The year 2026 marks 31 years since the establishment of the Central People’s Credit Fund (CCF), currently known as the Co-operative Bank of Vietnam – Co-opBank (5 August 1995 – 5 August 2026). Beyond a measure of time, this represents Co-opBank’s persistent journey in supporting the development of the People’s Credit Fund (PCF) network, reaffirming its role as the Bank of all PCFs, serving as a central hub for connecting, supporting and leading the safe and sustainable development of the network.
The 31-year journey has been marked not only by growth in scale and operational capacity but also by important institutional milestones: in July 2013 Co-opBank transformed its operating model in line with the 2010 Law on Credit Institutions; in June 2025 the National Assembly included a separate provision in Law No. 68/2025/QH15 on the Management and Investment of State Capital in Enterprises (Law No. 68/2025/QH15) in order to clearly establish the legal status of Co-opBank; in June 2026 the State Bank of Vietnam (SBV) issued the Scheme on the Comprehensive Restructuring of the People’s Credit Fund Network and the Co-operative Bank of Vietnam for the 2026-2030 period, with a Vision to 2045; and especially in July 2026 the Prime Minister issued a decision approving the state capital support policy for increasing Co-opBank’s charter capital; while the SBV also issued a decision on the allocation of state capital support to increase Co-opBank’s charter capital. These milestones are gradually reaffirming the important position and role of Co-opBank in the banking – finance system of Vietnam.
From the CCF to Co-opBank – A strategic transformation
On 5 August 1995, the CCF was established with an aim of providing capital intermediation, as well as supporting liquidity and payment capacity for the PCF network. This laid the initial foundation for the formation of a comprehensive co-operative financial system in Vietnam.
The earlier years of operations saw a challenging period when the PCF network was still in its infancy with a limited financial capacity and uneven governance levels. Against this backdrop, the Central PCF had successfully performed its role as the “nurturer” of the network, becoming the key pillar in helping the PCFs progressively reinforce their operations and enhance member trust.
However, alongside the process of international economic integration, the development of the banking sector and finance markets, and the increasing needs for governance, technology and competitiveness, the operational model of the Central PCF gradually failed to meet the emerging development requirements.
On 1 July 2013, a major turning point was reached as the Central PCF was transformed into Co-opBank. This step represented not only a change in the institution’s name or legal structure, but also a strategic transformation that elevated the entire system to a new level.
For the first time, there was a bank operating under a modern banking model while maintaining its nature as a co-operative financial institution, built for the common development of the entire network. The transformation into Co-opBank in 2013 brought about both qualitative and quantitative changes, strengthening financial capacity, expanding the network, upgrading technology, diversifying products and services, enhancing resource mobilization, improving governance and management capacity, and increasing access to modern technology.
On top of that, Co-opBank was given a greater mission: not only to support but also to create momentum for growth and lead the development of the network; not only to provide capital intermediation but also to serve as a central hub for connecting resources across the entire PCF network.
31 Years of Supporting the PCF Network: Staying True to Its Mission and Consistently Creating Value
In addition to the significant growth in operational scale and governance capacity, the distinct identity of Co-opBank throughout the past 31 years lies in its steadfast commitment to its mission as the “Bank of all PCFs”, placing the safe, effective and sustainable development of the PCF network at the heart of all development strategies.
Over the last three decades, Co-opBank has consistently fulfilled its role in intermediating capital for the network. Thousands of PCFs have received timely capital support to meet the payment needs, expand credits and maintain stable operations. Amid multiple periods of market volatility, Co-opBank has become an important “control valve”, providing liquidity support, helping maintain public confidence in the PCF network.
Additionally, Co-opBank serves as a center providing banking products and services for the network. From payment, fund transfers to modern financial services, Co-opBank has gradually created favorable conditions for PCFs to access utilities that would be difficult to invest in and implement independently. To date, there are 1,024 PCFs participating in Co-opBank’s payment network and 675 PCFs granted approval for payment support limit through the CF-eBank network. The proportion of transactions through digital channels accounted for 90%, while the number of payment accounts reached over 630,000 accounts, thereby promoting cashless payments and achieving the targets of inclusive finance.
Notably, the SBV issued Decision No. 1563/QD-NHNN, officially adding “Payment Agency” into Co-opBank’s License for Operations. This marks an important milestone for the Bank, contributing to Co-opBank’s progress, together with the PCF network, of bringing modern financial services closer to customers and members through a convenient payment agent model.
