Co-operative Bank of Vietnam: Promoting financial inclusion

For the People's Credit Funds, the banking products and services of the Vietnam Cooperative Bank have helped the People's Credit Funds open up great opportunities for development, enhance their brands, and enhance the system linkage between the People's Credit Funds and the Vietnam Cooperative Bank. At the same time, it has also helped members of the People's Credit Funds and people in rural, remote and isolated areas to access modern, safe, convenient and affordable banking and financial services.

Vietnam Cooperative Bank provides modern banking products and services for corporate, individual and People's Credit Fund customers.

Since 2012, the Cooperative Bank of Vietnam has started to deploy Electronic Banking (CF-eBank). CF-eBank has helped people to conveniently trade, expand production and business, and support payment for their children's education.

For mountainous communes, remote areas, CF-eBank not only helps people conveniently pay for their daily needs and services, but also saves time and travel costs. Especially, it avoids risks and dangers when carrying money to the district or provincial center to make payments and money transfers.

As of June 30, 2021, CF-eBank has a nationwide network with: 676 transaction points (including 32 branches, 66 transaction offices and 578 participating QTDNDs). CF-eBank money transfer transactions reached: 407,580 items with turnover: 161,861 billion VND, of which: money transfer turnover of member QTDNDs reached 11,836 billion VND with 114,398 items.

Customers transact at an ATM of the Cooperative Bank of Vietnam.

When participating in the CF-eBank network, the People's Credit Funds will receive maximum support from the Vietnam Cooperative Bank in terms of infrastructure, training, technology transfer, advertising, and communication. From there, the People's Credit Funds can easily deploy products to meet the needs of members and customers.

With a nationwide network, CF-eBank operates safely, quickly, and at a reasonable cost. The QTDNDs participating in the CF-eBank network all agree that: CF-eBank has enhanced the prestige, position, and brand of the QTDNDs in the area of ​​operation and helped the QTDNDs expand the market, attract a large number of customers to open deposit accounts and make money transfers, and support the development of other services.

Since 2018, the Cooperative Bank of Vietnam has deployed domestic payment card products to QTDNDs, combined with the CF-eBank electronic money transfer payment service, QTDND has become a safe transaction point in the area. Customers coming to QTDND's transaction points can easily perform transactions (deposit, withdrawal, transfer, transaction statement, balance inquiry) with simple procedures and fast transaction time.

Next time,Cooperative Bank of Vietnamwill deploy many new modern products and services such as: Mobile Banking, e-wallet, QR Pay...

After deploying overdraft products to individual customers, in 2019, Vietnam Cooperative Bank began deploying overdraft products for officers, employees and members of QTDND to meet customers' unexpected spending needs, promoting cashless payments in QTDND's operating areas. From buying essential goods for the family, transferring money for children's education or paying for daily production and business activities... are the practical utilities that overdraft cards bring.

Vietnam Cooperative Bank continues to increase the benefits by granting overdraft payment accounts for QTDNDs participating in CF-eBank membership to support the immediate payment needs of QTDND members and customers. The number of QTDNDs using the service has increased sharply over the years and has received positive feedback...

Headquarters of Vietnam Cooperative Bank, Nghe An branch.

Currently, the Vietnam Cooperative Bank has built a Remote Loan Origination and Management system to handle overdraft procedures on domestic payment cards. Accordingly, from the stage when customers request overdraft loans to the appraisal and approval process, the loan time will be faster and more convenient when loan documents are digitized.

In addition, QTDND can control the progress of overdraft loan applications of customers in the area, and monitor in advance which customer's application has been disbursed. Since May 2021, Vietnam Cooperative Bank has piloted this system to customers at QTDNDs in 05 branches: Nghe An, Binh Thuan, Nam Dinh, Dak Lak and Dong Nai. After the pilot period, the bank will evaluate, summarize and continue to expand the implementation to QTDNDs participating in connecting the network of card products and services of Vietnam Cooperative Bank.

In the coming time, Vietnam Cooperative Bank will continue to improve and add many new services and utilities such as: choosing a beautiful account number (date of birth, easy-to-remember number, with many meanings of luck...), overdraft loan service with collateral...

The results obtained from the development of comprehensive financial products and services to support the People's Credit Fund system and people in rural areas will be the premise and motivation for the Vietnam Cooperative Bank to continue investing, researching and deploying many new modern products and services such as: Mobile Banking, e-wallet, QR Pay... to promote the role of a focal point, a solid pillar for the People's Credit Fund system to operate safely, effectively and develop sustainably.

CO-OPERATIVE BANK OF VIETNAMThe predecessor was the Central Credit Fund established on August 5, 1995 - in 2013 it was converted into the Cooperative Bank of Vietnam under License No. 166/GP-NHNN dated June 4, 2013 of the Governor of the State Bank of Vietnam.

Vietnam Cooperative Bank is the “Bank” of all People’s Credit Funds, established under the provisions of the Law on Credit Institutions with the main objectives of system integration, capital regulation, and supporting the State Bank in supervising People’s Credit Funds. In addition, Vietnam Cooperative Bank also provides banking products and services to corporate and individual customers.

In Nghe An, the Cooperative Bank of Vietnam currently has a Nghe An branch, located at No. 4, Duong Van Nga Street, Hung Phuc Ward, Vinh City, Nghe An Province.

Nghe An Branch has focused on supporting 59 People's Credit Funds, fulfilling its role as "Bank of People's Credit Funds" in the area. At the same time, the branch also performs business tasks, providing banking products and services to corporate and individual customers in the province.