Not only does it do a good job of capital regulation and supporting the People's Credit Funds with difficulties in operations, Co-opBank also performs well its role as a management tool of the State Bank of Vietnam for the People's Credit Fund system through inspecting the operations of the People's Credit Funds under the direction of the State Bank.

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Mr. Doan Thai Son - Member of the Standing Committee of the Party Committee, Deputy Governor of the State Bank of Vietnam gave a speech at the ceremony celebrating the 30th anniversary of Co-opBank's establishment.

In the context of the 4.0 industrial revolution and the whole country is implementing digital government and digitalizing the economy , although financial resources are still limited, in recent times, Co-opBank has actively participated in the digital transformation process with the entire banking industry. More importantly, it creates a platform to support people's credit funds (PCFs) to access and gradually digitize their operations, through training and transfer of products and services. Co-opBank's modern products and services on payment and e-banking not only support PCFs to diversify products to meet the needs of members and people, especially in rural and remote areas.

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Mr. Nguyen Quoc Cuong - Chairman of the Board of Directors of Co-opBank, Ms. Pham Thi Hong Minh - General Director of Co-opBank presented awards to member QTDNDs at the 30th anniversary of Co-opBank's establishment.

The achievements of Co-opBank are the result of a process of construction and development, the responsibility along with the dedication and creativity, gradually overcoming difficulties of generations of Co-opBank leaders and staff during 30 years of continuous innovation and step by step perfecting the policy mechanism, organizational model and operating apparatus from Headquarters to Branches.

Resolution No. 20-NQ/TW continues to affirm the Party's viewpoint on the Collective Economy: "The collective economy is an important economic component that must be consolidated and developed together with the state economy to become a solid foundation of the national economy". The 2023 Law on Cooperatives and the 2014 Law on Credit Institutions, which will take effect from July 1, 2024, have opened up special opportunities for the People's Credit Fund system and Co-opBank.

In order to fulfill the role and mission assigned by the Party, the Government and the State Bank of Vietnam as the Bank of the People's Credit Funds, with the goal of building Co-opBank into a modern, multi-functional bank, strong enough to serve and support the People's Credit Funds, Co-opBank continues to promote its role as a link and focal point of the People's Credit Funds system; focusing on completing the new task assigned by the State Bank of Vietnam as the focal point for building and implementing the digital transformation strategy for the People's Credit Funds system until 2030.

In addition, Co-opBank needs to have strong financial resources, increase charter capital from state capital contributions; Along with that are policies and strategies to attract foreign funding sources, enterprises, units, economic organizations at home and abroad as well as contributions from the People's Credit Fund itself to participate as a member. At the same time, establish a linkage mechanism between Co-opBank and the People's Credit Fund to form a reasonable and safe system management mechanism, operating in accordance with the nature of the Cooperative model.

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Co-opBank's products and services are enthusiastically received by QTDND members.

In order to implement the direction in the spirit of the "strategic quartet" set forth by the Politburo (Resolution No. 57-NQ/TW; Resolution No. 59-NQ/TW; Resolution No. 66-NQ/TW; Resolution No. 68-NQ/TW), and at the same time move towards forming a management mechanism, organizing the operation of the People's Credit Fund in accordance with the practical and objective requirements of the economy, in recent times, the State Bank of Vietnam has been collecting opinions for the Draft "Project on Overall Restructuring of the People's Credit Fund and Co-opBank System for the period 2025 - 2030, with a vision to 2045", thereby aiming to build a safe, transparent and sustainable community financial system.

With the attention and support of the Party, the State, the State Bank and local authorities, Co-opBank will continue to promote the strength of solidarity and dedication of not only Co-opBank staff but also the entire QTDND system, unifying the principles and purposes of operation, achieving more achievements, contributing to the successful implementation of the Party and State's policies on agricultural and rural development; Affirming the role and value of a collective economic model - the leading model in a socialist-oriented market economy.

Bich Dao

Source: https://vietnamnet.vn/3-thap-ky-xay-dung-co-opbank-vung-manh-huong-den-muc-tieu-dan-dat-he-thong-2428529.html