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Accordingly, the Deposit insurance development strategy directs DIV to focus resources to contribute to stabilizing the Vietnamese financial and banking system and promoting the country's socio-economic development. DIV continues to persevere in the unified goal of the deposit insurance system which is to protect the legitimate rights and interests of depositors, contributes to maintaining the stability of the system of credit institutions and foreign bank branches, ensures the safe and healthy development of banking activities .
In addition, based on analysis and identification of opportunities and challenges of the domestic and foreign socio-economic context; Recognizing and evaluating the current state of deposit insurance policy implementation,the Deposit insurance development strategy sets out three general goals, including the goal of participating in effective restructuring weak public institutions.
To realize the proposed goals and strategies, DIV needs to continue perfecting its deposit insurance policy and constantly improve operational efficiency. Therefore, carrying out the task of researching and developing a project to apply additional measures and forms of handling highlights weak institutions in a manner consistent with international practices and actual conditions in Vietnam is extremely necessary.
Currently, in Vietnam, according to the Law No.17/2017/QH14 amending and supplementing a number of articles of the Law on Credit Institutions 2017, the restructuring of credit institutions (Specially controlled credit institutions) are implemented according to one of the following options: Recovery plan; Plan for merger, consolidation,transfer of all shares and capital contributions; Dissolution plan; Compulsory transfer plan; Bankruptcy plan.
In particular, the mandatory transfer plan only applies to commercial banks. Plans for merger, consolidation, transfer of all shares and capital contributions and dissolution plans are difficult to implement in reality due to objective conditions of the receiving organization and the capacity to pay the debts.
The recovery plan and bankruptcy plan are more feasible, but the implementation of these two plans still faces many difficulties.
Regarding the recovery plan, implementing the plan requires financial and human resources support, but it cannot be guaranteed that credit institutions applying this plan can restore normal operations.
Regarding the bankruptcy plan, up to now, only Financial Leasing Company II of Vietnam Bank for Agriculture and Rural Development - Agribank (ALCII) has implemented it. Handling bankruptcy with ALCII creates a "precedent" for handling bankruptcy cases of credit institutions in the future. To implement this plan, a special process is needed to ensure the interests of depositors, ensure social order and safety, and must be considered and handled appropriately to avoid chain impacts that affect other credit institutions, affecting depositors' confidence in the credit institution system.
The Law on Credit Institutions amended in 2017 creates a legal corridor for restructuring weak credit institutions, however, there are still some concerns and limitations. Therefore, the State Bank of Vietnam continued to propose and was approved by the National Assembly to add the revised Law on Credit Institutions project to the 2023 Law and Ordinance Building Program on March 17, 2023, including the following contents:Complete regulations to create a basis to promote the process of restructuring credit institutions and handling weak credit institutions.
Regarding the handling of failed credit institutions, there is a lot of experience that can be referenced from countries around the world. In these countries, the measures and forms of resolving failed credit institutions are applied very diversely, which can be reduced to the basic forms, the most common of which are the forms of purchase and acquisition
