Deputy Governor Dao Minh Tu: Building Co-opBank to develop strongly enough to lead the QTDND system

Looking back at the development journey over the past 30 years, it can be affirmed that Co-opBank has performed well its core mission of supporting and taking care of QTDND members through capital regulation, supporting QTDNDs with difficulties in operations, and also performing well as a management tool of the State Bank of Vietnam for the QTDND system through inspecting the operations of QTDNDs under the direction of the State Bank.

Especially 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 credit institutions to access and gradually digitize their operations, through training and transferring products and services. Co-opBank's modern payment and e-banking products and services not only support credit institutions to diversify products to meet the needs of members and people, especially in rural areas, remote areas, where commercial banks have limited access, but also contribute to improving management and operation capacity, enhancing system stability and safety.

The achievements of Co-opBank are the result of a process of construction and development, the responsibility along with the dedication, creativity, and step-by-step overcoming of difficulties of generations of Co-opBank leaders and all Co-opBank staff during 30 years of continuous innovation and step-by-step completion of policies, organizational models 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 Law on Cooperatives 2023 and the Law on Credit Institutions 2024, which will take effect from July 1, 2024, have opened up special opportunities for the People's Credit Fund system and Co-opBank.

The role, responsibility and effectiveness of Co-opBank over the past 30 years have been affirmed by the achievements of consolidation, stability, safety and health of the system of cooperative credit institutions, which have greatly contributed to the cause of building and developing the country. That will continue to be set for the development orientation of Co-opBank in the coming period, the period of the country's transformation and take-off, the period of prosperity and development.

In the context of deep integration and development requirements of the fund system, 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 most important goal of building Co-opBank into a modern, multi-functional bank, strong enough to serve and support the People's Credit Funds, the State Bank's Board of Directors hopes that Co-opBank needs to promote its role as a link and focal point of the People's Credit Fund system by reforming and innovating its operations in a more appropriate manner. In particular, Co-opBank needs to aim to increase its scale and financial capacity to ensure, expand its scale of operations, and at the same time meet the development requirements in the new period as a focal bank actively and effectively supporting the operations of the People's Credit Funds. Promoting the new task assigned by the State Bank of Vietnam, which is to be the focal point for developing and implementing a digital transformation strategy for the People's Credit Fund system until 2030.

In particular, Co-opBank needs to have strong enough financial resources, increase charter capital from state capital contributions; Along with that are policies and strategies to attract foreign funding sources, enterprises, units, domestic and foreign economic organizations and the contribution of 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.

On this journey, to support Co-opBank in achieving its strategic goals, the State Bank will aim to empower Co-opBank to monitor and inspect the People's Credit Funds, and move towards forming a management mechanism and organizing the operation of People's Credit Funds in accordance with the practical and objective requirements of the economy. The State Bank will also plan to arrange the network of People's Credit Funds and Co-opBank branches in a reasonable manner to ensure the existence and continued promotion of the role of the People's Credit Fund system.

I believe that in the coming time, 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, striving to achieve more achievements, contributing to the successful implementation of the Party and State's policies on agricultural and rural development; Promoting the role and value of a collective economic model - the leading model in a socialist-oriented market economy.

Source: https://thoibaonganhang.vn/pho-thong-doc-dao-minh-tu-xay-dung-co-opbank-phat-trien-du-manh-dan-dat-he-thong-qtdnd-162977.html