DI Fact Sheet
Legal Foundation
Decision No. 218/1999/QĐ-TTg dated 9 November 1999 by the Prime Minister
Came into operation
7 July 2000
Governed by
The State Bank of Vietnam (SBV)
Regulated by
Law on Deposit Insurance, passed by The National Assembly on June 18th, 2012 and came into effect on January 1st , 2013.
Objectives
-  Non-profit institution.
-  Protecting legitimate rights and benefits of depositors.
-  Making contributions to maintaining the stability of insured institutions and the safe and sound development of the banking system.
Insured Institutions
- Joint Stock Commercial Banks
- Cooperative Banks
- People’s Credit Funds
- Foreign bank branches
- Micro-finance Institutions
Subjects of depositor covered
Individuals who have insured deposits at insured institutions.
Insured deposits
Deposits in Vietnamese dong of individuals at insured institutions in the forms of term deposits, demand deposits, savings accounts, certificates of deposit, bills, notes and other types of deposits.
Uninsured deposits
- Deposits at credit institutions of individuals who own more than 5% of total chartered capital of those credit institutions.
- Deposits in credit institutions of individuals who are members of the Board of Directors, the Board of Supervision, General Directors (Directors), General Deputy Directors (Deputy Directors) of those credit institutions; deposits in branches of foreign-owned banks of individuals who are General Directors (Directors), General Deputy Directors (Deputy Directors) of those branches of foreign-owned banks.
- Investment in unnamed bills or notes issued by insured institutions.
Deposit Insurance Coverage Limit
50 million Vietnamese Dong (consist of principal and interest), paid to the depositors when insurance payment duty arises.
Treatment of amounts exceeding the insurance coverage limit
Shall be settled in the course of liquidation of the insured institution’s assets in accordance with provisions of law.
Certificates of deposit insurance participation
- No later than 15 working days before the date of opening operations, credit institutions shall submit application dossiers for certificates of deposit insurance participation to the deposit insurance organization.
- Insured institutions shall publicly display copies of certificate of deposit insurance participation at all business offices accepting deposits.
Premiums
- The Prime Minister shall set the frame of deposit insurance premiums on the basis of the proposal of the State Bank.
- Premiums shall be calculated on the average balance of insured deposits with the insured institution.
Current Premium Rate
0.015% per annum out of the average deposit balance of deposits insured at insured institutions.
Insurance payment
Insurance payment duty arises from the date when the State Bank, in writing: Terminates the special control status of an insured institution or terminates the application of measures to rehabilitate solvency of the insured institution or does not apply these measures, and the insured institution is, however, still in bankruptcy; or when the State Bank identifies in writing that a foreign bank’s insured branch is incapable of paying deposits to depositors.
Deadline for the insurance payment
Within 60 days of the date when insurance payment duty arises, the deposit insurance organization shall be obliged to make insurance payment to the insured depositors.

 

INSURED INSTITUTION’S LIFE CIRCLE