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Highlights of deposit insurance activities in first quarter of 2020

Amid socio-economic fluctuations and the complicated developments of the COVID-19 pandemic, Deposit Insurance of Vietnam (DIV) closely followed the directions given by the Government and the State Bank of Vietnam (SBV) to implement assigned tasks effectively and achieved  outstanding results in the first quarter of 2020.

SBV ranks first out of central Government ministries and agencies in PAR Index for fifth consecutive year

On May 19, 2020, at the headquarters of the Government, the Government’s Steering Committee for Administrative Reform organized an online conference to announce the Public Administration Reform (PAR) Index in 2019 for the central Government ministries and agencies, and the People’s Committees of the provinces and centrally-controlled cities, as well as the Satisfaction Index of Public Administration Services (SIPAS) in 2019. Accordingly, the State Bank of Vietnam (SBV) received the highest score of 95.4/100 for PAR Index 2019 and continued to achieve the first rank. This was the fifth consecutive year that the SBV has ranked the first out of the central Government ministries and agencies in the PAR Index.

DIV proactively prevents and fights COVID-19

In order to strengthen measures to prevent and control the acute respiratory infection caused by a novel coronavirus (COVID-19), prevent the penetration and spread of the disease, proactively and effectively respond to the pandemic, contributing to protecting and improving its employees’ health, the Deposit Insurance of Vietnam (DIV) issued an Action Plan for Prevention and Control of COVID-19 on February 10, 2020.

Recover nearly 27 trillion dongs of NPLs in the first quarter of 2020

Credit institutions in Vietnam settled more than VNĐ 26.94 trillion (US$1.17 billion) of non-performing loans (NPLs) in the first quarter of this year.

State Bank reduces rates to aid post-pandemic recovery

The State Bank of Vietnam on Tuesday decided to slash many rates by up to 0.5 percentage points for the second time in 30 days in a bid to get the economy back on track after the COVID-19 pandemic. The rate cuts take effect on May 13.

The banking industry implements urgent measures to prevent and combat COVID-19 pandemic

To execute Prime Minister's Directive No. 16/CT-TTg dated March 31, 2020 on the implementation of the urgent measures to prevent and combat COVID-19 pandemic, The State bank of Vietnam (SBV) held a virtual meeting to announce the direction for the whole banking sector. In particular, the SBV Deputy Governor Dao Minh Tu requested the entities throughout the sector to continue to ensure timely, accurate and safe services of the essential social and economic demands, such as cash transactions and payments.

Deposit Insurance of Vietnam issues Regulation on deposit insurance premiums

On December 4, 2019, the Deposit Insurance of Vietnam (DIV) issued the Decision No. 1116/QD-BHTG on issuing the Regulation on deposit insurance (DI) premiums. This Regulation was developed to replace the previous documents which were no longer suitable to the new legal basis. It inherits some relevant contents of the previous documents; supplements and amends the missing and unclear contents so that insured institutions and the DIV’s officers in charge of DI premium collection can  easily and smoothly implement their tasks. The Regulation was effective on March 1, 2020.

Banks offer higher rates for online savings to draw clients amid Covid-19 pandemic

To encourage customers to deposit money online amid the COVID-19 pandemic, many banks have raised interest rates for online savings by up to 1.4 per cent higher than over-the-counter deposits.

Reduce fees to promote cashless payments amid COVID-19

The National Payment Corporation of Vietnam (NAPAS) announced on March 16 that there will be reduction on the fees for fast interbank fund transfers for the second time this year to promote cashless payments amid the rapid spread of the COVID-19 pandemic. 

Cash to be disinfected to prevent further Covid-19 spread

It is requested by the State Bank of Vietnam (SBV) that banks move to disinfect cash while also encouraging people to use contactless forms of payment in an effort to prevent the spread of the novel coronavirus (COVID-19) among the community.  

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