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Directive No. 07/CT-TTg dated March 21, 2023 of the Prime Minister on strengthening policy communication states that: In the context of the current information explosion, policy communication should be focused on, improving professionalism in the entire system of state administrative agencies, contributing to creating consensus, improving efficiency and effectiveness in policy implementation.
From the beginning of 2023 until now, the economic and geopolitical context in the world continues to have many complicated and unpredictable developments. Global inflation increased, the US dollar depreciated sharply, the US Federal Reserve (FED) raised interest rates at a fast and strong pace, currencies in many countries around the world have depreciated, the trend of interest rate increases interest rates of central banks, prolonged geopolitical tensions, post-Covid-19 impacts, difficult impacts on all aspects of people's lives; especially the collapse of many major financial institutions in the world…
Domestically, the difficulty in the corporate bond market, real estate... has affected public confidence in the banking and financial system. In that context, raising public confidence, including depositors, in the financial and banking system is of great interest to countries, especially central banks. Vietnam is no exception to that trend.
Communication contributes to bringing policies to life
Central banks around the world consider communication an important activity, contributing to the performance of functions and tasks such as policy disclosure and transparency, raising public awareness and trust in the banking system and the macro-economy, helping to improve the efficiency of monetary policy management. The depth of financial understanding and community's trust are important to contribute to the stability and development of the financial and banking system of each country. In the context of the world's economic and geopolitical situation with many complicated and unpredictable changes today, countries around the world are paying special attention to financial education communication.
In Vietnam, the Prime Minister approved the National Financial Inclusion Strategy to 2025, with orientation to 2030 under Decision No.149/QD-TTg dated 22/01/2020. In particular, an important content is to increase financial understanding for people in order to change awareness, behavior and create good financial habits in the community.
Over the past time, policy communication activities of the State Bank of Vietnam (SBV) have had many innovations in the direction of being proactive and professional, effectively supporting the effectiveness of monetary policy management and banking activities. At the same time, the media has affirmed its role and importance as an integral part of the formulation and implementation of policies of the SBV. However, in the context of rapid changes in the world and in the country, great pressure is put on the management of monetary and banking policies, it is required that policy communication activities of the SBV need to be further strengthened, adapting to the new situation, thereby, meeting the increasing requirements and challenges in the field of monetary - banking information.
Accordingly, the SBV has strictly implemented the disclosure of information in accordance with the provisions of the Law on Access to Information, the Law on Dissemination of Legal Education, etc. Communication activities have undergone innovation in both content and form and methods to the public.
The SBV has taken many measures to improve the quality and policy communication activities to achieve the goal of effectively improving public confidence; improve the efficiency of monetary policy administration and financial education communication, disseminate the law in accordance with the law and the Government's schemes. Focus on communication work before, during and after the promulgation of policies to ensure the effectiveness and effectiveness of policies and laws. In addition, the identification of the public group helps the SBV to choose appropriate communication channels and methods, aiming at the goal that the message to be conveyed will reach the audience that needs to receive the information.
Regarding communication content, the banking industry conducts communication on the basis of issues of interest to people and businesses, especially focusing on new policies, policies that directly affect users of banking services such as exchange rate, credit, interest rate, savings, loan process, payment...
For example, regarding credit policy, at this time, the media helps the public understand the reasons for low credit growth due to the decline in credit demand and weak capital absorption of the economy. For manufacturing enterprises, the output and consumption of products faced difficulties due to the lack of orders, leading to a sharp decrease in the demand for new loans for production. Especially, for small and medium-sized enterprises, the financial situation is weak, there is lack of a viable business plan, so they have not met the loan conditions. Meanwhile, banks must ensure the safety of deposits, cannot lower lending standards to avoid consequences such as bad debts, even entangled in labor if lending is not in accordance with regulations ... In the real estate market property, many real estate projects face legal difficulties, few new projects are implemented, leading to a slow increase in demand for real estate credit compared to the past time. These are also the main reasons for low credit growth in the first 6 months of 2023. Therefore, it is necessary to synchronously coordinate with other macro policies and solutions that will contribute to removing difficulties for businesses and increasing their strength. demand for the economy, opening credit flows.
Especially, at the time when people withdraw money at branches of Saigon Commercial Bank (SCB), the media message was that "the legitimate rights and interests of depositors are always guaranteed according to laws"; at the same time communicating the deposit insurance policy, improving public confidence in the banking system, thereby preventing spillover effects on the system.
