In a meeting with the Chairman of the National Assembly, Vương Đình Huệ, and his delegation, Nguyễn Quốc Cường – Party Secretary, Chairman of the Board of Directors of Co-opBank, said that Co-opBank (formerly known as the Central People’s Credit Fund) serves as the central bank for nearly 1,200 People’s Credit Funds (PCFs) operating in 57 out of 63 provinces and cities in Vietnam. With over 1.7 million members, mostly in rural agricultural areas, Co-opBank faces financial constraints and limited capital, which hampers its ability to keep up with the growth and demands of the PCFs. However, Co-opBank has made efforts to overcome these challenges and successfully fulfill its role as the central bank of the PCF system. Notably, Co-opBank provides timely liquidity support to the system and contributes to the handling of weak PCFs, ensuring the security of the sector, supporting stable and safe development, and affirming the Party and State’s correct policy of building the Cooperative Economic Model in Vietnam and the comprehensive financial strategy of the PCF system…
Comrade Vương Đình Huệ – Member of the Politburo, Chairman of the National Assembly, visits and extends Lunar New Year greetings to Co-opBank’s staff and workers
Speaking at the New Year meeting with Co-opBank’s staff, Chairman of the National Assembly Vương Đình Huệ reiterated the comprehensive and positive achievements of Vietnam’s socio-economic development in 2023 amid numerous difficulties and challenges. Chairman Vương Đình Huệ emphasized that the banking sector has made a significant contribution to these achievements. The State Bank of Vietnam has adhered to the resolutions and directives of the Party Central Committee, the National Assembly, and the Government, effectively implementing monetary policies, ensuring stability, flexibility, and efficiency in controlling inflation, macroeconomic stability, and supporting economic growth.
In this regard, Co-opBank, which operates in 57 provinces and cities, has supported nearly 1,200 PCFs nationwide and directly serves the three agricultural sectors, mainly small and medium-sized enterprises, households, and farmers. “Although not well-known, Co-opBank has made significant and valuable contributions to the agricultural sector’s development, like the powerful voice singing folk songs,” said the Chairman of the National Assembly.
Comrade Vương Đình Huệ – Member of the Politburo, Chairman of the National Assembly, extends Lunar New Year greetings to Co-opBank
Chairman Vương Đình Huệ called on Co-opBank’s leadership and all staff, employees, and workers to continue to promote achievements gained in the past and make efforts to fulfill assigned political tasks and enhance operational effectiveness. This includes closely following the Central Party Committee’s resolutions, the Resolution No. 19-NQ/TW on agriculture, farmers, and rural areas until 2030, the Resolution No. 20/NQ-TW on renewing, developing, and improving the efficiency of collective economy in the new phase, the Resolution No. 103/2023/QH15 of the National Assembly regarding the 2024 socio-economic development plan, as well as the directives of the Government and the State Bank of Vietnam in organizing activities to ensure safety, efficiency, focusing on lending to priority areas to meet the capital needs for economic development and improving people’s lives in the agricultural and rural areas in line with the Party’s policies and the state’s legal regulations.
Comrade Vương Đình Huệ – Member of the Politburo, Chairman of the National Assembly, and his delegation take a commemorative photo with Co-opBank’s leadership team
Considering Co-opBank’s current financial capacity, with a charter capital of over 3,000 billion VND, equivalent to the minimum legal capital requirement, Chairman Vương Đình Huệ stated that the National Assembly and individuals support the need to increase capital for Co-opBank’s development in the sectors of agriculture and collective economy. Chairman Vương Đình Huệ proposed that the State Bank of Vietnam study supplementary capital investment plans and report to the Government to submit to the National Assembly for consideration in order to enhance financial capacity, expand the scale, and improve the capital adequacy ratio according to the regulations of the State Bank of Vietnam and to meet the development needs in the coming period.
The visit and Lunar New Year greetings from Chairman Vương Đình Huệ have brought joy not only to Co-opBank but also to the entire banking sector. Đào Minh Tú, Deputy Secretary of the Party Committee, Deputy Governor of the State Bank of Vietnam, emphasized that the event symbolizes the deep concern of the Party, the State, and the National Assembly for supporting the development of the collective economy and cooperatives, which play a significant role in the economy. Taking into account Chairman Vương Đình Huệ’s directives, Đào Minh Tú, on behalf of the Party Committee and the leadership of the State Bank of Vietnam, promised to unite with all members of the system to strive for even better results in 2023.
