On 17 October 2026, Chieng Son People’s Credit Fund (PCF) in Son La Province held a ceremony to celebrate its 30th Anniversary of Establishment (21 October 1996 – 21 October 2026), marking three decades of building, growing and developing. Over the past 30 years, the PCF has overcome many difficulties, consistently built up trust, and reaffirmed the role of the PCF model supporting members in developing their economy, improving their living standards, and contributing to the local socio-economic development.
Attending the ceremony were Mr. Soi Ngoc Cuong – Vice President of the Committee of the Viet Nam Fatherland Front of Son La Province and President of Son La Confederation of Labor; Mr. Le Cao Cuong – Deputy Director of the State Bank of Vietnam (SBV) Region 3; Mr. Luong Tuan Dung – Head of the Supervisory Board of the Co-operative Bank of Vietnam (Co-opBank); Mr. Le Huy Phong – Vice President of the Co-operative Alliance; Mr. Hoang Phuong Hai – Deputy Director of the Northwest Branch of the Deposit Insurance of Vietnam (DIV); Mr. Nguyen Duc Nguyen – Standing Deputy Secretary of the Party Committee and President of Chieng Son People’s Council, etc., and former leaders of Son La SBV.
Three decades of overcoming challenges, building trusts, and growing alongside its members
During its early days, Chieng Son PCF faced numerous difficulties in terms of infrastructure and resources, gradually establishing its foundation based on its dedication, responsibility and determination in serving the people. Starting with only VND 50 million in registered charter capital and 175 members, the PCF consistently built its reputation, strengthened trust, expanded its operations step by step.
From those challenging beginnings, Chieng Son PCF has now achieved significant development. Its total capital exceeded VND 310 billion, increasing 1,514 times compared to the early days; the number of members reached 2,272 individuals, while outstanding loans rose 1,246-fold. These achievements, together with the consistently sound credit quality and the absence of non-performing loans, clearly showcased the PCF’s governance and management capacity as well as the strong confidence placed in it by its members.
Beyond fulfilling its role in capital intermediation and lending, Chieng Son PCF also actively contributed to the community through organizing social welfare activities. Hundreds of millions Vietnamese dong was spent on supporting the construction of Great Unity houses, new rural development projects, and activities to prevent and control the COVID-19 pandemic. These practical contributions have helped promote mutual support and community responsibility while illustrating the social and humanitarian value of the PCF model.
Embracing innovation and enhancing service quality
Alongside strengthening the foundation for safe and effective operations, Chieng Son PCF also proactively adopted technology, gradually improved service quality, adapted to the digital transformation trend in banking sector.
The active adoption of digital banking measures not only helps members access payment and money transfer utilities quickly, safely, and conveniently right at their localities, but also enhances operational efficiency, strengthens their competency, and builds up members’ confidence towards the PCF. This also reflects its commitment to innovation, readiness to adapt, and determination to improve service quality in a new phase of development.
Delivering his speech at the ceremony, Mr. Le Cao Cuong – Deputy Director of SBV Region 3 – recognized and highly appreciated Chieng Son PCF’s efforts and accomplishments in the past 30 years of establishment and development. Building on these achievements, the PCF should continue to uphold the solidarity spirit, enhance operational quality, strictly comply with legal regulations, focus on governance, management as well as internal inspection and control. At the same time, the PCF should proactively adapt with changes in operational environment, ensure system security, improve member service quality, and fulfil its role in capital provision to support local economic development.
At the ceremony, Mr. Luong Tuan Dung – Co-opBank’s Head of Supervisory Board emphasized that the 30-year journey marked a proud milestone for the PCF, acknowledging the efforts of generations of officers and employees, along with the trust and continued support of its members. By remaining committed to a member-centered approach and promoting cooperation and mutual assistance, Chieng Son PCF has steadily grown and strengthened its reputation and position in the local area.
Alongside its achievements, Mr. Luong Tuan Dung stated that the PCF must proactively adapt to the challenges of the new development phase. It is necessary to place operational safety at the foundation of its activities, efficiency as its objective, and members’ legitimate interests at the center of its priorities. It should also pay attention to strengthening governance capacity, risk management and credit quality, and accelerating digital transformation. He also reaffirmed that Co-opBank would continue to fulfill its role as the central bank connecting the PCF network, supporting PCFs regarding funding, training, professional operations, and technology. These efforts will help strengthen system-wide connectivity and promote safe, sound, and sustainable development. At the ceremony, in recognition of the Chieng Son PCF’s contributions to strengthening system-wide cooperation, Co-opBank’s Board of Directors decided to present an award to the PCF.
The 30th anniversary ceremony of Chieng Son PCF was not only an opportunity to reflect on its journey but also marked the beginning of a new chapter with higher goals and expectations. Building on its tradition of solidarity, sense of responsibility, and achievements, Chieng Son PCF is expected to continue innovating, improving operational quality, maintaining members’ trust, and making even greater contributions to local development and the Vietnamese PCF network.
Reporter
