PRESS RELEASE: THE MEMORANDUM OF UNDERSTANDING RENEWED TO EXPAND CDIC AND DIV COOPERATION
Wed, 22 Dec 2021 08:47:48 GMT

In view of the lessons learnt from the 2008 global financial crisis, the fast development of financial technology as well as the recent COVID-19 global health emergency, continuously strengthening cross-border cooperation has demonstrated its importance to deposit insurers worldwide. The Central Deposit Insurance Corporation (CDIC) and Deposit Insurance of Vietnam (DIV) have maintained a close relationship through information and experience sharing as well as seminars for 15 years since the first signing of the MOU in 2006. Both parties appreciate their close MOU partnership and trust that with continued support and cooperation, the bilateral cooperative relationship will be further fortified in facing future challenges.

The CDIC and the DIV, led by CDIC Chairman Mr. Norman H. Chu and DIV Chairman Mr. Pham Bao Lam, jointly announced the renewal of the MOU between the two organizations on 11th December 2021, to expand the bilateral cooperative relationship.

Effective from the 11th December 2021, the renewed MOU, extended for another three years, manifests a vision for the future enhancement of deposit insurance systems in cross-border cooperation and conforms to the IADI Core Principles for Effective Deposit Insurance Systems.

The insured institutions of both the CDIC and the DIV have overseas offshoots set up in each other’s jurisdiction. Despite the fact that the financial and regulatory environments are different, professional dialogues and valuable experience exchange between the CDIC and the DIV have brought real benefits to the two deposit insurance systems, inter alia, in depositors’ protection and financial stability.

Subsequent to the joint announcement, a bilateral meeting between CDIC and DIV will be held on 16th December 2021 to strengthen the partnership and cooperation between the two organizations.

DEPOSIT INSURANCE OF VIETNAM