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Overcoming challenges caused by the Covid-19 pandemic, DIV’s task of examination of insured institutions ensures quality and meets requirements

In 2021, due to the widely-spread Covid-19 pandemic, social distancing and online working were put in place in various provinces/cities in a long period of time, which greatly affected the onsite examination of insured institutions by the Deposit Insurance of Vietnam (DIV).

Implementation of Scheme on Cashless Payment Promotion in Vietnam for 2021-2025 period

Completing the legal framework and mechanism, policies on cashless payment; upgrading and developing modern, safe and effective payment infrastructure; promoting electronic payments in the government sector and public administrative services; strengthening the inspection, examination, supervision to ensure security and safety in payment, and applying international standards in payment activities v.v. are some of the key tasks outlined in the Decision No. 2006/QD-NHNN dated December 17, 2021 of the State Bank of Vietnam (SBV) on the Implementation Plan for Decision No. 1813/QD-TTg dated October 28, 2021 of the Prime Minister approving the Scheme on Cashless Payment Promotion in Vietnam for the 2021-2025 period. The Decision took effect from the date of signing.

Dissemination of Banking Sector's Tasks in 2022

In the afternoon of December 29, 2021 in Hanoi, the State Bank of Vietnam (SBV) organized a hybrid (both physical and virtual) Conference to announce and disseminate the tasks of the banking sector in 2022.

Deposit Insurance of Vietnam holds a bilateral meeting with Central Deposit Insurance Corporation (Taiwan)

On December 16th, 2021, the Deposit Insurance of Vietnam (DIV) and the Central Deposit Insurance Corporation, Taiwan (CDIC) organized a bilateral meeting on the occasion of renewing the Memorandum of Understanding between the two organizations and celebrating the 15th year of their strategic partnership. The meeting was held virtually due to the spread of the Covid-19 pandemic.

Deposit Insurance of Vietnam attends the 2021 Annual General Meeting of International Association of Deposit Insurers

On 2nd December 2021, the Deposit Insurance of Vietnam (DIV) attended the 2021 Annual General Meeting of International Association of Deposit Insurers (IADI), which was held virtually due to the Covid-19 pandemic. The meeting was an important session in the IADI’s series of events taking place from 4th November to 3rd December 2021.

PRESS RELEASE: THE MEMORANDUM OF UNDERSTANDING RENEWED TO EXPAND CDIC AND DIV COOPERATION

In view of the lessons learnt from the 2008 global financial crisis, the fast development of financial technology as well as the recent COVID-19 global health emergency, continuously strengthening cross-border cooperation has demonstrated its importance to deposit insurers worldwide. The Central Deposit Insurance Corporation (CDIC) and Deposit Insurance of Vietnam (DIV) have maintained a close relationship through information and experience sharing as well as seminars for 15 years since the first signing of the MOU in 2006. Both parties appreciate their close MOU partnership and trust that with continued support and cooperation, the bilateral cooperative relationship will be further fortified in facing future challenges.

Expert and public opinion on the coverage limit: Increasing depositors’ confidence and attracting more idle capital from residents

The recent increase in coverage limit proves the strong commitments and efforts of the Government in protecting the legitimate rights and interests of depositors. Accordingly, from December 12, 2021, the maximum amount of insurance to be paid for all insured deposits (including principal and interest) of an individual at an insured institution, according to the Law on Deposit Insurance, will be 125 million dongs instead of 75 million dongs (the coverage limit of 75 million dongs has been applied since 2017). The reporter received some opinions on the increase in the coverage limit.

Implementing deposit insurance operations during the Covid-19 pandemic

Since the beginning of 2021, the Covid-19 pandemic has continued to develop complicatedly and spread across the country. Da Nang is one of the localities heavily affected by the pandemic with social distancing orders regularly and intensively implemented according to the Government's directives. Da Nang Regional Branch of the Deposit Insurance of Vietnam (the Branch) has closely followed the directions of the Government, the Deposit Insurance of Vietnam (DIV), and the local authorities, strictly complied with the pandemic prevention measures in order to ensure the implementation of the dual goals of "containing the pandemic simultaneously with completing the assigned political tasks, contributing to the completion of the proposed plan".

Webinar held by Deposit Insurance of Vietnam and Deposit Insurance Agency of Russian Federation

On September 23, 2021, the Deposit Insurance of Vietnam (DIV) in collaboration with the Deposit Insurance Agency of the Russian Federation (DIA) held a Webinar entitled "Reimbursement and Liquidation - Experience and lessons learned of the Deposit Insurance Agency of the Russian Federation”.

Deposit insurance coverage limit increased to 125 million VND

On October 20, 2021, the Prime Minister promulgated Decision No. 32/2021/QD-TTg on deposit insurance coverage limit, replacing Decision No. 21/2017/QD-TTg dated June 15, 2017. Accordingly, the maximum amount paid for all insured deposits of a depositor at a credit institution in accordance with the Law on Deposit Insurance (including principal and interest) is 125 million VND. This decision takes effect from December 12, 2021.

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