Trang Chủ
The overall goal for the development of the deposit insurance system in Vietnam is:
"Protecting the legitimate rights and interests of depositors, actively contributing to maintaining the stability of the system of credit institutions and foreign bank branches, ensuring the safe and healthy development of banking activities.< /p>
Improving quality and efficiency in deposit insurance activities including deposit insurance participation certification, reporting information, supervision, examination, participation in special control, early detection and warning of potential risks for public institutions; participate in effective restructuring of weak public institutions; calculating and collecting deposit insurance fees, managing insurance capital and investment, communicating deposit policies, and conducting reimbursement in accordance with international practices and provisions of Vietnamese law .
Strengthening the financial capacity of deposit insurance organizations to affirm the State's commitment and enhance depositors' confidence in deposit insurance policies."
In addition to the general goal, the strategy has set out 3 specific goals, including:
“Strive for the ratio of fully insured depositors to the total number of insured depositors to reach 92% - 95%, ensuring compliance with international practices.
Strive to shorten the actual payment time from the time the insurance payment obligation arises to 30 working days by 2025 and 15 working days by 2030, to help depositors have early access to their deposit when the public institution is resolved.
Strive to achieve the goal that by 2025, 45% and by 2030, 55% of depositors will grasp the core contents of the deposit insurance policy."
The strategy also provides tasks and solutions in accordance with international practices and actual conditions in Vietnam to achieve the general and specific goals set out by the strategy. In order to synchronously deploy the tasks and solutions of the strategy in each phase, successfully implementing the overall goal and specific goals, the DIV has issued an action program implementing the deposit insurance development strategy to 2025, with orientation to 2030 and the detailed plan for implementing such action program.
In 2023, DIV has focused resources on implementing the detailed plan to achieve the set goals. Regarding the specific target of coverage limit, in 2023, with the current coverage limit of VND 125 million, the ratio of fully insured depositors/total number of insured depositors remains at over 92% (specifically, as of December 31, 2022, it is 92.08% and as of December 31, 2023, it is 92.32%).
In order to shorten the actual payment time from the time the insurance payment obligation arises to 30 working days by 2025 and 15 working days by 2030, in 2023, DIV conducted research and completed the deposit insurance reimbursement handbook, completed the simulation of insurance payments for depositors at large-scale commercial banks on reimbursement software and research and develop deposit insurance payment scenarios.
To achieve the goal of having 45% and 55% of depositors grasp the core contents of deposit insurance policy by 2025 and 55% by 2030, DIV has completed a survey and evaluated depositors' awareness on deposit insurance policy and complete the construction of the project on communication of deposit insurance policy until 2025, with orientation to 2030. In addition, DIV continues to carry out communication with wide coverage on mass media, deploying communication nationally. DIV has also conducted exchange programs, organized competitions to learn about deposit insurance policies, and participated in communication programs in major media programs conducted by the SBV in collaboration with VTV - Vietnam Television presently…
Regarding solutions to perfect the legal basis, DIV continues to proactively coordinate with functional units under the SBV in implied amendments and supplements to the Law on deposit insurance and other relevant legal documents, complete regulations on deposit insurance fees, regulations on investment activities, operating capital sources, supplementary functions and tasks to enhance the role of DIV to participate more effectively in the restructuring process of weak structure of credit institutions, better protection of the legitimate rights and interests of depositors and in accordance with new points in the Law on Credit Institutions 2024.
For solutions to improve the effectiveness of examination, supervision, and early warning activities, DIV regularly reviews and evaluates operations and perfects the reporting information system to ensure complete and reliable information. DIV carries out quarterly monitoring reports; monthly and quarterly monitoring reports of PCFs; carries out in-depth examination of insured deposits at weak insured institutions according to the results of supervision of the deposit insurance organization. In addition, the DIV has issued documents guidance on supervision of educational institutions and instructions on in-depth supervision of problematic PCFs; research legal documents, international experience, complete a set of indicators to supervise accredited institutions; completes research and implementation of the topic "Supervision activities of DIV according to the strategic orientation of DIV and Basel standards", thereby studying the thresholds of the set of indicators to apply in practice.
In 2023, DIV has performed well the management of deposit insurance premium collection, invested temporarily idle capital to ensure safety and efficiency, contributing to improving financial capacity. By the end of 2023, the total operating capital of DIV reached more than 110 trillion VND, which increases nearly 15% over the same period in 2022. The professional reserve fund reached more than 100 trillion VND, which increases more than 15% over the same period of 2022. Thanks to that, DIV has good resources to be ready to pay insurance premiums to depositors when necessary and effectively participate in the process of restructuring the system of credit institutions.
To have a basis to increase the charter capital for the deposit insurance organization to 10,000 billion VND in 2025 and up to 15,000 billion VND in 2030 from self-accumulated sources and other legal capital sources to ensure the financial capacity of the deposit insurance organization, affirming the State's commitment and enhancing depositors' confidence in deposit insurance policy, ensuring resources for effective implementation, DIV is doing research and coordinating with relevant units to amend the Law on deposit insurance to create a legal corridor for increasing charter capital according to the approved strategic roadmap.
In addition, in order to have a basis for implying to strengthen financial capacity by allowing the deposit insurance organization to diversify its investment forms and portfolio, in 2023, the DIV completed the report on debt instrument market assessment in Vietnam. At the same time, DIV has completed the report on supplemental borrowing from the SBV in case the deposit insurance organization's capital is not enough to reimburse. DIV is also developing: (i) Project to apply additional measures and forms of weak resolution publishes institutions in DI in accordance with international practices and actual conditions in Vietnam, and (ii) Project to access capital support in case DIV's capital is temporarily insufficient to reimbursement.
In 2023, DIV focused on building human resources with high professional expertise, prioritizing in-depth training for the core team of professional expertise, capable leadership team, and completed the research plan to apply in 2023 and participate in research exchange cooperation with the National Economics University and Banking Academy. DIV successfully organized the technical assistance workshop of the Asia Pacific Regional Committee in 2023 with the theme of "Strengthening the role of the DIV in early detection and timely intervention"; attend international conferences, seminars, technical committee meetings, training programs, surveys... organized by the International Association of Deposit Insurers and other international organizations, actively participate in international cooperation activities to exchange and learn experiences as well as strengthen international cooperation in the field of deposit insurance.
It can be said that in 2023, tasks and solutions have been actively implemented and completed according to the plan. In 2024, an important year for DIV to complete a number of tasks and solutions before finishing the first phase of the development strategy to 2025, with orientation to 2030, DIV needs to urgently implement the action plan, especially in the process of amending and supplementing the Law on deposit insurance, improving the efficiency of key operations and focusing resources to achieve the goals set out in the strategy.
Communication Department
