From August 13 to 15, 2026, in Quang Ninh Province, the Co-operative Bank of Vietnam (Co-opBank) organized the senior-level training program “Restructuring the Internal Control System and Risk Management (Comprehensive Compliance with Circular No. 62/2025/TT-NHNN and the 2024 Law on Credit Institutions).” The program not only provided updates on new legal requirements but also focused on sharing practical experience, identifying gaps, and exploring solutions suited to Co-opBank’s operating model and specific characteristics.
Attending the program, the State Bank of Vietnam (SBV) was represented by Mr. Hoang Viet Dung – Deputy Director General of the Department of Safety of Credit Institutions System. Representing Co-opBank were Mr. Nguyen Quoc Cuong – Chairman of the Board of Directors; Ms. Pham Thi Hong Minh – Member of the Board of Directors and General Director; members of the Board of Directors, Board of Management, and Supervisory Board; leaders and officers from departments at Head Office; Directors of all 32 branches and officers from relevant functional departments.
The program featured lectures and discussions led by Assoc. Prof. Dr. Nguyen Hong Yen – Head of the Department of Accounting at the Banking Academy of Vietnam, and Mr. Dang The Tung – Master’s degree holder and auditor at a commercial bank belonging to the Big Four.
From Compliance Requirements to a New Management Mindset
In her opening remarks at the Senior-Level Training Program on “Restructuring the Internal Control System and Risk Management,” Ms. Pham Thi Hong Minh – Member of the Board of Directors and General Director of Co-opBank, emphasized the critical role of the internal control system in ensuring safe operations and laying the foundation for the Bank’s sustainable development. Internal control is not the sole responsibility of any individual unit or specialized department; rather, it must become a responsibility shared across the entire organization. From the Board of Directors, Board of Management, and Supervisory Board to every officer and employee at Head Office and the branches, all must proactively identify risks, implement controls, and promptly raise alerts within their respective areas of responsibility.
Accordingly, the implementation of Circular No. 62/2025/TT-NHNN is not merely a regulatory compliance requirement but also an opportunity for Co-opBank to review its management practices, improve the quality of internal controls, and take a more proactive approach to risk identification and prevention.
At the program, Mr. Hoang Viet Dung – Deputy Director General of the Department of Safety of Credit Institutions System under the SBV provided in-depth insights into the requirements for operational safety, risk management, and internal control applicable to cooperative credit institution models. The guidance from the regulatory authority helped Co-opBank clarify the areas that need to be comprehensively prepared, from mechanisms and policies, organizational structure and processes to information infrastructure.
Strong Controls – The Foundation for Sustainable Development
In the in-depth thematic session, Assoc. Prof. Dr. Nguyen Hong Yen – Head of the Accounting Department, Banking Academy – focused on analyzing the key provisions of Circular No. 62/2025/TT-NHNN, with particular emphasis on the requirement to operate three independent lines of defense: First line of defense: Identifying, controlling, monitoring, and mitigating risks at the point where they arise; Second line of defense: Developing policies, measuring and monitoring risks, and overseeing compliance across the bank; Third line of defense: Performing the internal audit function.
Clearly delineating the three lines of defense is intended not only to define responsibilities but also to establish an end-to-end control mechanism: risks are identified and controlled at the point where they arise, independently monitored at the second line, and independently assessed at the third line. This requirement calls for Co-opBank to conduct a substantive review of its organizational structure, functions, and responsibilities, ensuring clear roles and accountability while leaving no gaps in risk management. This will contribute to the gradual enhancement of Co-opBank’s governance structure and control system in line with the new requirements.
In addition, the program delved into reviewing gaps in the organizational structure and internal regulatory framework to strengthen the “internal legal framework,” while also focusing on the development of a management information system (MIS), improving reporting quality, and establishing risk appetite and key risk indicators (KRIs).
A key highlight of the program was its strong practical focus. Under the guidance of Mr. Dang The Tung, an audit professional at a Big Four commercial bank, the thematic sessions did not mechanically apply the conventional commercial banking model. Instead, they were discussed and examined in close reference to the specific operational characteristics of Co-opBank – a bank closely connected with the People’s Credit Fund (PCF) Network. Through discussions, numerous real-life scenarios were analyzed to identify optimal solutions.
Building an Action Roadmap for the New Phase
The program pursued a key objective: developing a specific action roadmap ahead of the effective date of Circular No. 62/2025/TT-NHNN (1 January 2027). The roadmap focuses on the following key areas: Strengthening the organizational structure; Completing the internal legal framework; Upgrading the MIS and enhancing the mechanisms for implementation and control.
For Co-opBank, comprehensive preparation in terms of governance mindset and implementation capacity is not only aimed at meeting regulatory requirements but also represents an important step in strengthening its foundation. This will contribute to enhancing the control culture, ensuring system-wide safety, and laying the groundwork for Co-opBank to continue fulfilling its role as the Bank of the PCF Network, with a focus on safe, efficient, and sustainable development.
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