In order to bring the guidelines and policies of the SBV to the public, create consensus in public opinion on the management of monetary policy and banking activities, it is impossible not to mention the role of the press agencies. Over the past time, the SBV has actively coordinated with the press agencies in providing information on monetary policy management and banking operations, key tasks of the industry. With the new policies, the SBV has also coordinated with the press agencies to conduct communication before, during and after the policy issuance.
Regarding the form of communication, the SBV has constantly innovated and created on the principle of simplicity, easy understanding, easy to remember, easy to do, easy to spread. In particular, in the context of digital transformation and the current trend of accessing information, the banking industry has chosen forms of communication that attract a large number of the public, typically financial education communication programs with images. Rich, creative and easy to access information, vivid visuals such as "Smart money", "Key box", "Wise coin" ... on VTV (Vietnam Television).
In order to raise awareness, change behavior, and create a good financial community, the SBV has organized financial education programs aimed at the target group of young people. “Understanding money correctly” or a series of financial education media events “Future Banker”…
The leader of the Communications Department - SBV said that the SBV's media agency has been and will continue to responsibly, creatively and innovate community financial education programs, with the desire to change awareness, behavior, forming good financial habits in the community, focusing on people in remote areas, the public with little information about finance and young people to contribute to consumer protection use banking and financial services.
Keep full trust, protect the legitimate interests of depositors
Contributing to improving public confidence, including depositors with the banking and financial system, cannot fail to mention the role of deposit insurance policy communication.
In Vietnam, the Law on Deposit Insurance stipulates that deposit insurance policy communication is a business of Deposit Insurance of Vietnam (DIV). According to the provisions of the Law on Deposit Insurance, DIV has the task of “organizing the dissemination of policies and laws on deposit insurance; organizing training and courses on deposit insurance”. After more than 22 years of construction and development, with more and more diverse methods of disseminating deposit insurance policies to reach a wide range of public, the deposit insurance policy has been widely disseminated, meeting the increasing information needs of depositors, contributing to influencing the authorities to perfect the deposit insurance policy.
In the context of Decision No.689/QD-TTg dated June 8, 2022 of the Prime Minister approving the Project of "Restructuring the system of credit institutions associated with bad debt settlement in the period 2021- 2025” and Directive No.06/CT-TTg dated March 12, 2019 on strengthening solutions to ensure operational safety and firmly strengthen the people's credit fund system (PCFs) are being actively implemented, the role of the deposit insurer in the restructuring process of credit institutions is expanded, so communicating the deposit insurance policy when there is a weak, broken or needing credit institution is a matter of concern.
The role of communication on deposit insurance is very important, not only helping the deposit insurer build its image with the community, but also helping to increase the trust and knowledge about finance and banking for depositors, contributing to maintaining social stability.
In fact, people really need to learn about deposit insurance policy, because once people understand and have knowledge, know the important role of this policy for their interests, it will be beneficial not only for themselves but also benefits state management agencies as well as credit institutions. A full and accurate understanding of the deposit insurance policy will help people to be responsible when choosing and depositing money at insured institutions.
Unlike other types of commercial insurance, the core goal of the deposit insurance is not to "sell" a specific product, but to build and keep depositors' trust, so that protect the legitimate rights and interests of depositors. Based on the survey results as well as the actual communication implementation, the DIV has grasped the information needs as well as the desire to access deposit insurance policy information of depositors, so it has been implementing synchronously effective forms of communication through many different channels and means.
Information and communication work has been actively implemented by the DIV in the direction of diversity in content and form, expanding communication channels, focusing on communication content on the deposit insurance development strategy and policies in amending, supplement the Law on Deposit Insurance.
In addition, DIV actively cooperates with SBV branches in provinces and cities, insured institutions, and local mass organizations to directly disseminate deposit insurance policies to depositors in many provinces and cities across the country, attract the attention and trust of local people.
DIV has been gradually diversifying and modernizing deposit insurance policy communication activities. In addition to the traditional forms, the DIV also focuses on communication on the mass media. Through the website of the DIV, the information about the domestic and foreign deposit insurance is constantly updated, the content is diverse and rich, aimed at many different public objects.
