Trang Chủ
The role of deposit insurance policy communication
In Directive No. 07/CT-TTg dated March 21, 2023 on strengthening policy communication, the Prime Minister requests ministries, ministerial-level agencies, Government agencies and provincial/municipal People's Committees to develop annual communication plans, and implement communication activities from the policy planning phase in a flexible manner; to develop, improve, promote and implement policies; receive comments and criticism from the policy communication department during the policy development and implementation process; apply modern technology in media information management to detect and forecast positive and negative as well as beneficial and unfavorable information trends for leadership direction and management; conduct research and implement new policy communication models with reference to international experience to apply to Vietnam's circumstances in a flexible and appropriate manner.
The mission to communicate the DIV's deposit insurance policy is clearly defined and consistent with public policy goals and the DIV's obligation to protect depositors, contribute to the stability of credit institutions and ensure the safe and sound development of the banking system. After nearly 25 years of development, there has been a wide range of deposit insurance policies communication methods deployed in an extensive and diverse manner to reach a various groups of public audience. The DIV has disseminated the deposit insurance policy widely, meeting the growing depositors' and the public information needs, contributing to influencing the authorities to improve the deposit insurance policy.
In the Core Principles for Developing Effective Deposit Insurance Systems published by the International Association of Deposit Insurers (IADI), it is recommended that: To protect depositors and contribute to financial stability, it is necessary to ensure that the public is continuously well-informed about the deposit insurance system. At the same time, the deposit insurance should participate in the communication plans development process which is relevant to all members of the Financial Safety Net, to ensure that the public awareness and communication program is comprehensive and consistent.
In the background during which the Deposit Insurance Law is being amended after more than 10 years of enforcement, raising public awareness of the Deposit Insurance policy and the necessity and significance of Deposit Insurance Law amendment becomes an important task of the DIV.
Policy communication is the process of sharing information regarding a specific policy with the people in order to attract people and stakeholders into knowing the policy process, thereby facilitating a change in public awareness and public actions with an aim to achieve policy goals. Policy communication has a great influence on all social issues, affecting public awareness, which in turn will affect the populace's actions and behavior.
In the Deposit Insurance Law amendment process, policy communication contributes to helping people understand the meaning and the need for amendment as well as the contents that needs to be amended in the Deposit Insurance Law, strengthens confidence in deposit insurance policies as well as banking operations; contributing to ensuring the safety of the credit institution system.
Gradually developing trust and achieving social consensus
Communication targets
Communication targets are the general public, which includes depositors from many social strata, activities, education levels, ages, genders, areas of residence...; public credit institutions, policy makers, and even potential depositors such as students. Through its communication process, the DIV needs to bring understanding of deposit insurance policy and amendments to the Deposit Insurance Law to all relevant population groups at different levels; and helps them understand the Law amendment’s meaning as well as have positive interactions with the policy.
Communication contents
The communication contents should focus on the need to amend the Deposit Insurance Law; viewpoints and orientations for developing improved laws; purpose and meaning of amendments to the Deposit Insurance Law; amendment policy content; the pervasiveness and impact of the new Deposit Insurance Law on society and the financial/banking system; the DIV's typical events and activities during the law-making process; legal forums on law development policies; seminars and discussions on amending the Deposit Insurance Law, etc.
In particular, the communication activities should shed the light on the contents expected to be altered, including: Improving the deposit insurance's financial and operational capacity; supplementing the rights and obligations of the deposit insurance; completing legal regulations so that the DIV has more effective participation in the credit institutions restructuring process; completing regulations on the publications depositors' rights, especially the content related to reimbursement.
Communication forms
Forms of communication related to the Deposit Insurance Law amendment process should be diversified with various communication channels and tools in parallel with DIV's official communication channels such as the DIV's website and newsletter. The DIV website may be attached with a banner connecting to the official page to collect opinions on draft legal documents, especially from individuals organizations and businesses on the Amended Draft Law on Deposit Insurance.
