Trang Chủ
To achieve the "dual goal" of preventing the pandemic to ensure safety and well perform the assigned tasks, the DIV has taken appropriate measures: arranging staff to work remotely; reducing meetings and events with large gatherings of people; requesting officials and employees in the whole system to strictly observe pandemic prevention and control rules. These changes have had a significant impact on the professional activities of the whole system, especially the professional activities that require being on-site such as: communicating, examining, participating in special control, hosting seminars, signing regulations on coordination, and providing professional training. In particular, some insured institutions were afraid of pandemics during the time of periodical examination, so they asked the deposit insurance examination units to delay the examination. In addition, there are localities (communes and wards) that have not yet followed the direction of the Government's Resolution No. 128 on the promulgation of the temporary regulation "Safely adapting, flexibly, and effectively controlling the COVID-19 pandemic" and Guidance No. 4800 of the Ministry of Health, causing difficulties for the delegation when they made medical declaration procedures.
Overcoming all obstacles and difficulties arising from the pandemic, the whole DIV system has flexibly adapted and completed the assigned tasks as well as the proposed plans, specifically as follows:
Highlights in 2021
On October 20, 2021, the Prime Minister issued Decision No. 32/2021/QD-TTg on the deposit insurance coverage limit. This is the result of the active and coordinated efforts between the DIV, the units of the State Bank of Vietnam (SBV), and relevant agencies and departments in researching, developing, and completing the Scheme on Deposit Insurance Coverage Limit. As a result, based on the new deposit insurance coverage limit of VND 125 million, the DIV has re-issued the Certificate of Deposit Insurance participation to 1,282 insured institutions and issued 12,026 copies of the Certificate of Deposit Insurance participation as prescribed.
The amendment and supplement of the Law on Deposit Insurance is determined to be an important task so that the DIV has enough legal basis to utilize its internal and external resources to perform its assigned tasks. Therefore, the DIV has appointed personnel to participate in the Drafting Committee of the SBV and actively established a Drafting Committee and a working group to participate in the development of the Law amending and supplementing a number of articles of the Law on Deposit Insurance; built a plan to implement the tasks of the DIV during the process of joining the Drafting Committee to amend and supplement a number of articles of the Law on Deposit Insurance according to the plan of the SBV.
To complete the tasks specified in legal documents, the DIV has continued to complete the Deposit Insurance Development Strategy to 2025, with a vision to 2030 based on receiving comments from relevant ministries, the City People's Committee, and the direction of the Deputy Prime Minister, Governor of the SBV. At the same time, the DIV has also actively developed an Action Plan to implement the Strategy well as soon as the Prime Minister approves it.
In 2021, despite facing many difficulties due to the raging pandemic, the targets assigned by the SBV for the DIV were exceeded, specifically: (i) Total deposit insurance premiums collected in 2021 was VND 9,201.3 billion, 3% higher than the plan, exempting deposit insurance premiums as prescribed for 34 insured institutions placed under special control with the amount of VND 212.9 billion; (ii) Investment of temporarily idle fund in 2021 hit VND 19,557.7 billion, 2.94% higher than the plan; revenue (expected profit) from capital investment amounted VND 3,368.7 billion, 0.15% higher than the plan. The results of premium collection and investment of temporarily idle funds contributed to the total assets of the DIV, reaching VND 82.6 trillion, an increase of 17% over the same period in 2020; The professional reserve fund reached VND 75.9 trillion, an increase of 18.04% over the same period in 2020, creating a solid foundation for the DIV to perform its duties of ensuring the safety and soundness of credit and banking activities.
With the continuous growth in all aspects, the DIV has gradually developed, enhanced, and won the public's trust, organizations, and ministries and brought the deposit insurance policy to life. As a result, the Government's new policies on deposit insurance have been communicated on mass media extensively and synchronously, creating positive effects among all classes of the population. In particular, the communication on the new deposit insurance coverage limit has created a ripple effect and made an impression on the media channels, fulfilling the communication target for the new deposit insurance coverage limit.
For key professional activities, despite facing many difficulties when the whole country implemented large-scale lockdown regulations to prevent disease outbreaks, the DIV has used all resources and methods to complete the examination processes for 266 insured institutions, reaching 100% of the 2021 periodical examination plan (adjusted down); conducted the examination of 22 People's Credit Funds under the direction of the Governor of the SBV. In addition, the signing of the Regulation on working and exchanging information with 46 SBV branches in provinces and cities under the direction of the Governor of the SBV in Official Dispatch No. 8109/NHNN-TTGSNH dated November 9, 2020, has facilitated the DIV to utilize well its internal resources as well as make use of resources from relevant units when performing its functions and tasks.
