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Fulfilling the mission of protecting the legitimate rights and interests of depositors
Established in 1999 and officially put into operation in 2000, after more than 20 years of construction and growth, DIV has always strived to fulfill its assigned tasks, focusing resources to meet key professional activities: regular and continuous remote supervision; periodic on-site examination of insured institutions; participation in special control, developing a plan to deal with weak credit institutions; organizing communication activities on deposit insurance policies in order to raise public awareness and bring policies to life; performing the management of collection of deposit insurance premiums; ensuring quick, accurate, safe and effective investment of temporarily idle capital, contributing to improving the financial capacity of the organization.
Currently, DIV protects 1,281 organizations participating in the deposit insurance, including 96 banks and foreign bank branches, 1,180 People's Credit Funds (PCFs), 01 cooperative bank and 04 microfinance institutions. The DIV has also performed well in fee collection management. In 2022, the total collected deposit insurance fees exceeded 1.98% of the plan assigned by the State Bank of Vietnam (SBV); exempting deposit insurance fees for some participating organizations that are specially controlled according to regulations. By the end of 2022, the operational reserve fund of DIV has reached over VND 89 trillion, total capital of over VND 95 trillion. With the relatively growing financial resources accumulated over the years, DIV can be ready to pay insurance to depositors when necessary and participate effectively in the process of restructuring the credit institutions process.
DIV has actively implemented new tasks in the process of participating in the special control of credit institutions, researching, building and completing the system of administrative and operating documents on special control to be consistent with the Law on amending and supplementing the Law on Credit Institutions 2017. In addition, DIV also appoints staff to join the Special Control Board in the insured institutions, setting up a reserve capital in order to be proactive in financial resources, willing to make special loans to specially controlled credit institutions that are eligible for loans; monitoring, analyzing, evaluating and warning safety for the PCFs system.
DIV has directed units throughout the system to continue to carry out continuous and regular monitoring of 100% of participating organizations in the area under their management; complete 100% of the periodic examination plan and follow the direction of the Governor of the SBV, to promptly advise and propose to the SBV on arising issues that may cause risks and unsafety of the credit institution system.
DIV carries out communications activities on deposit insurance policies through many channels and media, especially targeting small and uninformed depositors... to help them improve their financial literacy to have suitable deposit options at credit institutions.
With the above results, DIV become an important fulcrum for credit institutions in consolidating and maintaining capital mobilization activities; become a monitoring and advisory channel for the SBV to ensure safe and healthy operation of credit institutions.
Contribute to ensuring the safety of the banking system and social security
To further enhance the role of deposit insurance policies and activities of the deposit insurer in Vietnam, the Prime Minister issued the Development Strategy of Deposit Insurance to 2025, with orientation to 2030 under Decision No.1660/QD - TTg on December 30, 2022. This strategy has determined the position and affirmed the role of the DIV in the coming period, which is to contribute to stabilizing the financial and banking system and promoting the socio-economic development of the country.
The deposit insurance strategy adheres to the goal of protecting the legitimate rights and interests of depositors, contributing to maintaining the stability of the system of credit institutions and foreign bank branches, ensuring the safe development, healthy banking operations. In addition, it strengthens the role of DIV in the process of participating in the restructuring of weak deposit insurance participating institutions associated with bad debt settlement. DIV will gradually innovate in the direction of meeting the principles in the Core principles for effective deposit insurance systems of the International Deposit Insurance Association (IADI), in line with the overall orientation of the Banking industry strategy and practices in Vietnam. At the same time, the rapid and sustainable development of the deposit insurance organization will be the result of the application of modern science, technology and innovation along with the development of high-quality human resources.
Mr Pham Bao Lam - Chairman of the Board of Directors of DIV affirms that the deposit insurance development strategy has set specific, close, and quantifiable goals of deposit insurance professional activities in order to better protect legitimate rights and interests of depositors, strengthen public confidence in the financial-banking system, and contribute to the stable development of the economy and society. It is striving for the ratio of fully insured depositors to total insured depositors to reach 92% - 95%, ensuring compliance with international practices. Striving to shorten the actual payment time from the time of arising the insurance payment obligation to 30 working days by 2025 and 15 working days by 2030 in order to help depositors have early access to deposit when the insured institution is resolved. Regarding public awareness, DIV strives to achieve the goal that 45% of depositors by 2025, 55% and by 2030 will understand the core contents of the deposit insurance policy.
