July 1st, 2026 marks the 13th anniversary of the official transformation of the Central People’s Credit Fund into the Co-operative Bank of Vietnam (Co-opBank) (2013–2026). More than simply marking the passage of time, this milestone represents a steadfast journey alongside the development of the PCF network, reinforcing Co-opBank’s role as “The Bank of the PCFs” and as the central institution connecting, supporting, and fostering the network’s safe and sustainable development.
This journey has been defined not only by significant growth in scale and operational capacity but also by major institutional milestones. From its transformation under the 2010 Law on Credit Institutions in 2013, to the National Assembly’s inclusion of a dedicated provision recognizing Co-opBank’s legal status in the Law on the Management and Investment of State Capital in Enterprises (Law No. 68/2025/QH15), and most recently, the issuance by the State Bank of Vietnam (SBV) of the Master Plan for the Restructuring of the PCF Network and the Co-operative Bank of Vietnam for the 2026–2030 period, with a vision to 2045, each milestone has further strengthened Co-opBank’s position and reaffirmed its pivotal role within Vietnam’s financial and banking system.
From the Central PCF to Co-opBank – A Strategic Transformation
The establishment of the PCFs network in the early 1990s was a forward-looking policy of the Communist Party and the State aimed at mobilizing local financial resources, promoting self-reliance among communities, providing capital for production and business activities, reducing reliance on informal lending, and contributing to socio-economic development in rural and agricultural areas.
In this context, the Central PCF was established in 1995 with the mission of intermediating liquidity, ensuring payment capacity, and providing settlement services for the PCF network. It laid the foundation for the development of a comprehensive cooperative financial system in Vietnam.
The early years were marked by considerable challenges. The PCFs network was still in its infancy, with limited financial capacity and uneven governance standards. During this period, the Central PCF effectively fulfilled its role as the cornerstone of the network, providing vital support that enabled individual PCFs to strengthen their operations and build the confidence of members and depositors.
However, as Vietnam deepened its international economic integration and the financial and banking market evolved, accompanied by rising demands for stronger governance, advanced technology, and greater competitiveness, the Central PCF’s operating model gradually became insufficient to meet the requirements of a new stage of development.
Ribbon-cutting Ceremony marking the inauguration of Co-opBank (July 2013)
On July 1st , 2013, a major milestone was marked with the transformation of the Central PCF into the Co-operative Bank of Vietnam. This was far more than a change in name or legal structure; it represented a strategic transformation that elevated the entire PCF network to a new level of development.
For the first time, Vietnam had a bank operating under a modern banking model while preserving the fundamental nature of a cooperative financial institution, established for the benefit of its member PCFs and dedicated to the sustainable development of the entire PCF network. While the establishment of the Central PCF in 1995 laid the foundation for the system, its transformation into Co-opBank in 2013 marked a significant qualitative and quantitative leap. The transformation strengthened financial capacity, expanded the branch network, modernized technology, diversified products and services, enhanced resource mobilization, improved corporate governance, and increased access to advanced banking technologies.
More importantly, Co-opBank was entrusted with a broader mission: not only to support but also to lead the development of the PCF network; not only to balance liquidity but also to serve as the central institution that connects resources and drives the safe and sustainable development of the entire network.
Until now, Co-opBank has achieved remarkable growth compared with its pre-transformation scale in 2013. Total assets and outstanding loans have more than tripled, customer deposits have increased by more than fivefold, and the NPL ratio has been maintained at an exceptionally low level of 0.32%. Beyond these impressive achievements in business growth and risk management, what truly distinguishes Co-opBank is its unwavering commitment to serving the PCF network. Guided by its mission as “The Bank of the PCF network,” Co-opBank places the safe, efficient, and sustainable development of the network at the heart of every strategic decision.
For more than three decades, Co-opBank has consistently fulfilled its role in intermediating liquidity across the PCF network. Thousands of PCFs have received timely funding support to meet payment obligations, expand lending activities, and maintain stable operations. During periods of market volatility, Co-opBank has served as a vital stabilizing force, helping safeguard system liquidity and strengthen public confidence in the PCFs network.
