After 10 years of implementation, the Law on deposit insurance has revealed limitations and inadequacies that need to be amended and improved to better protect the legal rights of depositors; contributing to ensuring the safety of the system of credit institutions. In this process, policy communication activities contribute to helping people understand the meaning, the need for amendments and basic contents of the Law; thereby strengthening confidence in deposit insurance policies as well as banking operations; promoting the system of credit institutions to develop more and more sustainably.

That is one of Prime Minister Pham Minh Chinh's directions on the key tasks in August 2023 and the last months of 2023 when chairing the regular Government meeting in July 2023.

On June 28, 2023, the State Bank of Vietnam (SBV) issued Circular No. 06/2023/TT-NHNN amending and supplementing a number of articles of Circular No. 39/2016/TT-NHNN dated December 30, 2016 (Circular No. 39) to regulate the lending activities of credit institutions (CIs) to customers, effective from September 1, 2023 (Circular No. 06). In Circular No. 06/2023/TT-NHNN, the SBV removed many contents to create favorable conditions for customers to access bank credit capital, contributing to providing more capital for production, business activities, economic recovery, and development.

From July 31st to August 4th, 2023, in Hanoi, the working delegation from Deposit Protection Office of Laos (DPO), led by Ms. Sengdaovy Vongkhamsao - Director General of the agency, visited and worked at the Deposit Insurance of Vietnam (DIV).

In the context of the drastic restructuring process of credit institutions in Vietnam, Deposit Insurance of Vietnam (DIV) has been assigned new tasks, gradually participating more deeply and actively in the process of restructuring weak credit institutions, contributing to ensuring the safe and healthy operations of the entire banking system.

In Vietnam, consumer protection is mainly based on the legal basis of the Law on Protection of Consumer’s Rights, but this law does not have a separate regulation on financial consumer protection. There are also no specialized organizations to centrally manage financial consumer protection. The only organization in Vietnam is Deposit Insurance of Vietnam (DIV) that was established with the mission to protect the legitimate rights and interests of depositors - who are also financial consumers. Currently, the Law on deposit insurance is the highest legal basis for regulating deposit insurance activities in Vietnam.

 In the recent time, the inspection and examination of the people's credit fund (PCF) system has gotten much attention and focus, going further into specific contents and aspects; the handling of weak PCFs has achieved many positive results. The Deposit Insurance of Vietnam (DIV) and the Cooperative Bank of Vietnam (Co-op Bank) have contributed to assisting the State Bank of Vietnam (SBV) in effectively conducting inspections of PCFs while there is a shortage of inspection personnel from SBV

Reviewing the operation results of the first 6 months of 2023, Deposit Insurance of Vietnam (DIV) has synchronously implemented deposit insurance professional activities according to the program and work plan for 2023 throughout the system, closely following the target orientation and key tasks of the banking industry with a lot of notable highlights.

*The Deposit Insurance of Vietnam participates in deposit insurance policy communication at the event series

The State Bank of Vietnam (SBV) has officially adjusted the credit growth target for credit institutions (CIs) to provide additional credit capital to promptly meet the economy's demands while being cautious about inflationary risks. Accordingly, the SBV has revised the credit growth target for credit institutions in 2023 to approximately  14% for the entire banking system.