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Interview with Mr Vu Van Long –Deputy Director of the Deposit Insurance of Vietnam: Efforts to bring deposit insurance activities in Vietnam close to international practices

After nearly 20 years of operation, the Deposit Insurance of Vietnam (DIV) has affirmed its increasing roles in protecting legitimate rights of depositors, contributing to keeping the credit institution system stable for prudential and sound development of banking activities in Vietnam. Besides, the DIV has been making its great efforts to bring deposit insurance activities close to the international practices. To have better understanding of these achievements, the interviewer had an interview with Mr Vu Van Long –Deputy Director of the Deposit Insurance of Vietnam.

Interview with Assoc. Prof. Dr. Nguyen Thi Mui –Member of the National Financial and Monetary Policy Advisory Council: People need to have thorough understanding of deposit insurance

Depositing idle money with banks is a habit of many people. These deposits not only bring profits through interest, but also are ensured through deposit insurance policy (DI). If credit institutions fail, depositors will be paid out for their insured deposits. How are rights of depositors ensured? How is the role of DI institution indicated? In this regard, the interviewer had an interview with Assoc. Prof. Dr.   Nguyen Thi Mui - Member of the National Financial and Monetary Policy Advisory Council.

Deposit insurance facilitates rural economic development in Dong Thap

Dong Thap is one of 13 Mekong Delta provinces in which agriculture is the biggest component in the economic structure. Economic development in rural areas therefore becomes a key responsibility. As of August 31, 2018, total outstanding loan was 54 trillion dongs, increased by 7% compared with early 2018; capital mobilization stayed at more than 40 trillion dongs, with growth of 10% compared with early 2018. The average outstanding loans for rural and agricultural development over the years accounted for 70% of the total loans.

 

State Bank of Vietnam (SBV) requires banks to strengthen confidentiality of customer information

On November 9, 2018, the State Bank of Vietnam (SBV) issued Circular No. 8511 / NHNN-TT on strengthening the confidentiality of customer information following customers’ credit card transaction information leaks in Mobile World group. 

Ensuring security and safety in card payment

In addition to risk management and control, close instructions of the State Bank of Vietnam (SBV), compliance, close coordination of related parties such as card issuers, card payment organizations and card merchants, cardholders (customers)’ vigilance is also highly important.

Higher debt recovery rates reduces bad debts ratio.

Dr. Nguyen Duc Kien – Vice Chairman of the Economic Department, the National Assembly (NA), deputy of the Soc Trang NA Delegation made his point at the group discussion on socio-economic issues this morning (22/5).

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.

Financial services have yet to reach out to many Vietnamese people

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

Mobile banking: narrowing distance, minimizing costs

Over the world, there have been various successful models of mobile banking/ digital banking service. In Vietnam, this kind of modern financial service has recently been applied in order to improve financial inclusion for people in rural and remote areas.

Deposit insurance policy – Local opinions

Deposit insurance policy has been officially implemented in Vietnam for nearly two decades. In particular, the promulgation of the Law on Deposit Insurance in 2012 has strengthened the legal basis and increased the efficiency of depositor protection, whichhas contributed to maintaining the stability of the credit institution system, ensuring the safe and healthy development of banking operations. The reporter reviews and summarizes feedback from the public all over the country on this policy.

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