Trang Chủ
Reporter: Sir, could you please tell us about the development orientation of the Deposit Insurance of Vietnam (DIV) in the coming time, specifically to 2025, orientation to 2030?
Mr. Pham Bao Lam: The Strategy on deposit insurance development to 2025, with orientation to 2030 defines the comprehensive development direction, short-term, medium-term and long-term overview for the deposit insurance policy as well as the deposit insurer's activities. Accordingly, the Strategy on deposit insurance development orients that the DIV would focus its resources, contribute to stabilizing the financial and banking system of Vietnam, and promoting the socio-economic development of the country. DIV continues to maintain the unified goal of the deposit insurance system, which is to protect the legitimate rights and interests of depositors, and to contribute to maintaining the stability of the credit institution system and foreign bank branches, ensuring the safe and healthy development of banking activities.
Reporter: Could you please clarify the strategic objectives of the Strategy on deposit insurance development and the basis for the deposit insurer to build those objectives, sir?
Mr. Pham Bao Lam: The Strategy on deposit insurance development up to 2025, with orientation to 2030 is built closely and in accordance with the Law on Deposit Insurance; the Law amending and supplementing the Law on Credit Institutions (2017); Directive No.06/CT-NHNN (2018); international experience and the Core Principles for effective deposit insurance systems (IADI, 2014); Strategy of the banking sector to 2025, with orientation to 2030.
In addition, we must rely on analysis and identification of opportunities and challenges of the domestic and foreign socio-economic context; recognize and evaluate the current status of deposit insurance policy implementation up to now. Since then, in this Strategy, three general objectives are set, including:
Firstly, protect the legitimate rights and interests of depositors, actively contribute to maintaining the stability of the system of credit institutions and foreign bank branches, ensuring the safe and sound development of banking activities.
Secondly, improve the quality and efficiency of deposit insurance activities, including granting deposit insurance participation certificates, reporting information, supervision, examination, participation in special control, detection and early warning of potential risks to the insured institutions; participation in effective restructuring of weak insured institutions; calculation and collection of deposit insurance premiums, capital management and investment, dissemination of deposit insurance policy, reimbursement in accordance with international practices and provisions of Vietnamese laws.
Thirdly, strengthen the financial capacity of the deposit insurer to affirm the State commitment and improve depositors' confidence in the deposit insurance policy.
Reporter: In your opinion, what is the breakthrough point of the Strategy in this period?
Mr. Pham Bao Lam: I think that the special feature of the Strategy on deposit insurance development to 2025, with orientation to 2030 is that we set specific, close, and quantifiable goals for deposit insurance expertise to better protect the legitimate rights and interests of depositors.
Specifically, strive for the ratio of fully insured depositors out of total insured depositors to reach 92 – 95 percent, ensuring compliance with international practices. DIV strives to shorten the actual payment time from the date of arising of the insurance payment obligation to 30 working days by 2025 and 15 working days by 2030, in order to help depositors have early access to their deposits when the insured institution is resolved.
Communication and dissemination of deposit insurance policy continued to be promoted when the DIV set a target in this strategy that 45% and 55% of depositors would grasp the core contents of deposit insurance policy by 2025 and 2030 respectively.
Reporter: With the above specific goals, would you like to share the tasks, solutions and roadmap that DIV will take?
Mr. Pham Bao Lam: In order to realize the set strategic goals, I think that the whole deposit insurance system needs to uphold the spirit of determination, focus energy and intelligence to carry out groups of necessary tasks and solutions as follows:
First, as you all know, we have summarized 10 years of implementation of the Law on deposit insurance and it is time to amend and supplement it together with the system of its guiding documents as well as perfecting the financial regulations for the deposit insurer. This plays a very important role not only for deposit insurance activities in particular but also for completing the legal framework of the financial - banking industry in general.
Second, the Strategy on deposit insurance development indicates that the DIV needs to continue to improve deposit insurance policy. Accordingly, DIV actively periodically reviews and evaluates the suitability and proposes to adjust the coverage limit for the ratio of fully insured depositors to total insured depositors to reach 92% - 95%, ensuring compliance with international practices. At the same time, DIV needs to study and evaluate the actual conditions of Vietnam and propose an appropriate time to develop and deploy deposit insurance premiums on the basis of assessment and classification of insured institutions.
Third, it is vital to constantly improve the efficiency of professional operations, including: promoting digital transformation, applying modern information technology to all deposit insurance professional activities such as the process of granting, withdrawing and managing certificate of participation in deposit insurance; putting into operation a reporting information system to ensure complete and reliable information; conducting in-depth examination of insured deposits at 100 percent of weak insured institutions according to monitoring results; perfecting risk monitoring methods and indicators, focusing on early detection and warning of potential risks; calculating and collecting deposit insurance fees; properly performing the roles and responsibilities of participating in special control at the problematic insured institutions; developing contingency plans and payment simulation for each type of insured institutions; diversifying contents and forms of diseminating deposit insurance policies; expanding international relations as well as establishing a coordination mechanism with relevant authorities, etc.
Fourth, what is equally important is that the DIV needs to improve its financial capacity through a series of solutions such as proposing to increase charter capital, diversifying capital portfolio, and supplementing loans from the State Bank of Vietnam (SBV) to affirm the State's commitment and improve depositors' confidence in the deposit insurance policy. Besides, the DIV focus on streamlining and specializing organizational structure; synchronizing operating administration; developing high-quality human resources who are regularly trained and improve their professional knowledge; etc
Fifth, it is essential to mention the close leadership and direction from the Government and the SBV as well as practical support from relevant authorities, insured institutions, local authorities at all levels…
Reporter: Sir, can you share your personal expectations as well as the DIV's for this development strategy?
Mr. Pham Bao Lam: We believe that the Strategy on deposit insurance development to 2025, with a vision to 2030, is of particular significance not only to the deposit insurer but also to the development of the banking industry in general. Comprehensive development-oriented perspectives provide short, medium and long-term overviews for the deposit insurance policy as well as the activities of the deposit insurer. Since then, the objectives, tasks and solutions presented in this Strategy are expected to have positive impacts and help the DIV to promote its strengths and overcome limitations and bottlenecks in policy implementation, thereby better protecting the legitimate rights and interests of depositors, strengthening public confidence in the financial-banking system and contributing to the stable development of the national economy and society.
