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Creating propulsive force for private sector

To celebrate 20 years of operation in Vietnam, the French Development Agency (AFD) has organized a photo exhibition at the French Cultural Center – Espace, 24 Trang Tien strest, Hanoi on 27/10/2014. On the sideline of the exhibition, VTV4 of Vietnam Television has interviewed Mr. Nguyen Thac Tam, the Deputy General Director of Co-op Bank. Following is the brief interview.

Mr. Nguyen Thac Tam , Deputy Director of Co-op Bank is interviewed by VTV4

Mr. Nguyen Thac Tam , Deputy Director of Co-op Bank is interviewed by VTV4

Sir, tell us more about the project that Co-op Bank is cooperating with AFD?

As you know, since 1994, Vietnam has been one of the biggest beneficiaries from AFD funds with a total amount of up to 1.5 billion Euros for 75 projects (1994-2013) that mainly focus on developing urban and rural areas, improving transport and electricity infrastructures and reforming banking sector. The total average annual committed funds are allowed at 100 million Euros.

For project that AFD is in collaboration with Co-op Bank, in October 2009, AFD signed the Project Agreement with the Ministry of Finance with the attendance of the Prime Minister of Vietnam and France. The credit project is called “Support to private sector project”.

What kind of support has AFD provided to this project?

In this project, AFD has provided a credit line worth of 30 million Euros for Co-opBank within a period of 20 years, including 7 years of grace and preferential interest rates that allow Co-op Bank to provide sub loans to the People’s Credit funds (PCFs) in the system. PCFs then make loans to enterprises and individuals to carry out their production activities. Thereby, creating a propulsive forcefor the development of private sector.

How do you assess the effectiveness of the AFD grants for the project?

With the cooperation and efficient support of AFD, Co-opBank has disbursed rapidly the credit line of 30 million Euros (equivalent to 800 billion VND) to nearly 1,000 PCFs in 56 provinces/cities nationwide. More than 8,000 enterprises and 80,000 people have received project funds. The training classes of the project are being held across the country. Besides, the strict implementation of projects and commitments such as environmental risk management, anti-money laundering and terrorist financing have contributed to enhance the efficiency and safety of operation within the whole PCF system.

What are the benefits of AFD grants for the project?

The implementation of the project have brought many positive meanings as follows:

Firstly, the project has supported the banking system and PCFs to enhance the financial capacity and to stable capital structure.

Secondly, the project has supported enterprises and households, which are mainly in agricultural and rural areas of our country to have more long-term funds to deploy in the production and business operations, to improve their living standards.

Thirdly, through the implementation of commitments with AFD and the technical assistance component of the project, Co-opBank and PCFs system have learned many valuable experiences from AFD, selected and applied the best international standard practices to enhance institutional capacity, to improve the organization and governance model, and enhance the alignment of system.

The project has been considered as an excellent example of success in the implementation of ODA projects by the Governments of both Vietnam and France. Based on the success of this project, AFD and Co-op Bank are in the process of negotionation to implement the second project with an expected credit line of 20 million Euros. We are fully confident in the success of future projects that the Co-op Bank in collaboration with AFD to deploy in Vietnam.

 Thank you very much!

On 27 October 2014, at the French Cultural Center – Espace, 24 Trang Tien strest, Hanoi, AFD has organized a photo exhibition on its activities to celebrate the 20th anniversary of AFD operations in Vietnam. The exhibition displayed photographs of 6 typical projects of AFD’s activity areas in Vietnam, one of these areas is Microfinance: CCF (Central People’s Credit Fund – now transformed into Co-op Bank). The project is named Support to private sector Project.

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