The DIV has always made the most of the available technology infrastructure, conducted webinars to maintain and develop cooperative relationships between the DIV and international organizations, and promptly organized a number of training courses, meeting the urgent needs of the units but still ensuring the Covid-19 pandemic prevention and control. In addition, the strict compliance with regulations and instructions of the Government, the Ministry of Health, and local authorities on the prevention and control of the Covid-19 pandemic; promulgation of guidelines on the prevention and control of the Covid-19 pandemic for The DIV for uniform application throughout the system; vaccination with 02 doses of Covid-19 vaccine for 100% of staff in the whole system eligible for vaccination; development of a plan to ensure smooth and efficient operations have helped the DIV to partly prevent the pandemic and be one of the agencies with a low rate of employees infected with Covid-19 compared to the national average.
2022 Orientation
Promoting internal resources and based on the achievements achieved in 2021, the DIV will continue to optimize all available resources, using the support of ministries, departments, and branches to complete 2022 tasks with new steps to create momentum to build a sustainable, well-trained, and capable DIV to perform all assigned tasks.
Concerning the research and development of mechanisms and policies, the DIV continues to actively and closely coordinate with relevant agenciess to complete the submission to the competent authorities for approval of the Development Strategy of Deposit Insurance to 2025, with orientation to 2030. At the same time, the DIV will continue to develop an action plan to implement the deposit insurance development strategy to have a basis for implementation as soon as the Prime Minister approves it.
To amend and supplement the Law on Deposit Insurance to ensure adherence to and concretize the Party's guidelines and policies and the State's legal policies, the DIV will continue to mobilize resources, focus on research, and propose the amendments and supplements to the Law on Deposit Insurance in accordance with the orientation of the SBV, ensuring synchronization with the provisions of the Law on Amending and Supplementing the Law on Credit Institutions, under international practices and the direction of the Deposit Insurance Development Strategy; focusing on proposing to add new functions and tasks for the DIV to play a more significant role in the implementation of social policies; ensuring to strengthen financial capacity, effectively using available resources when implementing assigned objectives and become an effective tool of the Government and the SBV in restructuring weak credit institutions to better protect depositor interests. To achieve this goal, the DIV will make proposals and recommendations for the revised Law on Deposit Insurance to overcome the shortcomings and limitations in the implementation process up to present to step by step move closer towards prevailing international standards in deposit insurance.
The DIV should continue to promote the signing of Regulations on coordination and exchange of information with SBV branches in provinces and cities under the direction of the Governor of the SBV, effectively implement the Regulation according to its assigned functions and tasks so that the DIV has more opportunities to access information, share, learn from experiences and maximize the support of units of the SBV’s provincial branches to better fulfill their assigned tasks.
With regard to professional activities, the DIV is determined to overcome difficulties caused by the pandemic to fully and effectively implement functions and tasks under the Law. The DIV would actively implement the 2022 Periodic Examination Plan for insured institutions; promptly propose solutions to maximize the role of supporting the SBV in the examination of People's Credit Funds, especially when assigned to increase the number of people's credit funds and expand the examination scope under the direction of the Governor of the SBV in 2022 to contribute to maintaining the safe and sound development of the credit institutions system. To ensure depositors' legitimate rights and interests, the DIV would actively prepare resources and to participate in the restructuring process of weak credit institutions under the direction of the SBV. To improve the quality of resources to perform well the role of the DIV in the new period, the DIV should focus on implementing training courses on banking operations and risk monitoring, contributing to providing specialized knowledge on examination and supervision for the staff of the DIV, ensuring compliance with the Deposit Insurance Development Strategy.
In 2022, it is necessary for the DIV to promote communication on the new coverage limit further; conduct a survey to assess the level of awareness of depositors about the deposit insurance policy so that all classes of people can have access to changes that directly affect their legitimate rights and interests. In addition, a communication strategy for the DIV should be developed based on the approved deposit insurance development strategy.
In addition to studying mechanisms and policies and improving professional activities, the management, operation, upgrading, and completion of the information technology system to ensure safety and smoothness and developing a roadmap for the digitalization transformation plan are also essential tasks of the DIV to promptly support the management and operation and professional activities of the DIV.
Following the successes obtainedin 2021, the orientations for 2022 were developed in a specific and focused way. As a result, the DIV is gradually affirming its position as a unique organization in the banking and financial system operating for non-profit purposes, protecting the legitimate rights and interests of depositors, and contributing to maintaining the stability of credit institutions, ensuring the safe and sound development of banking activities.
Mr. Pham Bao Lam
Chairman of the Board of Directors of the DIV
Research and International Cooperation Department (translation)
