Trang Chủ
On June 28th, 2013, Prime Minister Nguyen Tan Dung signed the Decree No. 68/2013/NĐ-CP detailing and guiding the implementation of the Law on DI.
The Decree consists of 4 chapters, 22 articles elaborating on some articles of the above-mentioned Law relating to the DI Organization, insured institutions, DI activities and State administration of DI.
As per the Decree, Insured institutions are not only credit institutions or branches of foreign banks which are permitted to take deposits from individuals but also microfinance institutions which must participate in deposit insurance for deposits of individuals, including voluntary deposits of microfinance clients, except for compulsory saving deposits as regulated by the microfinance institutions.
The Decree specifies principles of information provision between the State Bank of Vietnam and the DI Organization; financial assistance for the Deposit Insurance organization in case of insufficient fund for insurance payout; insurance payout authorization, reception of insurance payment; participation in management, liquidation of assets, recovery of paid insurance and State administration by the Government, the State Bank and other relevant authorities.
Provisions on DI premiums (0.15% per annum calculated on the average balance of deposits of individuals at an insured institution), DI coverage limit (VND50 million including principal and interest for all deposits of an individual at an insured institution)
in the Decree No 89/1999/NĐ-CP dated September 1st, 1999 and the Decree No 109/2005/NĐ-CP dated August 24th, 2005 amending and supplementing some provisions of the Decree 80/1999/NĐ-CP shall continue to be valid until the Prime Minister promulgates new provisions on the DI premium frame and the coverage limit according to the Law on DI.
The Decree shall take effect from August 19th, 2013 and replace the Decree No 89/1999/NĐ-CP dated September 1st, 1999 on DI.
