HANOI – Co-opBank, or the Co-operative Bank of Vietnam, has celebrated its 25th anniversary and 2019 Members Assembly on June 29th, 2020.
Speaking at Co-opBank’s 25th anniversary and 2019 Members Assembly, Standing Deputy Governor of the SBV Dao Minh Tu spoke highly of Co-opBank’s achievements during its 25-year journey. It has been a State Bank’s effective tool in managing the pre-approval controlled functions (PCF) system, supporting and creating a driving force for PCFs, building a source of capital for members to develop their production and businesses, contributing in hunger elimination and poverty reduction, reducing usury and improving members’ life quality especially those in rural areas.
“I believe that with the support from the Party, the Government, the State Bank and local governments, Co-opBank and the PCFs system will overcome the shortcomings and limitations to gain even more achievements. Also, the Board of Directors, Board of Supervisors and Board of Management will fulfill their duties for 2018-2021”- said Mr. Dao Minh Tu.
Co-opBank is formerly known as the Central People’s Credit Fund- which was established on 5th August 1995 and transformed into the Co-operative Bank of Vietnam in accordance with License No. 166/GP-NHNN dated on 4th June 2013 by the Governor of the State Bank of Vietnam. Over almost 30 years in operation and after transforming from a 3-tier to 2-tier model, CoopBank’s network currently consists of a head-office in Hanoi, 32 branches and 66 transaction offices in 57/63 cities in provinces all over the country serving almost 1,200 PCFs. It is a member of the Asian Association of Confederation of Credit Unions (ACCU), the Association of integrated community finance institutions (Proxfin), Vietnam Co-operatives Alliance (VCA) and the Vietnam Association of People’s Credit Fund (VAPCF).
