Reporting to National Assembly Chairman Vuong Dinh Hue and the working delegation, comrade Nguyen Quoc Cuong – Party Secretary, Chairman of the Board of Directors of Co-opBank said that Co-opBank (formerly known as the People’s Credit Fund of China) Central Bank) as the focal bank serving nearly 1,200 People’s Credit Funds (PCFs), operating in 57/63 provinces and cities with more than 1.7 million members, mainly in agricultural areas. , countryside; Providing capital for many poor members in remote communes that have difficulty accessing loans from other credit institutions to develop production and business to serve their lives, create jobs, and contribute creating material wealth for society and the country’s economic growth, making an important contribution to hunger eradication and poverty reduction, limiting black credit, and improving people’s lives, especially in the industrial sector. countryside.
Due to financial and charter capital limitations and not having profit goals, Co-opBank’s growth in capital and assets cannot keep up with the growth rate as well as the support needs of PCFs. By December 31, 2023, Co-opBank’s total assets are VND 56,993 billion; Equity capital is 4,281 billion VND, of which charter capital is 3,029 billion VND (including: State support capital is 3,009.68 billion VND, accounting for 99.34% of charter capital and contributed capital of PCFs is 19.93 billion VND, accounting for 0.66%). Co-opBank has always overcome difficulties, strived to successfully complete the tasks of system focal point, supporting capital regulation, inspection, supervision, consulting, and care for PCFs nationwide. In particular, Co-opBank always promptly supports liquidity for the system and participates in supporting the handling of weak People’s Credit Funds, contributing to ensuring industry security, supporting the system to develop stably and safely, and affirming its policy. The correctness of the Party and State in building the model of credit institutions as cooperatives in Vietnam, Tam Nong policy, comprehensive financial strategy…
Comrade Vuong Dinh Hue, Politburo member, Chairman of the National Assembly gave a directive speech at Co-opBank.
Speaking at Co-opBank, National Assembly Chairman Vuong Dinh Hue, on behalf of the Party, State, and National Assembly Standing Committee, sent good New Year wishes and cordial affection to all officials. , Co-opBank employees and workers.
Recalling the comprehensive and positive socio-economic development achievements of our country in 2023 in a difficult context, with more challenges than advantages, National Assembly Chairman Vuong Dinh Hue emphasized that in the achievements In general, there is a significant contribution from the banking industry. In the context of the global economy and domestic difficulties, the demand for loans from people and businesses has decreased. Many major central banks in the world continue to increase interest rates, putting considerable pressure on regulation. monetary policy of Vietnam. Faced with that situation, the State Bank of Vietnam has closely followed the policies and resolutions of the Party Central Committee, the National Assembly, and the Government, operating monetary policy firmly, proactively, flexibly, and effectively; Adjusted operating interest rates 4 times to reduce lending interest rates; maintain stability and safety of the system of credit institutions; create favorable conditions for people and businesses; Coordinate synchronously and closely with fiscal policy and other macroeconomic policies to control inflation, contribute to macroeconomic stability, and support economic growth.
In that general sense, Co-opBank operates in 57 provinces and cities, has supported nearly 1,200 People’s Credit Funds across the country, and directly serves Tam Nong, mainly small and medium enterprises, households and farmers. people. “Due to its unique nature, not many people know regarding it, but Co-opBank still has very positive developments that contribute to the development of Tam Nong “like a person singing bass music” but are precious and respectful” Chairman of the National speech association.
On behalf of the National Assembly Standing Committee, National Assembly Chairman Vuong Dinh Hue acknowledged and praised the efforts, consensus, high determination and positive results of the banking industry in general and the State Bank of Vietnam. in particular has made an important contribution to the country’s overall achievements.
Emphasizing that the Central Government is very interested in tam nong and cooperatives, promulgating many guidelines and policies in this field; The Government has submitted to the National Assembly for approval the Law on Cooperatives (amended) and the Law on Credit Institutions (amended) to institutionalize the Party’s guidelines and policies. The Chairman of the National Assembly said that 2024 is the year very important, is the year of “acceleration” to “reach the finish line” in implementing the socio-economic development tasks of the whole term.
National Assembly Chairman Vuong Dinh Hue emphasized that achieving the socio-economic development goal of 2024, creating growth momentum and completing the goals of the 2021-2025 period is a huge challenge, requiring joint efforts. consensus of the Government, businesses and people of all walks of life. In particular, the role of the banking industry in the economy and national monetary security is extremely important, acting as the lifeblood of the economy; is the main capital channel serving production and business, contributing to promoting economic restructuring, building an independent and self-reliant economy associated with proactive, active and deep international integration. , effective.
Therefore, National Assembly Chairman Vuong Dinh Hue requested the banking industry to strengthen its ability to analyze and forecast, closely monitor developments in the economic situation, prices, inflation in the world and region, especially price movements. energy to plan and administer appropriate monetary policy; A harmonious balance between reducing interest rates and stabilizing exchange rates. At the same time, the banking industry needs to strengthen inspection and supervision to ensure stability in the monetary and credit markets, continuing to strive to reduce lending interest rates in the context of maximum reduction in deposit interest rates; Strengthen the simplification of administrative procedures to increase the ability to access and absorb capital. Importantly, do not lower credit standards but still bring capital into production and business.