Press channels such as newspapers, online newspapers, official radio and television, which have widespread power and great influence on the target public, also need to be promoted.
In addition, social media and digital media channels also need to be considered with the purpose of providing opportunities to reach a large audience at a lower cost than traditional media and also act as an environment to interact, exchange information, and an additional address to receive feedback during the Deposit Insurance Law amending process. Furthermore, there is also a need to understand the depositors' and announced institutions' wishes and expectations – the direct objects affected by the Law as well as comprehend the public opinion trends to promote correctly orientated, rightly targeted and rightly messaged communication.
At the same time, through collaborating with local socio-political organizations such as the Farmers' Union, the Women's Union, the National Front, and legal practitioner (such as the Vietnam Lawyers Association, Vietnam Bar Federation), scientists, activists, etc., the DIV should contribute to raising awareness, providing simple and easy-to-understand information and knowledge on deposit insurance policy and the Deposit Insurance Law amendment. It should also actively coordinate with State Bank of Vietnam branches, Banking Association, and People's Credit Fund Association to bring information regarding Deposit Insurance Law amending process to bank and People's Credit Fund employees. These can be considered practical and effective communication channels that ensure quick dissemination to the public.
Communication timing
DIV should conduct communication timing selection regularly based on common practice and identify communication peaks in the periods before, during and after the National Assembly's discussion and passage of the amended Deposit Insurance Law.
The conduct of communication activities before the Law promulgation enables the public to play a central role, promoting their rights and ensuring democracy. Thereby, a basis for creating high social consensus on contents related to the Deposit Insurance Law amendment will be created through multi-dimensional interaction between the public - depositors, credit institutions, DIV, SBV and relevant ministries and departments. This will satisfy the requirements for quality and considerations of legal documents in the field of deposit insurance in Vietnam in a prompt, adequate and substantial way.
In fact, from 2020, propaganda events on the DIV's activities and the deposit insurance policy have all integrated contents showing the Deposit Insurance Law implementation results as well as obstacles in realizing the Law as well as the urgent for the amendment to strengthen the DIV's role in the credit institutions restructuring process and better protect depositors' interest, contributing to ensure the safety of the financial and banking system. Thereby, the DIV has received feedback from policy beneficiaries such as depositors, insured institutions and relevant organizations/individuals. At the same time, the public has been aware of the role of deposit insurance policy, the deposit insurance as well as the necessity of Deposit Insurance Law amendment.
Deposit insurance is always associated with banking activities - which is a highly sensitive field, so communication on deposit insurance policies also needs to be cautious, accurate and timely because all released information can affect depositor psychology in particular and the public and the entire banking system in general.
In the Deposit Insurance Law amendment process, it is necessary to focus on communication to gradually build trust, understanding and thereby achieve social consensus. To achieve this goal, the responsibility for communication belongs to not only government agencies such as the SBV and the DIV, but also DIV staffs with their active participation - - every member in the deposit insurance system must be a communicator of deposit insurance policy.< /p>
Furthermore, the organization of deposit insurance policies communication must be conducted in a methodical and systematic manner. It is necessary to strengthen the DIV's leadership and direction on communication from the Headquarters to regional DIV branches, to orient policy communication in a thorough and unified manner as well as create communication effects in the Law amending process. On the other hand, the DIV needs to coordinate with relevant agencies, organizations and stakeholders to maximize communication effects and enable communication to reach a large number of people.
In addition, it is necessary to ensure that the DIV is the leading figure in Deposit Insurance Law Amendment communication; ensure there are coordination mechanisms between the authorities and the press - the reputable communication channels. Simultaneously, there is a need to take full advantage of the 4.0 communication, which applies technology and social networking platforms to increase diffusion, while still ensuring it is easy to understand - easy to remember - easy to apply. This will help people know their rights clearly as well as understand the Party and State's guidelines and policies on deposit insurance and the Deposit Insurance Law amendment.
Department of Research and International Cooperation (translation)
