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The deposit insurance policy plays a crucial role in bolstering public trust in the banking system, a trust that is vital for the stability and growth of the economy< /p>
As one of the important players in the system of agencies ensuring national financial safety, the deposit insurance is responsible for protecting people's deposits on behalf of the Government. According to legal regulations, commercial banks, cooperative banks, people's credit funds (PCFs), microfinance institutions, and foreign bank branches (collectively referred to as credit institutions) that receive deposits from individuals must participate in compulsory deposit insurance. In case an institutional institution is dissolved or goes bankrupt, the deposit insurer will reimburse depositors as stipulated. In addition to the reimbursement function, the deposit insurance also contributes to building and enhancing public trust in the banking system through a number of activities such as examination and supervision for insured institutions; participate in supporting, preventing, and resolving the failure of credit institutions; communication of deposit insurance policy to depositors.
According to the provisions of Clause 14, Article 13 of the Law on deposit insurance, the deposit insurance is required to "organize the dissemination of the policy and laws on deposit insurance; organize training and professional development on deposit insurance." In recent times, the Deposit Insurance of Vietnam (DIV) has actively disseminated the deposit insurance policy, especially core contents on depositors' rights such as deposit insurance coverage limit, examination and supervision mechanism of credit institutions, and deposit insurance reimbursement procedures... At the same time, DIV also informs new regulations on monetary policies and related banking activities to depositors. As a result, people have more confidence in the State's policies, feel secure in depositing money at credit institutions, and avoid the disturbance by negative rumors that lack transparency about banking activities. Hence, the stable operation of credit institutions and social security is more and more assured.
Insured institutions – the extended arms in communicating deposit insurance policy
Insured institutions play a crucial role in communicating deposit insurance policies directly to depositors. Through their daily interactions with depositors, credit institutions can easily share and answer questions about depositors' rights, including the benefits of deposit insurance. Moreover, credit institution staff have the opportunity to understand the concerns and issues about deposit insurance that depositors care about and can provide feedback to the DIV, the State Bank of Vietnam (SBV), and local authorities to improve and enhance the policy's effectiveness.< /p>
Therefore, in recent years, the DIV has regularly promoted the dissemination of deposit insurance policies, important events, activities, and orientations in prestigious newspapers and magazines with a wide reach in the banking industry , such as Banking Magazine, Banking Times, and Financial and Monetary Market Magazine. At the same time, the DIV has coordinated with the Communications Department - SBV and relevant agencies to organize and participate in a number of communication programs at the industry level. Along with these communication channels, the DIV has actively used the website and the bulletin as effective information channels for depositors and public institutions, focusing on building and disseminating diverse and rich information about deposit insurance and finance. The deposit insurance bulletin is published quarterly and sent to all insured institutions, with the aim of providing information to leaders and transaction officers at these units to ensure that they have the right understanding of deposit insurance and advise depositors if necessary.
In addition, the DIV regularly organizes events at public institutions, integrating into PCFs' congressional meetings and in-depth examination activities under the direction of the Governor of the SBV, thereby creating conditions for contacting, meeting, exchanging, and recording practical opinions on protecting depositors' rights from the groundswells.
On the side of insured institutions, although there are no legal regulations on the responsibility of coordination between DIV and them in disseminating the deposit insurance policy, many credit institutions have actively promoted information about the dit insurance to depositors.
Many banks have taken proactive steps to ensure depositors are well-informed about the deposit insurance program. By publicly displaying their participation certificate and including information about deposit insurance in various customer communication materials, these banks are helping depositors feel more informed and confident.
Many credit institutions recognize the importance of communicating deposit insurance policies while promoting new products and services. This reflects their social responsibility and direct accountability to depositors, indirectly contributing to the stable development of banking activities. Such communication on deposit insurance also helps institutions strengthen their reputation, build trust, and increase their ability to mobilize capital from the population.
Solutions to promote the effectiveness of communication on deposit insurance
In the near future, the banking system is expected to encounter various challenges and difficulties due to the global economic downturn, necessitating a stronger focus on the dissemination of financial knowledge, particularly regarding deposit safety and insurance for depositors. To enhance the effectiveness of communication regarding deposit insurance policy:
For the DIV, the Law on deposit insurance only stipulates that the deposit insurance shall disseminate deposit insurance policies and laws. However, the implementation, in reality, shows that the deposit insurer's brand identity and operation also impacts the policy implementation to the people. Therefore, in order to improve public awareness of deposit insurance, in the process of amending and supplementing the Law on deposit insurance, it is necessary to supplement and allow the deposit insurance to communicate about its image and activities.
For public institutions, currently, these organizations participate in disseminating the deposit insurance policy on a voluntary basis, while they are one of the beneficiaries of the deposit insurance policy and have the conditions to contact depositors directly. Therefore, enhancing the role of these organizations in disseminating the State's depositor protection policy is necessary and in line with practical requirements. Therefore, it is necessary to study and supplement the content of the regulation that insured institutions are responsible for organizing the dissemination or coordinating with the deposit insurance in disseminating the deposit insurance policy and deposit insurance activities.
In fact, the SBV has requested the DIV to coordinate in developing plans, organizing and implementing training courses, and fostering PCFs' officers to raise awareness of compliance with the provisions of the Law on deposit insurance. It is also an opportunity for the DIV to promote the dissemination of deposit insurance policies, orient messages, and provide core communication content to convey to credit institution staff. From then on, credit institution staff are the "extended arm" in communicating about deposit insurance to depositors. Therefore, it is necessary to consider supplementing this content when amending and supplementing the Law on deposit insurance.
For the banking management agency, it is necessary to have the policy to include knowledge about deposit insurance in the training program for banking staff; direct insurance institutions to communicate about deposit insurance on savings certificates, banking products, and services, or electronic banking applications so that depositors can access deposit insurance policy more regularly and continuously. Thereby, depositors will feel secure in depositing money in the banking system, which helps mobilize capital for the country's economic growth. According to statistics from the SBV, as of July 2024, over 80% (about 65 million people) of adults have bank accounts. The number of bank accounts is about 180 million, meaning that, on average, each Vietnamese person has about three bank accounts. Meanwhile, banking activities have a chain effect; sometimes, just a few negative information can have a negative impact on the image of a specific bank, causing a mass withdrawal and affecting the safety of the whole system. Therefore, to ensure psychological stability and maintain the trust of depositors and people, the authorities are responsible for providing clear and transparent information about banking activities to the public, including information about products and services, management and operation of credit institutions, especially information about deposits safety, including deposit insurance.
Communication Department