As for Co-opBank, National Assembly Chairman Vuong Dinh Hue requested the collective leadership and all officers, employees, and workers of Co-opBank to continue to promote the achievements achieved in recent times, to strive to efforts to well carry out assigned political tasks, further enhancing operational efficiency. In which, continuing to closely follow the Central Government’s direction in, Resolution No. 19-NQ/TW, on agriculture, farmers, and rural areas until 2030, Resolution No. 20/NQ-TW dated June 16, 2022 ” on continuing to innovate, develop and improve collective economic efficiency in the new period”; Resolution No. 103/2023/QH15 of the National Assembly passed on November 9, 2023 “on the 2024 Socio-Economic Development Plan” and directions of the Government and State Bank of Vietnam in organizing carry out activities, ensuring safety and efficiency; Focus on lending to priority areas to meet capital for economic development and serve life in agricultural and rural areas according to the Party’s guidelines and State legal policies.
Focus on innovating and diversifying existing products, especially on digital platforms. At the same time, minimize costs to create conditions for reducing interest rates, reforming procedures for accessing service credit to facilitate capital support for people, businesses, and cooperatives to develop special production and business. rural agricultural areas, contributing to limiting and repelling black credit.
In particular, each bank officer in general and Co-opBank in particular needs to constantly practice moral qualities, behavioral culture, responsibility and professional bravery imbued with beloved Uncle Ho’s teachings of learning management. Manage your money well, don’t let it go to waste, always cultivate revolutionary ethics, be thrifty, honest, impartial, go deep into theoretical and professional learning, improve your working style, and strive to do your best. good at assigned tasks. At the same time, continue to promote improving the effectiveness of international cooperation, improve communication work so that everyone in the system is aware of its meaning and mission, so that people in general and farmers Understand and cooperate better with yourself.
With Co-opBank’s current financial capacity still limited, with a current charter capital of more than 3,000 billion VND, equivalent to the minimum legal capital according to regulations, National Assembly Chairman Vuong Dinh Hue said that the National Assembly and individuals support the need to increase capital for Co-opBank for the cause of Tam Nong and the collective and cooperative economy. National Assembly Chairman Vuong Dinh Hue requested the managing unit, the State Bank of Vietnam, to research investment plans to supplement charter capital and report to the Government to submit to the National Assembly for consideration of increasing charter capital to improve capacity. finance, develop in scale, improve the capital adequacy ratio according to regulations of the State Bank of Vietnam and meet development needs in the coming period.
Expressing the joy not only of Co-opBank but of the entire banking industry when the Chairman of the National Assembly visited and wished the New Year, comrade Dao Minh Tu – Deputy Secretary of the Party Committee, Standing Deputy Governor of the Bank The State Bank of Vietnam emphasized that the attention, affection and deep understanding of the Chairman of the National Assembly regarding the banking and finance sector has helped the Banking Industry have joy and achieved results in recent times. The recognition by the Chairman of the National Assembly of the contributions of the banking industry in 2023 will further motivate the entire industry to make more efforts to perform political tasks well in 2024.
Comrade Dao Minh Tu – Standing Deputy Governor of the State Bank also said that the event of National Assembly Chairman Vuong Dinh Hue visiting Co-opBank on the occasion of the new spring also represents the profound message of the Party, State and National Assembly. Very interested in supporting the development of the collective and cooperative economic model – a large component of the economy. Receiving the guiding opinions of National Assembly Chairman Vuong Dinh Hue, comrade Dao Minh Tu – Standing Deputy Governor of the State Bank, on behalf of the Party Committee and the Board of Directors of the State Bank of Vietnam, promised to unite brothers throughout the whole country. The system continues to strive to achieve better results in 2023.
Some pictures of National Assembly Chairman Vuong Dinh Hue visiting and wishing Co-opBank officials, employees, and workers on New Year:
Comrade Vuong Dinh Hue – Politburo member, Chairman of the National Assembly visited and wished the New Year to Co-opBank officials and workers
Comrade Vuong Dinh Hue – Politburo member, Chairman of the National Assembly and the delegation took souvenir photos with Co-opBank’s Board of Directors
Comrade Vuong Dinh Hue – Politburo member, Chairman of the National Assembly presented a souvenir to Comrade Nguyen Quoc Cuong – Chairman of the Board of Directors of Co-opBank
Comrade Vuong Dinh Hue – Politburo member, Chairman of the National Assembly wished Co-opBank a Happy New Year
Comrade Dao Minh Tu – Deputy Secretary of the Party Committee, Standing Deputy Governor of the State Bank of Vietnam spoke
Comrade Nguyen Quoc Cuong – Secretary of the Party Committee, Chairman of the Board of Directors of Co-opBank reported to Chairman of the National Assembly Vuong Dinh Hue and the working group