In 2021, the DIV coordinated communication on the program "Handbox of keys" with vivid graphics in the form of graphics, contributing to spreading the deposit insurance policy closer to the public. At the same time, the DIV continued to integrate communication in the annual PCF's Congress events, in regular activities and thematic activities of local socio-political mass organizations such as the Farmers' Union, the Women's Union, the Fatherland Front... thereby meeting the needs of direct communication to depositors in rural areas, depositors at People's Credit Funds.
In parallel with this communication channel, the DIV also disseminate the core contents of the deposit insurance policy flexibly through television channels with wide coverage, through national VOV channels in various forms of performance, such as: studio dialogue program, gameshow, reportage broadcast and skits...
Along with the synchronous implementation of methods, in recent years, the DIV has also promoted the dissemination of the deposit insurance policy to the leaders and staff of the insured institutions, especially the People's Credit Funds, so that these people can accurate knowledge of deposit insurance, thereby being able to advise depositors at the counter. This is the shortest, most practical way to strengthen depositors' trust.
The potential public that is actively approached by the DIV has initially brought about strong communication effects are students of universities and colleges, especially students of economics and banking faculties. Communication to this audience helps them have a correct and accurate view of deposit insurance, through which they can give advice to their family and relatives as well as a knowledge premise for the process of working at the financial institutions of the future...
It can be seen that the renewed efforts in policy dissemination of the DIV are increasingly meeting the people's increasing demand for information on deposit insurance policies, contributing to strengthening the confidence of depositors through many methods. Diverse communication and professional activities are deployed regularly. This makes an important contribution to the behavior and behavior of depositors when there is negative information in the field of finance - banking. Effective communication of deposit insurance policies will help depositors stay calm and clear before false rumors, help them understand safe deposit skills, have confidence in the State's policies, and avoid risks mass withdrawal, thereby contributing to the stability of the system and the safety of banking operations.
Continue innovating to spread the policy, improve public confidence
Policy communication of the SBV will be more and more innovative and creative to suit the new situation. According to the leader of the SBV's Communications Department, communication methods will be increasingly diverse, in which technology and social platforms will be applied to increase the spread, while ensuring easy to understand - remember - easy to operate and help people understand their rights as well as understand the guidelines and policies of the State and the tasks of the banking sector; ensure the provision of transparent information in accordance with the provisions of law and international practices; promote communication and education programs to raise public awareness about monetary policy and banking operations, contributing to system stability. The target audience of the SBV's media continues to be the general public, in which the target audience is young people, people in remote areas, rural areas, the disadvantaged, people without bank accounts...
Not only the SBV, but the system of credit institutions as well as the press in the industry need to continue to perform their duties well, contributing to the development of the banking industry in particular and socio-economic development of the country in general.
“The SBV will continue to implement financial education programs aimed at content of public interest, especially in-depth knowledge of banking and finance such as bond products, savings accounts, insurance, securities, financial investment products and the difference between these types... From there, contributing to raising awareness, changing behavior and protecting consumers from risks when using use financial-banking products and services,” shared Ms. Le Thi Thuy Sen, Director of the Communications Department of the SBV.
For deposit insurance policy communication, in order to further promote its role and improve public confidence in the banking and financial system, the DIV needs to have a methodical communication strategy, targeting a wide range of public (in which there are vulnerable people, people in remote areas, rural areas, young people...), the way of expression is easy to understand, remember, apply, and spread. In particular, it is necessary to have a communication plan for each time and period to ensure it is appropriate and effective.
Furthermore, the DIV needs to develop a communication strategy on deposit insurance in line with the Deposit Insurance Development Strategy. This includes a backup communication plan for the period of restructuring credit institutions. In addition, it is necessary to periodically evaluate the communication strategy of the deposit insurance policy and conduct a survey on the awareness level of depositors in order to update and supplement specific solutions for each period.
In order to integrate into the wave of digital transformation, the DIV needs to research and build and increase its presence in digital environments such as social networks and digital communication channels, thereby increasing awareness. Building a digital data warehouse on depositors - the target public and the general public is an important basis for implementing effective communication programs. In addition, the digital environment allows the DIV to actively listen and actively monitor public opinion in order to determine the direction and message of the media. Good application of digital transformation in the field of deposit insurance policy communication will be the driving force to increase policy awareness, thereby enhancing public confidence.
Communication Department