Another notable milestone is the modernization and digital transformation process. Acknowledging digital transformation as the shortest way to narrow the gap in access to financial services between urban and rural areas, Co-opBank has proactively invested in an integrated system of information technology infrastructure, Core Banking system, data center, cybersecurity operation center and modern digital banking platforms. Importantly, these investment results have not only served Co-opBank’s operations in particular but have also been extended to the PCF network in general through shared technologyplatforms, enabling PCFs to progressively engage further in digital transformation at reasonable costs and with higher efficiency.
Simultaneously, Co-opBank also plays a positive role in providing training, governance and operational support, internal control and risk management for PCF members, thereby enhancing the operational quality of the entire network.
After 31 years of establishment and development, it can be affirmed that Co-opBank is no longer a conventional bank and has become a central hub for financial linkage and capital intermediation, a technology center, and a development support center of the PCF network.
A significant milestone in Co-opBank’s 31-year development journey is the National Assembly’s issuance of Law No. 68/2025/QH15, including Article No. 57 on the investment, support and management of state capital at Co-opBank. This article not only establishes a legal framework for the investment and support of state capital for Co-opBank but also demonstrates the State’s recognition of the Bank’s position, role and contributions of the Bank to the establishment and development of the PCF network. It also provides an important foundation for Co-opBank to further affirm its role as a core financial institution in the cooperative finance sector and strengthen its support for the PCF network to develop safely, efficiently and sustainably in the new period.
A new development path for both Co-opBank and the PCF network
Alongside the achievements made, in reality, the PCF network and Co-opBank are facing many challenges, requiring the urgent need to concretize the policies of the Party, the State and the orientations of the SBV on continuing to restructure cooperative credit institutions. This aims at creating a basis for the synchronous implementation of solutions and building a strong foundation to meet development needs in the new period.
Against this backdrop, it is of pivotal significance that the SBVGovernor’s issuance of Decision No. 1266/QD-NHNN (dated on 11 June 2026) approving the Scheme on Comprehensive Restructuring of the People’s Credit Fund network and Co-opBank for the 2026-2030 period, with a Vision to 2045.
Not just setting out objectives and requirements for improving operational capacity and ensuring system safety, the Scheme also clearly defines Co-opBank’s role as the bank of all PCFs as well as the center for connecting, supporting and guiding the development of the entire PCF network.
Following the orientation of the Scheme, Co-opBank will continue to strengthen its financial resources, modernize its technology, enhance its governance and operation quality, expand its capacity to provide products and services, and further promote its role in coordinating resources across the network.
Furthermore, the goal for 2045 is to build a modern and safe PCF network operating effectively in line with its cooperative identity. At the same time, Co-opBank aims to become the central institution of the PCF network, capable of fulfilling its role in providing capital intermediation and financial support, supplying technology infrastructure, training, consulting, and ensuring the safety of the entire network.
Particularly, coinciding with the 31st Anniversary of Co-opBank’s Establishment, the Prime Minister issued Decision No. 1279/QD-TTg dated 14 July 2026 approving the policy on the state capital support to increase the Bank’s charter capital. On 15 July 2026, the SBV Governor also signed Decision No. 1634/QD-NHNN on the additional investment of state capital to increase charter capital for Co-opBank. These policies demonstrate the profound commitment of the Party, the State, the Government and the SBV to the cooperative economic model. The additional VND 5 trillion in charter capital from the state capital will lay a firm foundation for Co-opBank to enhance its financial capacity and successfully fulfill its role as the bank of all PCFs.
If 1995 laid the foundation, 2013 marked a model transition, while 2025 consolidated Co-opBank’s position with a legal framework, then the year 2026 opens a new chapter of development with a long-term vision for both Co-opBank and the PCF network.
31 years of establishment and development is a journey of consistency, innovation, and ambition for growth. The transformation from the Central PCF to today’s Co-opBank represents relentless efforts to adapt to the new requirements of the economy, while preserving the core values of the cooperative financial model.
With a strong foundation built over more than three decades, along with the increasing institutional recognition and the strategic orientation set out in the Scheme on the comprehensive restructuring of the PCF Network and the Co-opBank through 2045, Co-opBank is presented with a historic opportunity to enter a new phase of development – a phase in which it will affirm its position as the “central institution” of the PCF network, as well as a modern, safe, efficient and sustainable cooperative financial institution, making a positive contribution to the development of the collective economy and the national economy in the new era.
Reporter
