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Raising deposit insurance coverage limit – enhancing depositor protection

The current deposit insurance (DI) policy enforcement agency in Vietnam is the Deposit Insurance of Vietnam (DIV) – established in 1999, with the Decree was the highest legal document regulating DI activities. In 2012, the issuance of the Law on DI set an important legal foundation, marking a step forward in depositor protection, ensuring the safety of national banking and financial system.

Changes in the role of deposit insurers in resolution of failed credit institutions and resolution tools after 2008 financial crisis

Deposit insurers (DIs) have often been established following financial and banking crises and experienced big changes in recent time. Presently, there are roughly 140 DIs over the world and most of them were founded in the 1960s, while many of them after 2000 (or post-1997 Asia financial crisis). All these DIs have so far quickly developed since the 2008 global financial crisis.

Management of blank savings account passbooks at People's Credit Funds – A perspective from the examination results of the Deposit Insurance of Vietnam’s Mekong River Delta Regional Branch

The State Bank of Vietnam (SBV) regularly directs and pays attention to the management and usage of blank savings account passbooks at people's credit funds (PCFs) in order to ensure strict management and prevent illegal violations related to the usage of blank savings account passbooks not in accordance with the regulations by officials and employees at the PCFs. In the past time, the Mekong River Delta Regional Branch of the Deposit Insurance of Vietnam (DIV) has always given close attention to the management and usage of essential printed materials, particularly blank savings account passbooks, in their examination operations.

Benefits of raising deposit insurance coverage limit

Many agreed that raising the coverage limit to VND 125 million  is of significance to better protect rights of depositors, enhance the confidence of the public in deposit insurance policy, the system of credit institutions (CIs) as well as banking operations.

Banking industry with effective credit solutions among Covid-19 pandemic

Under the negative impacts of the COVID-19 pandemic, over the past time, following the directions of the National Assembly, the Government and the Prime Minister, the State Bank of Vietnam (SBV) and the whole system of credit institutions have proactively and drastically conducted multiple credit support solutions, reduced the lending interest rates with the banking sector's own resources in order to help resolve the difficulties in production and business activities, contributing to the inflation control, maintaining the macro-economic stability and supporting the economic growth.

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.

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