Mr. Doan Thai Son – SBV Standing Deputy Governor and representatives of the SBV, the SBV Region 4, and Co-opBank leadership posed for a commemorative photo at the 2025 Co-opBank Member’s General Meeting
In addition, Co-opBank serves as the central provider of banking products and services for the PCF network. From payment and 24/7 fund transfer services to modern financial solutions, Co-opBank has gradually enabled PCFs to access banking services that would otherwise be difficult to invest in and deploy independently. To date, 1,024 PCFs have joined Co-opBank’s payment network, while 675 PCFs have been granted payment support limits through the CF-eBank system. Digital channels now account for 92% of total transactions, and the number of current accounts has reached nearly 600,000, contributing to the promotion of cashless payments and the advancement of financial inclusion.
Another notable achievement has been Co-opBank’s modernization and digital transformation journey. Recognizing that digital transformation is the fastest way to bridge the gap in access to financial services between urban and rural areas, Co-opBank has proactively invested in a comprehensive information technology infrastructure, including its Core Banking system, data center, cybersecurity operations center, and modern digital banking platforms.
More importantly, these investments have not been limited to Co-opBank’s own operations. They have also been shared across the PCF network through common technology solutions, enabling member PCFs to participate more effectively in digital transformation with reasonable investment costs and greater operational efficiency.
Alongside these efforts, Co-opBank has continued to play an active role in providing training, strengthening corporate governance, enhancing internal control, and improving risk management for member PCFs, thereby contributing to the overall operational quality and sustainable development of the PCF network.
Mr. Pham Tien Dung – SBV Deputy Governor visit
A particularly significant milestone in Co-opBank’s development journey was the National Assembly’s adoption of Law No. 68/2025/QH15. Notably, Article 57 specifically recognizes Co-opBank as a credit institution receiving state capital support and investment, reflecting the State’s recognition of Co-opBank’s unique role and its enduring contributions to the development of the PCF network over the past three decades.
From an institution primarily responsible for capital intermediation for PCFs, Co-opBank has steadily evolved into the core financial institution of Vietnam’s cooperative finance sector. Today, it serves as the central hub for system-wide connectivity, liquidity support, the provision of banking products and services, technology transfer, and capacity building for PCFs. Its formal recognition in a law enacted by the National Assembly not only reinforces Co-opBank’s increasingly prominent position within Vietnam’s financial and banking system but also provides a solid legal foundation for the Bank to further strengthen its role as the central institution supporting the safe, efficient, and sustainable development of the PCF network in the years ahead, while contributing to the implementation of the Communist Party’s and the State’s policy on promoting the collective economy.
Decision 1266/QD-NHNN Opens Up a New Chapter of Development
Alongside its achievements, the development of the PCFs network and Co-opBank has also highlighted a number of challenges, underscoring the urgent need to further strengthen financial capacity, modernize technology, enhance corporate governance, and reinforce system-wide connectivity as the foundation for adapting to the evolving socio-economic landscape.
In response, on June 11, 2026, the SBV Governor issued Decision No. 1266/QĐ-NHNN approving the Master Plan for the Restructuring of the PCFs network and the Co-operative Bank of Vietnam for the 2026–2030 period, with a vision to 2045. The Master Plan sets out the fundamental objective of redefining the role and comprehensively strengthening the cooperative credit institution model.
Under the Master Plan, Co-opBank will continue to develop as the central institution responsible for system-wide connectivity, liquidity management, and liquidity stabilization across the PCF network. It will further strengthen its financial capacity, enhance corporate governance, serve as the technological leader of the network, expand the provision of banking products and services, and play a more prominent role in safeguarding the safety and stability of the entire PCFs network.
Co-opBank consistently accompanies and supports PCFs (Illustrative photo)
If 1995 marked the foundation of the PCF network, 2013 marked its strategic transformation, and 2025 marked the formal recognition of Co-opBank’s role through a strengthened legal framework, then 2026 opens a new chapter of long-term development for both the PCF network and Co-opBank.
31 years of development and 13 years of transformation have been a journey defined by perseverance, innovation, and a shared aspiration for growth. From the Central PCF to today’s Co-opBank, this journey reflects an unwavering commitment to adapting to the evolving needs of the economy while preserving the core values of the cooperative finance model.
Built upon more than 03 decades of continuous development, reinforced by an increasingly comprehensive institutional framework, and guided by the Master Plan for the Restructuring of the PCF Network and the Co-operative Bank of Vietnam with a vision to 2045, Co-opBank is entering a pivotal stage in its history. It now has a unique opportunity to affirm its position as the central institution of the PCF Network – a modern, safe, efficient, and sustainable cooperative financial institution that will continue to contribute meaningfully to the development of Vietnam’s collective economy and the nation’s economic growth in the new era.
Secretariat – External Relations & Communications – Branding Department
