharing, and mutual support among entities within the system.
Its “bridging” role has been clearly demonstrated through effectively linking members with the SBV and relevant regulatory authorities. Through policy feedback and consultation activities, VAPCF has promptly reflected the practical difficulties and challenges faced by PCFs, thereby contributing to the improvement of mechanisms and policies tailored to the specific characteristics of the cooperative credit model.
Beyond advocacy, VAPCF has also played an important role in disseminating and communicating new policies and regulations to its members. As a result, legal provisions have been implemented quickly and consistently, helping ensure the stable and safe operation of the PCF system over time.
In recognition of its outstanding contributions, VAPCF has been honored with Certificates of Merit from the SBV Governor for collectives and individuals in acknowledgment of their efforts and achievements throughout its development journey.
Mr. Doan Thai Son – SBV Standing Deputy Governor presented a Certificate of Merit from the SBV Governor to VAPCF
Enhancing capacity and strengthening network foundations
One of the most notable highlights of VAPCF over the past 20 years has been its focus on enhancing governance and management capacity for PCFs. According to statistics, VAPCF has organized nearly 500 training courses and workshops for fund staff, contributing to improved professional expertise, management skills, and compliance awareness.
At the same time, VAPCF has developed and disseminated numerous model internal regulations and guidelines, helping members implement operations consistently in line with legal requirements. This is considered an important foundation for minimizing risks, improving operational efficiency, and enhancing transparency across the system.
Through close linkages among members, the PCF system has effectively promoted its role as a key credit channel for agriculture, rural areas, and farmers. Credit flows have reached even remote and underserved areas, supporting production and business activities, improving livelihoods, and helping curb informal lending.
These results have not only contributed to local socio-economic development but have also played an important role in advancing financial inclusion – one of the major objectives of the banking sector in recent years.
Mr. Doan Thai Son – SBV Standing Deputy Governor delivered directive remarks at the ceremony
Delivering directive remarks at the event, Mr. Doan Thai Son – SBV Standing Deputy Governor highly appreciated the achievements that VAPCF has attained over the past 20 years. According to him, VAPCF has increasingly promoted its role as a representative body, protecting the legitimate rights and interests of its members, while actively participating in policy-making processes and enhancing governance capacity across the system.
The Standing Deputy Governor emphasized that, in the context of a rapidly developing digital economy, the PCF system must continue to innovate its mindset, strengthen governance capacity, and adapt to new trends. This is an inevitable requirement to ensure sustainable development and improve competitiveness.
To achieve these goals, VAPCF is advised to promptly develop its action program for the new term, with clear assignment of responsibilities to each member of the Executive Committee. At the same time, it should proactively monitor organizational changes and support PCFs in adapting in a timely manner to the evolving operating environment.
Another key task is to coordinate in implementing the restructuring scheme of the PCF system and the Co-opBank for the 2025–2030 period, with a vision to 2045. This is considered a strategic step to strengthen and enhance the long-term effectiveness of the entire network.
Accelerating digital transformation and strengthening network linkages
The 5th Assembly of VAPCF takes place at a time when the economy is undergoing strong transformation driven by technology and international integration. This poses urgent requirements for the PCF system to innovate its operational model and enhance its competitiveness.
The 5th Assembly of VAPCF (2026–2031 term) successfully completed its election process, selecting a new Executive Committee comprising 13 members who meet the required standards, capacity, and credibility to fulfill leadership responsibilities in the new phase. Mr. Nguyen Quoc Cuong – Chairman of VAPCF for the 4th term and Chairman of the Board of Directors of Co-opBank was re-elected as Chairman of VAPCF.
In addition, the Executive Committee includes members who are leaders of PCFs from various localities, including Hanoi, Hung Yen, Son La, Hai Phong, Phu Tho, Tuyen Quang, Thanh Hoa, Ha Tinh, Quang Tri, Dak Lak, Lam Dong, and Ho Chi Minh city.
The Executive Committee of the VAPCF for the 5th term consists of 13 members
One of the key orientations identified by VAPCF is to accelerate digital transformation, gradually narrow the technology gap, enhance service quality, and meet the increasingly diverse needs of customers. This is not only an inevitable trend but also an opportunity for the PCF system to improve operational efficiency and expand its service reach.
Another important solution is to strengthen linkages among PCFs within the same locality. Through sharing resources, experience, and mutual support, these entities can enhance their operational effectiveness while creating collective strength for the entire system.
At the same time, VAPCF will continue to promote communication on the human-centered nature of the cooperative model, thereby reinforcing public trust in the PCF system. This is a crucial factor in maintaining and sustainably developing the cooperative financial network in the coming period.
Amid the solemn atmosphere in Phu Tho – the ancestral land of the Vietnamese people – delegates expressed strong confidence in the future development of the PCFs network. The strength of VAPCF lies not only in its scale of more than one thousand members, but also in the spirit of solidarity, unity, and the shared aspiration for growth across the system.
With the close direction of the SBV, strong coordination with Co-opBank, and the efforts of all members, VAPCF is expected to continue promoting its central role, making significant contributions to the stability and sustainable development of the national financial system in the time ahead.
While challenges remain, the achievements of the past 20 years provide a solid foundation for VAPCF to confidently move forward into a new phase of development that is safer, more efficient, and more sustainable.
Some images from the 20th Anniversary Celebration of VAPCF, in conjunction with the 5th Assembly:
According to The Banking Times
