Building Co-opBank into a modern, multi-functional bank

Co-opBank's summary report on its activities assessed that 2024 will be a year with many innovations in mechanisms and policies in macroeconomic management to successfully implement the goals of the socio-economic development plan for the period 2021-2025. Implementing the direction of the Governor of the State Bank of Vietnam (SBV), from the beginning of the year, Co-opBank focused on performing well the role of the focal point of the People's Credit Fund system, actively supporting the People's Credit Funds to operate safely and effectively, while making efforts to implement business plans, financial plans and tasks approved by the SBV.

The congress reviewed the past development journey and oriented activities for the future.

Co-opBank's efforts can be clearly seen through the fact that the bank has done a good job of regulating capital, meeting capital sources for QTDND to lend and expand credit, ensuring liquidity, implementing preferential policies of term deposit interest rates for QTDND that are always higher than savings deposit interest rates of the same term, and credit expansion loan interest rates are always lower than lending interest rates for businesses and individuals.

In 2024, Co-opBank has reduced lending interest rates for QTDNDs 4 times with an average reduction of 1.4%/year. As of December 31, 2024, the balance of QTDNDs' capital-regulating deposits at Co-opBank was VND 46,103 billion, an increase of VND 2,794 billion (up 6.45%) compared to December 31, 2023. Co-opBank's capital-regulating loan balance was VND 2,072 billion, an increase of VND 480 billion (up 30.12%) compared to December 31, 2023.

In addition, Co-opBank continues to carry out inspection and supervision work according to the direction and plan of the State Bank; provide consultation and information support; assign officials holding the positions of Chairman of the Board of Directors, Director, Deputy Director of the People's Credit Fund to receive early intervention or special control and participate in supporting the People's Credit Funds in difficulty to be restructured; effectively manage and use the People's Credit Fund for the system of People's Credit Funds; coordinate with the People's Credit Fund Association and the Preservation Fund to research and develop a common brand identity for the entire People's Credit Fund system and support funding for installing signs according to the brand identity for the People's Credit Funds affected by storm No. 3...

Chairman of the Board of Directors of Co-opBank Nguyen Quoc Cuong said that on April 16, 2025, the Government submitted a document to the National Assembly Standing Committee requesting consideration and decision to support 5,000 billion VND of state capital to increase charter capital for Co-opBank. This is a strong lever to create momentum for Co-opBank to transform and fulfill its assigned mission, responsibilities and tasks for the QTDND system.

In particular, Co-opBank supports QTDNDs in digital transformation in banking activities, bringing modern banking products and services to members through research, providing 24/7 payment services, deploying the new CF-eBank money transfer system, launching digital banking products and services exclusively for QTDNDs, exempting all payment and money transfer transactions for QTDNDs participating in the electronic banking system..., thereby enhancing competitiveness and meeting the needs of QTDND members in accessing modern banking products and services. By December 31, 2024, 952/1,180 QTDNDs had participated in Co-opBank's payment network.

Speaking at the Congress, Mr. Thai Dinh Cau, Director of Tay Thanh People's Credit Fund, Nghe An province once again acknowledged the important role of Co-opBank in promoting the development of the People's Credit Fund system. He said, "The very important reason for the success of Tay Thanh People's Credit Fund is the connection and support of Co-opBank. No matter how proud we are of ourselves, we still affirm that without the role of Co-opBank, the Fund cannot develop."

In addition to the tasks for the People's Credit Fund system, Co-opBank actively implements solutions to restructure and handle bad debts, restructure and rearrange the organizational apparatus towards a modern banking model, taking the member People's Credit Fund as the center; Improve the quality and scale of operations; Invest in technology development, promote non-cash payments, promote digital transformation in banking activities, ensure information technology security and safety; Apply measures to promote credit growth, boost capital business turnover, and effectively use the regulated deposit capital of the People's Credit Fund sent to Co-opBank. As a result, by December 31, 2024, Co-opBank has exceeded 8.54% of the business plan and financial plan assigned by the State Bank.

Speaking at the Congress, Chairman of the Board of Directors of Co-opBank Nguyen Quoc Cuong said that 2025 is the "finish line" year to achieve the goals of the Development Strategy, the Restructuring Plan associated with bad debt settlement of Co-opBank in the period of 2021-2025, creating a solid foundation for Co-opBank in the next development stage. Based on the urgency of improving financial capacity for development in the new period, Co-opBank has received the attention and support of the State Bank as the focal point, coordinating with relevant agencies to complete the dossier submitted to the Government on the content of enhancing financial capacity for Co-opBank. On April 16, 2025, the Government submitted a document to the Standing Committee of the National Assembly requesting consideration and decision to support VND 5,000 billion of state capital to increase charter capital for Co-opBank. This is a strong lever to create momentum for Co-opBank to transform and fulfill its assigned mission, responsibilities and tasks for the QTDND system.

Delegates expressed their will and determination to build and develop Co-opBank into a modern bank, operating safely and effectively to fulfill its role as a bank for all People's Credit Funds.

Towards the 14th National Party Congress, continuing to promote the achievements after 30 years of establishment, while following the development orientation of the Credit Institution model as a Cooperative, Co-opBank will strive to continue to innovate, create, perfect the organizational model, improve financial capacity, governance, risk control, safe operations, invest in modernizing information technology, develop digital banking products and services, build Co-opBank into a multi-functional, modern bank to meet the development needs of the People's Credit System and the needs of customers in the new period.

The 2024 Members' Congress voted unanimously to agree with the contents of the reports and documents of the Board of Directors, the Board of General Directors, the Board of Supervisors, the Fund Management Board and the contents submitted by the Board of Directors for the Congress's comments. The high consensus and unanimity of the delegates demonstrated the will and determination to build and develop Co-opBank into a modern bank, operating safely and effectively to fulfill its role as a bank for all People's Credit Funds; the People's Credit Fund system operates stably, safely and sustainably in accordance with the goals and principles of the type of credit institution as a cooperative and the policies of the Party, the State, and the direction and guidance of the State Bank.

Source: https://thoibaonganhang.vn/xay-dung-co-opbank-tro-thanh-ngan-hang-da-nang-hien-dai-163067.html