On March 30, 2026, Mr. Doan Thai Son – Standing Deputy Governor of the State Bank of Vietnam (SBV) – visited and held working sessions with two People’s Credit Funds (PCFs) in Phu Tho Province, namely Thanh Thuy PCF and Hung Lo Commune PCF, to gain first-hand insights into their operations, listen to difficulties and challenges, and provide directions on key tasks to ensure their safe, effective, and sustainable performance.
The working delegation also included Ms. Truong Thu Hoa – Director of SBV Region 4; Mr. Hoang Viet Dung – Deputy Director General of the Department of Safety for Credit Institutions under the SBV; Mr. Nguyen Van Giang – Standing Deputy General Director of the Co-operative Bank of Vietnam (Co-opBank); and Mr. Nguyen Duc Dung – Secretary General of the Vietnam Association of People’s Credit Funds.
SBV Standing Deputy Governor Doan Thai Son visited and worked with Thanh Thuy PCF
At the headquarters of Thanh Thuy PCF, the meeting was also attended by representatives of the Thanh Thuy commune authorities and the leadership of Thanh Thuy PCF. The delegation heard a report on operational performance presented by Mr. Vu Quang Tuan – Chairman of the Board of Directors of Thanh Thuy PCF. As Thanh Thuy PCF was established in August 1996 and currently operates across three former communes, with a total of 2,102 members. As of February 28, 2026, total funding sources reached VND 275,405 million, up 15.88%; member deposits amounted to VND 215,850 million, up 3.31%; outstanding loans to members reached VND 238,241 million, up 24.2% compared to the same period last year; and borrowings from Co-opBank for capital balancing stood at VND 30,000 million. The PCF has also complied well with prudential safety ratios in its operations. In addition, Thanh Thuy PCF has actively implemented products and services provided by Co-opBank, such as electronic payment and fund transfer services (CF-eBank, CF-eBiz), collection services, and payroll services via bank accounts.
SBV Standing Deputy Governor Doan Thai Son together with Ms. Truong Thu Hoa – Director of SBV Region 4 and Mr. Nguyen Van Giang – Standing Deputy General Director of Co-opBank, at the transaction counter of Thanh Thuy PCF
Speaking at the working session, the Standing Deputy Governor highly appreciated the results achieved by Thanh Thuy PCF in recent years, particularly in risk management and in meeting the capital needs of members and local residents. In light of changes in administrative boundaries following the merger of three former communes to form Thanh Thuy commune, the Standing Deputy Governor noted that this presents both opportunities and challenges. He therefore emphasized that the Fund should proactively innovate its mindset, enhance professional capacity, strengthen governance, and improve service quality in order to maintain its credibility and the trust of its members. At the same time, Thanh Thuy PCF should further accelerate digital transformation, effectively leverage Co-opBank’s digital banking platforms, products, and services to expand access to financial services for local people and meet development requirements in the new phase. In addition, the Fund should step up communication efforts, strengthen its presence at the grassroots level, and align its operations with local community programs and movements, thereby enhancing its image, reputation, and outreach within the community.
The delegation took a commemorative photo with the leadership of Thanh Thuy PCF
At the headquarters of Hung Lo Commune PCF, the delegation was received by representatives of Van Phu ward authorities and the leadership of Hung Lo PCF. Ms. Cao Thi Thanh Hai – Chairwoman of the Board of Directors of Hung Lo PCF reported to the Standing Deputy Governor on the Fund’s operations: PCF was established in June 1998 and currently has 2,740 members. As of February 28, 2026, total funding sources reached 472,300 million vnd, up 4.22%; member deposits amounted to 425,928 million vnd , up 2.7%; outstanding loans reached 428,002 million vnd, up 18.39% compared to the same period last year; and the non-performing loan ratio stood at 0.06%. In addition, the Fund has gradually implemented digital transformation, increasing the use of Co-opBank’s digital banking products and services, thereby improving operational efficiency and service quality for members.
Delivering directive remarks at the session, SBV Standing Deputy Governor Doan Thai Son acknowledged and highly appreciated the business results of Hung Lo PCF. These results demonstrate that the Fund has operated safely and stably, maintained good credit quality, and effectively fulfilled its role as a local mobilization and lending channel, meeting the basic financial service needs of members in the area.
The Standing Deputy Governor also emphasized that the overarching orientation for the PCF system is to ensure safe operations in line with the true nature of the cooperative financial model, with a focus on serving the people, especially the poor and vulnerable groups in rural areas. In the context of increasing competition, PCFs need to strengthen their financial capacity and governance, while continuing to leverage their strengths as community-based microfinance institutions, closely connected to their localities, members, and customers. Service quality, local understanding, and grassroots reputation should serve as the foundation for sustainable development.
The Standing Deputy Governor also called on local authorities to continue supporting PCFs in the area, ensuring that they operate in line with their objectives and comply with legal regulations.
In addition, Mr. Doan Thai Son requested SBV Region 4 to further strengthen inspection and supervision, as well as organize training and capacity-building programs to enhance governance and management capabilities for the PCF system in the area. Coordination with Co-opBank should also be intensified to support PCFs in addressing difficulties and shortcomings, ensuring the healthy and sustainable development of the system and its positive contribution to local socio-economic development.
For Co-opBank, the SBV leadership requested it to continue promoting its role as the focal institution linking the PCFs network in the area, ensuring timely capital balancing, providing professional guidance, coordinating solutions to difficulties, and leading as well as accompanying PCFs in their digital transformation journey.
SBV Standing Deputy Governor Doan Thai Son visited and worked with Hung Lo Commune PCF
The visit and working sessions of SBV Standing Deputy Governor Doan Thai Son at the two PCFs in Phu Tho province not only demonstrate the SBV’s close attention to the PCF system, but also serve as an important opportunity for the SBV to gain practical insights, listen to concerns and recommendations from PCFs, and thereby further refine the overall restructuring scheme for the PCF system and the Co-opBank for the 2025–2030 period, with a vision to 2045. The scheme focuses on strengthening the cooperative model and enhancing the financial and governance capacity of both PCFs and Co-opBank.
Through these efforts, the role of the PCF system as an effective credit channel in agricultural and rural areas continues to be affirmed, contributing to local economic development, promoting financial inclusion, and helping bring the Party’s and the State’s policies into real-life practice.
The delegation took a commemorative photo with the leadership of Hung Lo PCF
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