NA Chairman Vuong Dinh Hue lauds Co-opBank’s contributions to national achievements: Chairman of the National Assembly (NA) Vuong Dinh Hue visits Co-opBank. (Photo: VNA)

In a New Year visit to the Hanoi-based bank, the leader hailed the banking sector’s performance in digital transformation and cashless payment, as well as its contributions to perfecting the legal system.

Last year, Co-opBank served nearly 1,200 people's credit funds with a total asset of 181.73 trillion VND (7.43 billion USD), and charter capital of 6.99 trillion VND, covering 57 out of the 63 cities and provinces nationwide, with more than 1.7 million members.

Mentioning socio-economic targets set for 2024 and the 2021-2025 tenure, NA Chairman Hue noted that the banking sector plays a crucial role in the national economy and monetary security.

He asked the sector to improve its forecasting and analysing capacity, keep a close watch on the regional and global economy, especially energy price developments, to make and manage monetary policies suitably, and ensure the harmony between reducing interest rates and stabilising exchange rates.

The sector needs to step up its inspections and supervisions to keep the monetary and credit markets stable and boost the administrative reform, he said, stressing the hard task lies with how to ensure capital for production and business without lower credit standards.

The top legislator urged Co-opBank to raise its operational efficiency, thus fulfilling its political tasks assigned under the Party’s policies, and the revised Law on Cooperatives and the amended Law on Credit Institutions.

Co-opBank, formerly known as the Central People’s Credit Fund, was established to implement the Party and State's policies on developing a new cooperative credit model, contributing to poverty reduction and agricultural and rural development. It mainly serves small- and medium-sized enterprises, households and farmers.