The Vietnam Cooperative Bank will be fully operational on June 24 with charter capital of 3,000 VND (about 142 million USD) sourced from the State budget, the Central People’s Credit Fund (CPCF) members and other legal entities.

The bank, transformed from the CPCF, will take responsibility for dealing with all CPCF’s problems and implementing valid contracts and transactions signed by the CPCF.

Under a licence granted by the State Bank of Vietnam on June 4, the Cooperative Bank of Vietnam will be allowed to set up a network of domestic and foreign branches. The bank will have an operational duration of 99 years.-VNA