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Banking industry joins hands in fight against COVID-19

Responding to  the calls from the Prime Minister and the State Bank of Vietnam (SBV)’s Governor for vaccinating all Vietnamese people against COVID-19 at the soonest time possible, with a willingness to join hands with the whole community in the fight against the pandemic, the SBV and the Ministry of Health (MoH) jointly held a ceremony to receive financial support from the banking industry for COVID-19 vaccine purchases  on May 21, 2021

Banking digital transformation- no longer an option but a mandatory requirement

The State Bank of Vietnam (SBV)’s Deputy Governor Nguyen Kim Anh said that digital transformation is no longer an option but a mandatory requirement and a strategic direction to help the banking industry compete effectively and develop sustainably in the industry 4.0 era.

Taking full advantages of communication at members’ general meetings of people’s credit funds

Dissemination of deposit insurance (DI) policy at members’ general meetings of People’s Credit Funds (PCFs) until now has become a regular activity of the Deposit Insurance of Vietnam (DIV)’s Mekong Delta Regional Branch (the Branch). Together with other forms of communication, cooperation with PCFs in disseminating DI policy at their members’ general meetings has produced positive effects, spreading information on DI policy to many PCF members in particular and the public in general in the operational areas of PCFs.

Amending and supplementing Law on Deposit Insurance – Resolving inadequacies and limitations in implementation process

The Law on Deposit Insurance (DI) has formed the legal basis for implementing DI policy, thereby better protecting the interests of depositors and contributing to maintaining the stability of the system of credit institutions.

In pandemic areas, how People’s Credit Funds operating?

Bac Ninh and Bac Giang are now pandemic hotspots in the country, a lot of industrial parks have to cease their operation, measures of establishing isolation health zones, practicing social distancing have been quickly and timely taken in many areas. While once-crowded streets have become quiet, non-essential activities are temporarily suspended the banking sector generally and People’s Credit Funds (PCFs) particularly still maintain transactions to meet people’s needs.

Fulcrum for People's Credit Fund system

Deposit insurance (DI) is a tool for protecting depositors and the banking system. Therefore, insured institutions, depositors and the entire economy equally benefit from DI policy. In case of small sized credit institutions (CIs) such as People’s Credit Funds (PCFs), DI policy plays a role as the fulcrum for these institutions so that they can operate in a safe and effective way.

Coordinate with credit institutions to raise public awareness of deposit insurance

Establishing a legal framework for credit institutions to closely coordinate with deposit insurers in a unified and synchronous manner in both content and forms of raising public awareness will not only have direct impacts at the transaction points of the credit institutions but also ensure the confidence of depositors.

Solutions to enhance operations of DIV, contribute to deeper participation in restructuring system of PCFs

The financial-banking system is the lifeblood of Vietnam's economy. Even small instability can negatively affects the entire economic system. The Deposit Insurance of Vietnam (DIV), as an organization tasked with protecting the legitimate rights and interests of depositors, always focuses on enhancing and improving the efficiency of its operations in accordance with international recommendations to contribute to early detection, warning and prevention of crises as well as to further participate in the process of restructuring the system of credit institutions (CIs) to ensure the safety and soundness of the financial-banking system and social security.

Debt collection during asset resolution of People’s Credit Funds as insured institutions

Debt collection or asset recovery is the last stage of resolution in the forms of bankruptcy or dissolution of insured institutions which have been placed under special control. This process is carried out after the Deposit Insurance of Vietnam (DIV) has fulfilled its obligation to reimburse insured depositors. Despite being the last stage, it is decisive to ensure and realize the rights of DIV as a legal creditor for the amounts paid to insured depositors at failed institutions, including People's Credit Funds (PCFs).

Implement the examination of People’s credit funds under the direction of the SBV Governor in 2021

On April 19, 2021, the Deposit Insurance of Vietnam (DIV) held an online conference to deploy the examination of People’s credit funds (PCFs) under the direction of the State Bank of Vietnam (SBV) Governor in 2021. The aim of the conference is to unify and guide the examination contents in the DIV system and propose solutions for consolidation and development in the coming time.

 

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