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Also attending the Conference were representative leaders of several departments of the SBV, representative leaders of the Area 3 Department of the Central Inspection Commission Agency, the Central Internal Affairs Committee, representative leaders of the Co-operative Bank of Vietnam, and the Department of Economic Security of the Ministry of Public Security.
From the DIV, there were Mr. Pham Bao Lam - Chairman of the Board of Directors; Mr. Vu Van Long - Deputy General Director in charge of management; members of the Board of Directors, members of the Board of Management; Supervisory Panel; delegates who were former leaders of the DIV; The Trade Union, Youth Union and department and division leaders of the headquarters; Boards of Management and department managers of branches throughout the system of the DIV.
Speaking at the conference's opening, Mr. Pham Bao Lam, Chairman of the DIV Board of Directors, emphasized that, in 2023, closely following the government's direction and under the close management and direction of the SBV, the entire DIV system overcame all difficulties, promoted the spirit of solidarity and collective wisdom, and synchronously implemented and effectively accomplished its assigned key tasks, affirming its vital role in implementing the deposit insurance policy.
On behalf of the Board of Management, Mr. Vu Van Long, Deputy General Director in charge of management of the DIV, reported the 2023 operation results and the tasks to be implemented in 2024.
Accordingly, in 2023, immediately after the Prime Minister approved the Strategy on Deposit Insurance Development to 2025, with orientations to 2030 in Decision No. 1660/QD-TTg, dated December 30, 2022, the DIV issued and reported to the SBV on the Action Program to implement the Strategy on Deposit Insurance Development; At the same time, thoroughly grasped and assigned specific tasks to units throughout the system to implement of the Detailed Plan for implementing the Action Program to implement the Strategy on Deposit Insurance Development.
Thanks to closely following the direction and guidance of superiors, the leaders of the DIV have led and directed its units to focus on drastically implementing assigned tasks and achieved a number of outstanding results such as: The DIV has consulted and proposed the SBV to submit to the Prime Minister on the approval of the DIV's charter capital of 5,281 billion VND, an increase of 6% compared to 2022; Total assets of the DIV reached more than 110 trillion VND, an increase of nearly 15% over the same period in 2022; The professional reserve fund reached more than 100 trillion VND, an increase of more than 15% over the same period in 2022; The DIV exceeded the business plan targets assigned by the SBV.
In 2023, the DIV focused on synchronously and effectively implementing professional activities according to tasks and missions to contribute to the overall achievements of the banking industry. The DIV is protecting more than 110 million depositors at 1,280 insured institutions. The DIV completed the deposit insurance premium collection target in 2023 assigned by the SBV of 9,267 billion VND. The DIV’s units throughout the system continued to supervise 100% of insured institutions regularly, strengthened supervision to detect and provide early warnings to insured institutions being at risk, causing insecurity to the banking system, completed 100% of the 2023 examination plan approved by DIV's Board of Directors for 266 insured institutions and completing 100% of the examination plan for People's Credit Funds according to the direction of the SBV for 60 PCFs.
The DIV also well managed deposit insurance premium collection, actively encouraging, guiding, and answering problems regarding the calculation and payment of deposit insurance premiums. The total amount of deposit insurance premiums collected in 2023 was more than 10 trillion VND, exceeding 10.25% of the plan assigned by the SBV. The DIV waived deposit insurance premiums for several insured institutions placed under special control according to regulations with a total amount of 755.8 billion VND.
The communication of deposit insurance policy in 2023 always followed the direction of the Strategy on Deposit insurance development approved by the Prime Minister, events of DIV, domestic and international deposit insurance activities. The DIV also updated current information on monetary policy and banking operations promptly, especially contents related to proposed amendments and supplements to the Law on Deposit Insurance and the Law on Credit Institutions. At the same time, the DIV continued to maintain and expand communication activities on many different media channels to raise depositors' awareness of the deposit insurance policy.
In particular, the DIV successfully hosted and organized the 2023 Technical Assistance Workshop of the International Association of Deposit Insurers - Asia-Pacific Regional Committee with the theme: "Enhancing the role of deposit guarantees in early detection and timely intervention" in November 2023. The workshop attracted the participation of nearly 100 delegates, including representatives from central banks and 13 deposit insurers in the region and around the world. The workshop was highly appreciated for its theme and organization, contributing to enhancing the role and position of the DIV.
To further promote the achievements, at the Conference, Ms. Phan Thi Thanh Binh - Deputy General Director of the DIV, launched the emulation movement in 2024 with the theme "Overcoming difficulties, being steadfast and proactive, competing to complete the tasks of the DIV and the Banking industry in 2024".
