Trang Chủ
The VICIF is an annual event of the Vietnam Finance Association International (VFAI), a non-profit organization officially registered in the UK in 2016. The conference serves as a forum for experts, researchers and university lecturers from Vietnam and around the world to discuss banking and finance issues. This year, the DIV participated as a co-organizer of the 8th VICIF. A highlight of the conference was a special session on DI, reflecting the growing role of deposit insurers in protecting financial consumers in general and depositors in particular. Recognizing the Korea Deposit Insurance Corporation (KDIC) as a leading DI organization in the region, the DIV invited Dr. JaeHoon YOO - Chairman and President of the KDIC to be the speaker at this session.
The DIV and KDIC delegations take group photo at the conference
In his presentation, Dr. JaeHoon YOO shared about the KDIC's development journey and initiatives to best protect the rights and interests of depositors. Since its establishment in 1996, KDIC has continuously improved the DI system in Korea to better deal with financial crises and adjusted DI policies in line with international standards such as the Core Principles for Effective Deposit Insurance Systems. The KDIC has successfully transformed from a small-sized ‘Paybox’ to a 'Risk- Minimizer' with more functions and responsibilities. Moreover, as an ‘Integrated Protection Scheme’, the KDIC covers a broad range of financial products from six different financial sectors. Recently, the KDIC announced ‘KDIC 3.0’ initiative to strengthen financial consumer protection in Korea through financial education programs, support service for victims of misdirected wire transfers or compensation for mis-sold financial products.
The discussion session was engaged with the active participation of speakers and delegates. At the session, Ms. Phan Thi Thanh Binh - Deputy General Director of the DIV introduced an overview of its tasks and functions, emphasizing the role of deposit guarantees in protecting financial consumers in general and depositors in particular as well as contributing to the stability of the financial system. The DI Development Strategy to 2025, with a vision to 2030 and the Law on Credit Institutions in 2024 have assigned many new tasks to the DIV, participating more effectively especially in the resolution of weak credit institutions. Therefore, it is crucial for the DIV to study and learn from the experience of deposit insurers around the world to improve its operational capacity to fulfill its assigned tasks. The special session on DI attracted the attention from a lot of participants.
Ms. Phan Thi Thanh Binh - Deputy General Director of the DIV receives a souvenir token at the conference
At the conference, the DIV also carried out public awareness activities such as setting up standees and providing information to educate depositors about DI policies and the DIV's operations, contributing to achieving the goal of increasing depositors' awareness of DI policies as set out in the DI Development Strategy.
Research and International Cooperation Department (Translation)
