On May 18th, in Hanoi, the State Bank of Vietnam (SBV) organized the event "Banking Digital Transformation Day 2023" with the message "Applying population data in banking activities - the driving force for digital transformation."

How did difficulties and challenges from outside as well as inside affect monetary policy in the first 5 months of 2023? How has the State Bank of Vietnam (SBV) neutralized that pressure with tools and solutions? Regarding these issues, SBV Deputy Governor Pham Thanh Ha gave an interview to the press:

Deposit Insurance of Vietnam (DIV) is a state financial institution operating not for profit, aiming to protect the legitimate rights and interests of depositors, implement deposit insurance policies and contribute to maintaining the stability of the system of credit institutions, ensuring the safe and healthy development of banking activities.

Recently, deposit insurers around the world have participated in many communication activities to raise public awareness, as public awareness is essential for strengthening confidence in the deposit insurance system and preventing crises. In Vietnam, the role of the media on deposit insurance is very important, which not only helps the deposit insurer to build its image with the community, but also helps to increase the trust and knowledge about finance and banking for depositors, contribute to maintaining social stability.

Clause 13, Article 13 of the Law on Deposit Insurance (2012) stipulates the rights and obligations of the deposit insurer as follows: “Participating in the process of special control over the insured institutions in accordance with the State Bank of Vietnam regulations; participating in the management and liquidation of assets of insured institutions according to the Government's regulations”. Based on this legal basis, Deposit Insurance of Vietnam (DIV) is officially participating in the process of special control over insured institutions.

Communication on deposit insurance policies is clearly defined and consistent with the public policy objectives and obligations of the deposit insurer, thereby contributing to the protection of depositors and maintaining the stability of the banking and financial system. In the context of the Development Strategy of deposit insurance to 2025, with orientation to 2030 has been promulgated by the Prime Minister, developing and implementing a communication strategy to raise depositors' awareness of the deposit insurance policy is an important tasks of the deposit insurer in the near future.

The deposit insurance development strategy to 2025, with a vision to 2030 is an important basis for Deposit Insurance of Vietnam (DIV) to improve its capacity and operational efficiency, including participating in special control; thereby contributing to protecting the legitimate rights and interests of depositors, maintaining the stability of the credit institutions system, and ensuring the safe and healthy development of banking activities.

Since the global financial crisis in 2007-2008, financial inclusion has been increasingly appreciated by international organizations. The United Nations emphasizes financial inclusion as an important solution to achieve 7 out of 17 sustainable development goals by 2030.

Policy communication is especially important in policy implementation. Only when the policy makers and policy beneficiaries jointly understand to share benefits and agree on actions, he effectiveness of the policy will be optimal. For the deposit insurance sector, policy communication on deposit insurance is an important factor in building a strong deposit insurance system, contributing to ensuring depositors' confidence and stable development of the banking and financial system.

Resolving weak credit institutions is one of the important operations of deposit insurers. According to Principle 14, Core Principles for effective deposit insurance systems: “An effective failure resolution mechanism enables the deposit insurer to perform its depositor protection function and contribute to financial stability. The legal framework should provide for a special resolution mechanism.”