Laws on organization and operation of People’s Credit Funds in selected nations and lessons for Vietnam

Abstract

According to the 2024 annual report of the State Bank of Vietnam, as of December 31, 2024, Vietnam’s system of People’s Credit Funds comprised 1,176 funds distributed across provinces and centrally governed cities nationwide, with total assets amounting to VND 194,421 trillion. This article compares the organizational and operational models of credit unions in the United States, Canada, Germany, and China - countries with well-established legal frameworks that ensure transparency and system stability. Based on this comparative analysis, the article draws lessons for Vietnam aimed at improving the legal framework, expanding operational scope, and restructuring the People’s Credit Fund system toward greater professionalism and sustainability.