Co-opBank's 30th anniversary celebration was a great success

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

Speaking at the opening ceremony, Mr. Nguyen Quoc Cuong - Party Secretary, Chairman of the Board of Directors of Co-opBank said that the Central People's Credit Fund (CPF), now Co-opBank, was established under Decision 162/QD-NH5 of the Governor of the State Bank of Vietnam dated June 8, 1995, with the main objective of linking and ensuring the safety of the CPF system. Over the past 30 years of construction and development, as a bank for CPFs, Co-opBank has always actively supported the operations of the CPF system, focusing on capital regulation and liquidity support; conducting internal inspections, audits, supervision, participating in the restructuring of CPFs under the direction of the State Bank of Vietnam, and carrying out banking activities to support CPFs to operate safely and effectively.

Co-opBank leaders received a Certificate of Merit from the Governor of the State Bank of Vietnam for their outstanding achievements in contributing to the completion of the Bank's tasks, presented by Mr. Doan Thai Son - Deputy Governor of the State Bank of Vietnam at the ceremony celebrating the 30th anniversary of Co-opBank's establishment.

In particular, in the field of digital transformation, Co-opBank has affirmed its role as a support for the QTDND system. Not only investing heavily in digital technology platforms, connecting the interbank payment system to more than 900 QTDND; Co-opBank also trains and supports the implementation of banking products, especially the first three digital platform products exclusively for QTDND, helping the 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.

With the comprehensive support of Co-opBank, the QTDND system has made remarkable progress. From 2015 to present, the total assets of the QTDND system are more than 192 trillion VND, an increase of 429 times; charter capital of 7,856 billion VND, an increase of 755 times, mobilized capital of more than 170 trillion VND, an increase of 626 times, outstanding loans of more than 139 trillion VND, an increase of 362 times, bad debt under 1%, and profits each year are higher than the previous year.

Attending and speaking at the ceremony, comrade Doan Thai Son - Member of the Party Committee Standing Committee, Deputy Governor of the State Bank of Vietnam, on behalf of the Party Committee Standing Committee and the State Bank's Board of Directors, commended and congratulated the outstanding achievements that generations of leaders and employees of Co-opBank have achieved over the past 30 years.

Comrade Nguyen Quoc Cuong - Chairman of the Board of Directors of Co-opBank, Comrade Pham Thi Hong Minh - General Director of Co-opBank awarded the member People's Credit Funds for their good performance in system linkage and digital transformation cooperation at the ceremony celebrating the 30th anniversary of Co-opBank's establishment.

Comrade Doan Thai Son - Deputy Governor of the State Bank of Vietnam said that in the coming time, the domestic and foreign context will have many complex and unpredictable fluctuations, the system of credit institutions in Vietnam, including the system of cooperative credit institutions, will continue to have to carry out many important goals and tasks to join the whole country in successfully completing the socio-economic development goals for the entire period of 2021-2025 and preparing and consolidating the fundamental factors for the next stages. This requires Co-opBank to make great efforts and determination in perfecting, innovating the model and improving the quality of operations to soon turn Co-opBank into a multi-functional, modern financial institution, successfully fulfilling the role of a system-linking center, serving as a solid fulcrum to actively support the system of People's Credit Funds to develop safely, healthily, effectively, in accordance with the principles and purposes of the cooperative credit institution model.

Comrade Doan Thai Son - Deputy Governor emphasized: The Board of Directors, the Executive Board and all officers and employees of Co-opBank inherit the good achievements gained in the past 30 years and promote the spirit of courage, intelligence, innovation and creativity to continue to develop Co-opBank strongly, safely, effectively and sustainably in the coming period, taking the lead in the field of community microfinance and further improving its role as a Bank of the People's Credit Fund system.

Speaking at the ceremony, Comrade Nguyen Quoc Cuong - Party Secretary, Chairman of the Board of Directors of Co-opBank, on behalf of the Party Committee, Board of Directors and all officers and employees of Co-opBank, accepted the direction of the Deputy Governor of the State Bank of Vietnam and committed to concretizing the directions of the State Bank into strategies and guidelines for Co-opBank in the next stage of development.

“Co-opBank will continue to grow with the aspiration to become the leading bank in the field of microfinance for the community, fulfilling its role well for the People's Credit Funds, firmly stepping on the path of sustainable development and increasingly better serving members, customers and society…”, said Mr. Nguyen Quoc Cuong.

Source: https://hanoimoi.vn/le-ky-niem-30-nam-thanh-lap-co-opbank-thanh-cong-tot-dep-699699.html