Co-opBank - 30 years of steady progress

Comrade Nguyen Thi Hong, Governor of the State Bank of Vietnam, presented a Certificate of Merit to Comrade Nguyen Quoc Cuong, Chairman of the Board of Directors of Co-opBank and representatives of the Executive Board of Co-opBank.

30-year journey - a solid foundation for the future

Looking back on its 30-year journey, Co-opBank has always taken the People's Credit Fund as the center of all development strategies. From capital regulation - which is considered the "circulatory system" of the system, Co-opBank has built a flexible and effective mechanism to help connect capital flows between People's Credit Funds, promptly meeting seasonal and local needs, contributing to improving capital efficiency in the entire system.

Co-opBank always applies a clear and stable preferential interest rate policy mechanism: Interest rates mobilized from QTDND are always higher than those of individual and organizational customers with the same term; lending interest rates for QTDND are lower than those of other organizations and individuals - in line with the priority orientation for agricultural and rural development and under the direction of the State Bank.

In the field of digital transformation, Co-opBank has affirmed its role as a system support. Not only investing heavily in digital technology platforms, connecting interbank payment systems to more than 900 QTDND; members, customers transfer/receive money to commercial banks in Vietnam; 24/7 money transfer service, digital banking application Co-opBank Mobile Banking, Co-opBank Napas chip card...; Co-opBank also trains and supports the implementation of banking products, especially the first three digital platform products exclusively for QTDND, helping Funds quickly adapt to the modernization trend. A notable achievement is that in 2023, Co-opBank was awarded the Digital Transformation Organization of the Year by the World Association of Credit Unions WOCCU, recognizing its efforts to promote financial inclusion through technology.

In order to build an increasingly prestigious, professional and unified QTDND system, based on the proposals of QTDNDs and QTDND Associations, Co-opBank and the QTDND System Safety Assurance Fund have coordinated with the QTDND Association to build a new brand identity for modern QTDNDs, suitable for actual operations.

With such comprehensive support, the QTDND system has made remarkable progress. Total charter capital reached 7,856 billion VND, total assets exceeded 192,000 billion VND, outstanding loans increased by 132.65%, capital mobilization increased by 164.18% compared to 2015, especially, the bad debt ratio was controlled at only 0.84%, demonstrating stability and increasingly effective risk management.

Strategic orientation - enhancing development

Co-opBank Branch staff are consulting and supporting the People's Committee of Minh Phuong Ward, Viet Tri City, Phu Tho Province.

In the coming time, to move towards a multi-functional, modern bank, leading in implementing community microfinance, always accompanying the QTDND system, Co-opBank focuses on, resolutely and effectively implementing synchronous solutions: Strengthening financial capacity such as focusing on increasing charter capital, expanding the network of operations and improving risk management capacity; continuing to diversify financial products and services to meet the actual needs of QTDND and customers; continuously reviewing and rearranging the organizational model and focusing on training and fostering a team of highly qualified and ethical staff; promoting strong investment in information technology infrastructure, developing digital banking solutions, bringing fast, safe and convenient transaction experiences; strengthening cooperation and expanding cooperative relations with domestic and foreign financial institutions to improve operational capacity, learn management experience, access preferential capital sources, etc.

Source: https://hanoimoi.vn/co-opbank-30-nam-vung-buoc-vuon-xa-699169.html