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Disseminating deposit insurance policy: To promote the reputation of People’s Credit Funds

The term “People’s Credit Funds” sounds unfamiliar to people living in cities where they have access to many banks easily. In fact, it provides capital to million people in provinces, rural and remote areas. In order to promote the public confidence in the People’s Credit Fund (PCF) system, over the years, the DIV has made relentless efforts to hold communication events, which reflected DIV’s commitment to “protect rights and legitimate interests of depositors”. The PCF system has therefore seen constant growth.

MOU signing ceremony & bilateral meeting between DIV and PDIC

From November 11 to 15, 2018, the Deposit Insurance of Vietnam (DIV) delegation, led by Mr. Nguyen Quang Huy, Chairman of the Board of Directors, paid a working visit to the Philippine Deposit Insurance Corporation (PDIC) in Manila, the Philippines. On this occasion, the DIV signed a Memorandum of Understanding (MOU) with the PDIC and learnt about the PDIC’s core operations. Besides, the delegation also paid a courtesy visit to senior officers of the Central Bank of Philippines. 

Delegation from Korea’s Financial Services Commission and Korea Deposit Insurance Corporation paid a visit to Deposit Insurance of Vietnam on November 14, 2018

On November 14, 2018, delegation from Korea’s Financial Services Commission (FSC) and Korea Deposit Insurance Corporation (KDIC) paid a visit and worked with Deposit Insurance of Vietnam at the headquarters. The meeting was aimed at exchanging and sharing information on several issues of mutual concern.

Promoting the role of protecting depositors’ interests

Pursuing the ultimate goal of contributing to maintaining the stability of the credit institutions system, protecting legitimate rights and interests of depositors, the Deposit Insurance of Vietnam (DIV) actively conducted professional activities in the right direction and obtained remarkable achievements in almost all operations, from strengthening the legal framework, effectively implementing deposit insurance (DI) policy to improving supporting activities.

Modernization of information technology system –promoting the role of deposit insurance policy

The Financial Sector Modernization and Information Management System (FSMIMS) project – component of the Deposit Insurance of Vietnam (DIV) – was completed and has been put into operation helping the DIV to modernize professional processes to better protect depositors’ interests and contribute to the safe and sound operation of credit institutions system. QuangTrungpeople’s credit fund (Ha Dong district, Hanoi city) is one of the project beneficiaries. Ms Mai Thi Minh Huong – the fund’s Managing Director talked about the changes brought about by the project. 

DIV further promotes communication activities to young people

Nowadays, the promotion oflegal education for studentsplays an important role in socio-economic developmentin our country. Being well aware of this, Deposit Insurance of Vietnam (DIV) attaches great importance to communication activities, highlighting on disseminating deposit insurance (DI) policy tostudentsat colleges and universities. By this way, it also contributes to boostingfinancial education which is growing fast in our country.

Financial services have yet to reach out to many Vietnamese people

In Vietnam, most poor people have no access to many mobile banking services

The State Bank of Vietnam has more tools to control cash flows

The fluctuations of Interest rates and the exchange ratehave beenunder the control of the State Bank of Vietnam (SBV), which would allow SBV to carry out the policy of transferring State Treasury’s deposits from commercial banks to SBV.

To promote Deposit Insurance policies implementation at micro-finance institutions

Microfinance institutions have so far become an important element in the socio-economic development in general and the hunger and poverty eradication in particular. At the moment, besides developing the legal framework to facilitate the establishment of more resilient microfinance institutions (MFIs), it is also necessary to promote the implementation of deposit insurance policies at these institutions.

Active and flexible monetary policy regulation

On 21st May 2018,an additional report on the results of socio-economic development in 2017, early 2018 and the key tasks and solutions in the coming time was deliveredto the National Assembly byStanding Deputy Prime Minister Truong Hoa Binh, in which he emphasized: an active and flexible monetary policy would ensure the liquidity and safety of the financial system.

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