NA Chairman lauds Co-opBank’s contributions to national achievements
Top legislator lauds Co-opBank’s contributions to national achievements
Chairman of the National Assembly (NA) Vuong Dinh Hue on February 15 spoke highly of the significant contributions by the banking sector in general and the Co-operative Bank of Vietnam (Co-opBank) in particular to national achievements in 2023.
Chairman of the National Assembly (NA) Vuong Dinh Hue visits Co-opBank. (Photo: VNA)
Hanoi (VNA) – Chairman of the NationalAssembly (NA) Vuong Dinh Hue on February 15 spoke highly of the significantcontributions by the banking sector in general and the Co-operative Bank ofVietnam (Co-opBank) in particular to national achievements in 2023.
In a New Year visit to the Hanoi-based bank, theleader hailed the banking sector’s performance in digital transformation andcashless 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 of181.73 trillion VND (7.43 billion USD), and charter capital of 6.99 trillionVND, covering 57 out of the 63 cities and provincesnationwide, with more than 1.7 million members.
Mentioning socio-economic targets set for 2024 andthe 2021-2025 tenure, 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 andanalysing 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 exchangerates.
The sector needs to step up its inspections andsupervisions to keep the monetary and credit markets stable and boost the administrative reform, he said, stressing the hard task lies with how to ensurecapital for production and business without lower credit standards.
The top legislator urged Co-opBank to raise itsoperational efficiency, thus fulfilling its political tasks assignedunder the Party’s policies, and the revised Law on Cooperatives and the amendedLaw on Credit Institutions.
Co-opBank, formerly known as the Central People’sCredit Fund, was established to implement the Party and State's policies ondeveloping a new cooperative credit model, contributing to poverty reductionand agricultural and rural development. It mainly serves small- and medium-sizedenterprises, households and farmers./.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continued slashing deposit interest rates on January 12, with the lowest standing at 1.7% per year.
Outstanding credit of the banking system is forecast to increase 4.4% in the first quarter and 14.2% in 2024, up 0.4 percentage point from the previous prediction of 13.8%.
The corporate bond market is expected to remain relatively sluggish until the end of the first quarter of 2024, as conditions for issuing and trading corporate bonds tighten.
The settlement of bad debts will face many difficulties this year as there are no legal regulations related to repossessing collateral assets, industry insiders said.
Vietnam is deeply concerned about the escalating and complex conflict in the Middle East, which poses a serious threat to the lives and safety of civilians, as well as to regional and global peace and stability.
The Vietnamese Embassy advises the Vietnamese community living, studying, and working in Israel to strictly comply with directions from the Home Front Command and local authorities.
Lawmakers are set to vote on revisions and amendments to a broad spectrum of legal frameworks and impactful resolutions during the final week of the 15th NA's 9th session.
The State Committee for Overseas Vietnamese Affairs (SCOVA) has served as a bridge connecting and uniting the community with the homeland, becoming a trusted source of support for Vietnamese expats in times of hardship.
The programme to eliminate temporary and dilapidated houses has achieved notable results, with nearly 263,000 housing units addressed to date, including 225,000 houses inaugurated and 38,000 under construction. Thirty-eight provinces and cities across the nation have already fulfilled their targets.
Stronger efforts and determination are required to achieve and surpass the set targets, especially in the eradication of makeshift and dilapidated houses nationwide, the acceleration of public investment disbursement, and the implementation of nationally important transport projects, PM Pham Minh Chinh noted.
The trip will be made at the invitations of Chinese Premier Li Qiang and WEF President and CEO Børge Brende, according to an announcement from the Ministry of Foreign Affairs.
Long spoke highly of the dynamic, positive, and comprehensive development of Vietnam – Russia relations in recent years. He affirmed that the Vietnamese Party and State place great importance on further strengthening the comprehensive strategic partnership with Russia in a substantive and effective manner, in line with the development needs of both nations.
At the conference, participants reported that the Government has so far issued 28 decrees on the delegation of responsibilities and powers between the central Government and two-tier local administrations. Several localities have already piloted the new governance model.
Reality is the ultimate benchmark for success, he said, urging drafting agencies to work out policies that foster development, reduce bureaucratic hurdles, and respect practical conditions.
Under the official dispatch signed on June 20, ministers, heads of ministerial-level agencies, and chairpersons of provincial and municipal People’s Committees are requested to concentrate efforts on implementing core measures to ensure the smooth operations of the new administrative framework.
The Party chief underscored the need for the press to innovate relentlessly, evolve to keep pace with the country's development, transform into a truly professional, humanistic, and modern sector that serves the cause of the Party, the State, and the people on the path to national construction and development.
The UN Secretary-General praised Vietnam’s remarkable achievements in socio-economic development and international integration in recent years, noting that the country has emerged as a model in implementing the Sustainable Development Goals (SDGs), promoting international peace and security, and engaging in key UN processes.
Nghia affirmed that this is a milestone of special significance, affirming and honouring the the Vietnamese revolutionary press’s glorious tradition of 100 years of serving the revolutionary cause of the Party, serving the Fatherland, and serving the people.
The Party and State of Vietnam always attach great importance to and give top priority to the development of Vietnam–China relations. Vietnam is ready to work with the Chinese Party and State to further deepen the Comprehensive Strategic Cooperative Partnership and promote the building of the Vietnam-China community with a shared future that carries strategic significance.
Under the leadership of President Ho Chi Minh and the CPV, President Cuong said, the press has been a steadfast force on the ideological and cultural front, rallying the masses to pursue national aspirations.
NA Chairman Tran Thanh Man stressed the need to accelerate the application of artificial intelligence and smart teaching equipment, innovate teaching and assessment methods, and further improve the quality of formal education.
He also pledged that the NA will promote its ongoing supervision, making sure that every promise must lead to results, and every commitment must bring about real changes.
Chairman of the National Assembly (NA) Vuong Dinh Hue visits Co-opBank. (Photo: VNA) 
