1. The Deposit Insurance of Vietnam is a legal entity, operates for non-profit purposes in order to protect legitimate rights and interests of depositors, to implement deposit insurance policies, contributing to maintaining stability of credit institutions and ensuring safe and sound development of the banking activities.
2. The Deposit Insurance of Vietnam operates in principles of ensuring the safety of its capital and covering its expenses by itself. The Deposit Insurance of Vietnam has a legal entity, an independent accounting, a seal and an account under Vietnamese law.
3. The Deposit Insurance of Vietnam is exempted from all taxes according to the provisions of law.
4. The Ministry of Finance shall assume the prime responsibility for the financing regime of the Deposit Insurance of Vietnam in coordination with the State Bank of Vietnam as stipulated by the applicable legal regulations.
Specific tasks and Authorities
1. To build a deposit insurance development strategy for the State Bank of Vietnam to submit to the Prime Minister for approval and to implement upon the approval.
2. To recommend the State Bank of Vietnam and authorized State bodies to issue or amend, supplement, replace, cancel, repeal or suspend legal documents relating to deposit insurance activities.
3. To grant, re-grant and revoke certificates of deposit insurance participation.
4. To require insured institutions to periodically or ad hoc provide information on insured deposits.
5. To provide information to the State Bank of Vietnam and vice versa to access to and exchange information with the State Bank of Vietnam.
6. To calculate and collect deposit insurance premiums from insured institutions in accordance with the provisions of this Law.
7. To manage, use and preserve the deposit insurance funds.
8. To make deposit insurance payouts to insured depositors in accordance with the provisions of the Law on Deposit Insurance and related legal documents.
9. To monitor and examine the compliance with legal regulations on deposit insurance; to make recommendations to the State Bank of Vietnam in dealing with actions violating legal regulations on deposit insurance.
10. To collect, analyze and process information on insured institutions in order to detect and report to the State Bank of Vietnam so that it can, in a timely manner, deal with violations of the prudential regulations on banking operations and risks causing insecurity to the banking system.
11. To ensure the confidentiality of deposits and documents relating to deposit insurance of insured institutions as legally stipulated.
12. To receive assistance in the principle of reimbursement from the State budget pursuant to the Prime Minister decisions or to borrow from credit institutions, other institutions under guarantee of the Government in case the operational fund of the deposit insurance organization is temporarily not adequate for paying insurance; to receive assistance from local and foreign organizations and individuals to enhance operational capacity.
13. To participate in the process of special control over insured institutions as stipulated by the State Bank of Vietnam; to participate in the management and liquidation of assets of insured institutions as regulated by the provisions of law.
14. To organize public awareness activities regarding policies and legislations on deposit insurance; to organize training courses on deposit insurance, research into applied science, technology and management methods in compliance with the development needs of the deposit insurance organization.
15. To make commitments to insured institutions and other commitments under the responsibilities of the Deposit Insurance of Vietnam.
16. To make renovation, modernization of technology and method of management in accordance with the development requirements of the Deposit Insurance of Vietnam.
17. To implement obligations for employees in accordance with provisions of law; to recruit, hire, arrange, provide training of human resources, select ways of salary, wage and bonus payment as stipulated by provisions of law.
18. To legally receive, manage and use the charter capital; supplementary fund; land and other resources from the State in accordance with provisions of law.
19. To transfer, hire, mortgage or pledge assets under authorized management in accordance with provisions of law.
20. To cooperate with domestic and foreign organizations in order to enhance its operational capacity and the capacity of insured institutions.
21. To be examined, inspected, supervised by the State Bank of Vietnam and authorized State agencies as legally regulated.
22. To carry out other operations as permitted by the Prime Minister or the Governor of the State Bank of Vietnam