Vietnam: Strategic orientation of cooperative development in the credit sector

Nguyen Trinh

14:36, 15/03/2021

The content below is specified in Decision 340/QD-TTg approving the Strategy for collective and cooperative economic development in the 2021-2030 period.

The decision clearly states the strategic direction for the development of collective economies and cooperatives in the credit sector in Vietnam as follows:

To develop the people's credit fund system in accordance with the objectives and principles of the type of credit institution being a cooperative in accordance with regulations in Vietnam;
To have an organizational structure, sufficient financial capacity, and capacity for administration, administration, and control, ensuring a safe, effective, stable, and sustainable operation;
To improve the financial access of members of the people's credit fund, contributing to the implementation of the Party's guidelines and the State's laws on agricultural and rural development;
To ensure social security and hunger eradication and poverty reduction sustainably, contributing to promoting the development of the collective economic sector, in which the core is cooperatives;
To develop a cooperative bank with sufficient financial capacity, to strengthen the capacity of governance, administration, control, and safe, effective, and sustainable operations to perform its role as the bank of all people's credit funds;
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More details can be found in Vietnam's Decision 340/QD-TTg, effective March 12, 2021.

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