On July 7, 2026, the State Bank of Vietnam (SBV) held a virtual conference to disseminate newly issued legal documents concerning cooperative credit institutions and to implement the Scheme on Restructuring the People's Credit Fund System and the Cooperative Bank of Vietnam for the 2026–2030 Period, with a Vision to 2045, together with its Action Plan. The Conference was chaired by Deputy Governor Doan Thai Son.
Deputy Governor Doan Thai Son delivers the opening remarks at the Conference
In his opening remarks, Deputy Governor Doan Thai Son noted that the People's Credit Fund (PCF) system currently comprises 1,172 funds operating in 31 of the country’s 34 provinces and centrally governed cities, serving approximately two million members. Although the system accounts for only about 0.7% of the total assets of Vietnam’s banking sector, PCFs play an important role in promoting local socio-economic development. They are also a key pillar of financial inclusion, bringing banking and financial services closer to the people, particularly in rural, agricultural, and remote areas.
The Deputy Governor stated that since 2024, the SBV has focused on improving the legal framework and formulating the restructuring scheme. During 2025 and the first half of 2026, the SBV issued, amended, and supplemented nearly 20 circulars, while accelerating the relevant administrative reform by reducing more than 30% of business conditions and shortening administrative processing time by over 50%.
On June 11, 2026, the SBV Governor issued Decision No. 1266/QD-NHNN approving the Scheme on Restructuring the People's Credit Fund System and the Cooperative Bank of Vietnam for the 2026–2030 Period, with a Vision to 2045, and Decision No.1267/QD-NHNN promulgating the Action Plan for its implementation.
At the Conference, a representative of the Department of Banking System Safety presented the key provisions of the newly issued legal documents relating to cooperative credit institutions and clarified the main objectives and implementation priorities of the restructuring scheme and its action plan. Participants discussed challenges, shared practical experience, and proposed solutions to facilitate the effective implementation of the assigned tasks in the coming period.
Mr. Hoang Viet Dung, Deputy Director General of the Department of Banking System Safety, presents the key provisions of the newly issued legal documents
Participants at the Conference
In his closing remarks, Deputy Governor Doan Thai Son urged all relevant units to promptly study and implement the new regulations, proactively carry out the tasks assigned under the Scheme and the Action Plan, and strengthen coordination to ensure consistency in both understanding and implementation.