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The National Assembly is set to add the Law on Deposit Insurance to the year 2011’s program.
On June 19th 2010, the National Assembly approved the resolution on law building program in the year 2011 including the Law on Deposit Insurance.
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On July 20th 2010, at the Ministry of Defense’s Guest-House, Deposit Insurance of Vietnam held a workshop on “Core principles for effective deposit insurance systems and methodologies for compliance assessment”
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The 2007-2010 global financial crisis has hardly hit various economy all over the world. Many countries strive in their great endeavor to find solutions in response to crisis by researching and learning the current and previous experiences of those who have succeeded. South Korea, a nation of advanced banking system, has become one of successful countries in the 1997-Asia crisis resolution and the emerging global financial crisis. In capacity of a national financial safety net player in South Korea, the Korea Deposit Insurance Corporation (KDIC) has made positive contribution to resolution against the nation’s crisis .
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((Banking Times, July 22, 2010))
As an emerging market, Vietnam’s financial and banking system has been growing rapidly, but always hidden are high risks. This requires Deposit Insurance of Vietnam (DIV) to play a more and more important role in the economy. However, for DIV being able to apply the core principles for effective deposit insurance systems well in compliance with international practices, there still remain many issues that need to be addressed. The Workshop “Core principles for effective deposit insurance systems and a comparison to Vietnam’s practice” which was held by DIV in Hanoi was an effort aiming at solving the above issues.
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In post-crisis stage, many countries throughout the world do their endeavor in making comprehensive financial reform, increasing supervision on all lenders and even commercial banks, simultaneously furthering protection measures for financial service users, especially depositors. The National Assembly of Vietnam is under process of pushing up legal system improving progress that helps protect consumers in general, and financial service users in particular. The Bulletin of the Deposit Insurance of Vietnam recorded observation and opinions of deputies, financial specialists about the three key messages grouping role, legal status of deposit insurance, and necessary to build law on deposit insurance.
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“10 years of operation is not a long journey but during the time DIV has obtained some remarkable achievements”. That is a part of speech by the Governor of the State Bank of Vietnam (SBV) Mr. Nguyen Van Giau at the 10th anniversary celebration of DIV on 10 December 2009 in Hanoi.
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Financial Sector Modernization and Information Management System Project consulting services for technical assistance and implementation support.
Project ID No.: P088759; Credit No.: 4505-VN
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On the 11th December, 2009, in Hanoi, Mr. Mai Minh De, Chairman of the Board of Director of the Deposit Insurance of Vietnam (DIV) and Mr. Shang – Chen Chen, Chairman of the Central Deposit Insurance Corporation (CDIC-Taiwan) have signed the 2nd Memorandum of Understanding for the cooperation on information sharing and training between the two organizations with the presence of representatives from DIV and CDIC.
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