Specifically, the DIV will closely follow the Action Plan to successfully implement the Deposit Insurance Development Strategy to 2025, with orientation to 2030 approved by the Prime Minister. It will continue to research and propose amendments to the Law on Deposit Insurance, complete the legal framework to implement deposit insurance policies more effectively and participate more deeply in the process of restructuring the insured institution system. The DIV will also actively implement innovation, creativity, and digital transformation solutions to keep up with the banking industry's fast and robust development trend.
Speaking at the Conference, Mr. Dao Minh Tu, Standing Deputy Governor of the SBV, highly appreciated the outstanding results in 2023 of the DIV in all aspects of operations and agreed with the key tasks in 2024 proposed by the DIV. In addition, the Deputy Governor highlighted a number of key tasks that the DIV needs to focus on in 2024, such as: Continuing to implement the Detailed Plan of the Action Program to implement the Deposit Insurance Development Strategy to 2025, with orientation to 2030 and the goals set out in the Project on Communication of deposit insurance policy to 2025, with orientation to 2030; Focusing on researching and proposing amendments and supplements to the Law on Deposit Insurance; Strengthening examination and supervision, expanding the scope of examination according to the direction of the SBV; Promoting the digital transformation process, applying information technology and modern science in direction and administration; Promoting communication on amendments and supplements to the Law on Deposit Insurance and policy communication to improve people's understanding of Deposit Insurance and the role of the DIV; Continuing to maintain and expand international cooperation activities and exchange experiences with deposit insurers, contributing to improving the operational capacity and efficiency of the DIV...
On behalf of the entire DIV system, Mr. Pham Bao Lam, Chairman of the Board of Directors of the DIV, thanked the SBV's Board of Directors and Standing Deputy Governor Dao Minh Tu for acknowledging the achievements of the DIV in 2023. Mr. Dao Minh Tu's acknowledgement has encouraged the DIV to continue implementing key tasks in the coming time. The DIV will learn and thoroughly grasp the instructions of the Deputy Governor at the Conference to successfully achieve the set goals and tasks, effectively fulfill the mission of protecting the legitimate rights and interests of depositors, contributing to ensuring the safety of the banking system.
At the Conference, Mr. Dao Minh Tu, Standing Deputy Governor of the SBV, awarded the Labor Medal, Certificate of Merit from the Prime Minister, Certificate of Merit from the Governor of the SBV, Emulation Flag of the SBV and emulation titles of the Banking industry to the collectives and individuals of the DIV with outstanding achievements.
In 2024, the DIV will fully, synchronously, and effectively implement deposit insurance operations, focusing on:
1. Effectively developing and implementing the DIV's 2024 Operational, Financial, Labor and Salary Plan.
2. Supervising insured institutions on a regular and irregular basis; Completing the granting and revocation of deposit insurance participation certificates in accordance with legal regulations; Monitoring, supervising, analyzing, and boosting alertness, improving the effectiveness of consulting, proposing and recommending to the SBV on arising and hidden problems causing risks to the credit institution system.
3. Completing the periodic examination plan of the DIV for insured institutions and the People's Credit Funds examination plan according to the direction of the Governor of the SBV.
4. Continuing to effectively implement the contents of the Regulation on coordination and information sharing between DIV's branches and SBV's branches in provinces and cities.
5. Continuing to implement assigned tasks in Directive No. 06/CT-TTg, dated March 12, 2019, of the Prime Minister on enhancing solutions to ensure operational safety and strengthen the People's Credit Fund system; the Project on restructuring the system of credit institutions in combination with settling bad debts for the 2021-2025 period and the Project on strengthening and developing the People's Credit Fund system by 2020 with orientation to 2030.
6. Strengthening coordination and information exchange with units under the SBV to effectively implement the SBV's assigned tasks on restructuring the system of credit institutions.
7. Strengthening the role of the DIV in participating, supporting, and resolving weak insured institutions placed under special control, including: Appointing staff to participate in the Special Control Board; Participating in the administration and management of the People's Credit Fund placed under special control according to the directions of the SBV; Participating in giving suggestion on the plan to handle legal entities of People's Credit Fund placed under special control at the request of the SBV; providing special loans when obligations arise; Completing the development of software to support special control operations.
8. Calculating and collecting sufficient deposit insurance premiums in accordance with the law; Waiving deposit insurance premiums for insured institutions placed under special control; Completing the reimbursement simulation at credit institutions.
9. Researching and developing flexible, compliant with legal regulations, safe and efficient temporarily idle capital investment plans; Ensuring sufficient and timely recovery of principal and interest of mature investments, no overdue debts, and safe custody of assets.
10. Effectively achieving the goals of the Deposit Insurance Policy Communication Project to 2025, with orientation to 2030; Developing a comprehensive communication plan on the amendments and supplements to the Law on Deposit Insurance.
Department of Research and International Cooperation (translation)
