Trang Chủ
The DIV’s capital and assets grew and were managed in a safe way. By June 2024, DIV's total capital exceeded VND 117 trillion, an increase of nearly 15% compared to the same period in 2023 and more than 7% compared to December 31, 2023. The DIV's Operational Reserve Fund amounted to over VND 111 billion, up more than 15% year-on-year. The DIV was protected more than 110 million accounts at 1,279 public institutions nationally through its deposit insurance operations.
Effectively implementing professional activities
The DIV grants and revokes deposit insurance certificates for public institutions at their request and based on the eligibility of their application dossier.
In the first half of 2024, the DIV granted 196 copies of deposit insurance certificate and re-granted 03 deposit insurance certificates based on the application of announced institutions, revoked and publicly announced the revocation of 01 deposit insurance certificate for a person's credit fund (PCF) according to the decision of the State Bank of Vietnam (SBV). The DIV was also amending and supplementing a number of provisions of the Regulation on granting and revocation of deposit insurance certificates (Decision No. 408/QD-BHTG, dated June 28, 2016) to align with the new regulations in the 2024 Law on Credit Institutions.
In the first 6 months of 2024, insured institutions complied with regulations on deposit insurance premium assessment and collection. The total amount of deposit insurance premiums collected in the first and second quarters of 2024 reached VND 5,985 billion, meeting over 53% of the 2024 Plan assigned by the SBV. The DIV also wafted premiums for several publications as prescribed.
In the first half of 2024, the DIV directed its branches to regularly and continuously supervise 100% of public institutions on their supervisory areas, remind and urge public institutions to submit reports on public deposits as prescribed and actively controlling the quality of reported information. The branches were also included to periodically complete supervisory reports on insured institution system and in-depth supervisory reports on troubled PCFs to promptly detect potential operational risks of insured institutions and report to the SBV for timely resolution.
Regarding those institutions placed under special control, the DIV appointed to join Special Control Boards according to regulations. The DIV’s officials participating in the Special Control Board performed tasks assigned by the Head of the Board in line with their functions and duties. They also regularly updated new operational situations to make timely recommendations to the Board on handling arising issues.
Recently, the DIV has not received any application for special loans from credit institutions placed under special control, nor has there been any liquidation or post-liquidation asset recovery. However, the DIV proactively set a level of provisions for special loans in 2024 and focused on enhancing the expertise of operational staff being involved in special lending. Additionally, although the obligation to reimburse depositors did not arise in the first half of 2024, the DIV always closely monitored insured institutions' operations and was ready to promptly make payouts when necessary.
To promote public awareness about deposit insurance policy, the DIV has proactively developed and implemented a 2024 public relations plan. Developed, the DIV continued to disseminate deposit insurance policy in diversified contents and forms through expanding communication channels, focusing on communicating the need for early amending and supplementing the Law on Deposit Insurance; the SBV’s new regulations related to depositor protection policy; the restructuring of the credit institution system associated with bad debt resolution, especially the new related contents of the 2024 Law on Credit Institutions; proposals on amendments and supplements to the Law on Deposit Insurance; the implementation of the Deposit Insurance Development Strategy; and the role of the deposit insurance.
Regarding international cooperation, the DIV actively participated in the activities organized by the International Association of Deposit Insurers (IADI) as well as the Asia-Pacific Regional Committee (APRC) under the IADI. The DIV was involved in bilateral and multilateral knowledge-sharing activities, participated in international conferences, seminars, and forums and collaborated with the IADI and other international organizations in regular and irregular surveys and assessments.
Seven key tasks for the second half of the year
According to the DIV, one of its key tasks in the last 6 months of 2024 is to continue to coordinate closely with relevant agencies in reflecting amendments and supplements to the Law on Deposit Insurance. Especially, the DIV is working out solutions to enhance its financial capacity to effectively participate in resolving troubled credit institutions and restructuring the PCF system using the DIV's resources. In addition, the DIV will continue to actively implement the Deposit Insurance Development Strategy to 2025 with orientations to 2030 to ensure the timely completion of the tasks set in the Strategy.
To maximize its role in protecting depositors' rights and interests, the DIV has identified seven task groups for the remainder of 2024 as bellow:
Ensuring compliance with the legal provisions on granting and revoking deposit insurance certificates based on declared institutions’ application.
Closely monitoring the institution's operations, especially troubled PCFs; making timely proposals and recommendations to the SBV on resolving issues arising in public institutions' operations to ensure the safety and soundness of the credit institution system.
Utilizing all resources to ensure the 100% completion of the periodic examination plan and those examinations assigned by the SBV Governor in 2024; promptly identifying difficulties and obstacles during the implementation process so that the Management Board can promptly take appropriate supportive and corrective measures.
Assessing and collecting deposit insurance premiums according to regulations, completing the plan assigned by the SBV; being ready to make payouts when necessary.
Proactively preparing resources, actively participating in the process of restructuring troubled credit institutions under the direction of the SBV, and strengthening the DIV's role in supporting and resolving troubled PCFs placed under special control.< /p>
Ensuring the management and investment of temporarily idle capital in the latter half of 2024 is in accordance with law, meeting investment targets assigned by the SBV.
Continuing to communicate deposit insurance policy and coordinate public relations efforts through radio and television, newspapers, magazines, and publications according to the plan and the deposit insurance policy public relations project, as well as disseminating deposit insurance policy on social media in the upcoming period.
Research and International Cooperation Department (translation)
