Trang Chủ
The world has witnessed 2 years (2020 and 2021) of the outbreaks of the Covid-19 pandemic and it doesn’t seem to come to an end. The world economy has suffered severe impacts on a global scale while travel restrictions in many countries have resulted in limited travel of people around the world and severe impact on various businesses. Although the manufacturing and injection of Covid-19 vaccines have been implemented since the end of 2020 all over the world, the developments of various Covid-19 variants have made limitations to the overall situation and trading among countries.
Vietnam is no exception to the heavy impact of the Covid-19 pandemic. Over the past year, travel restrictions to the rest of the world through the suspension of international flights and minimizing domestic ones have been put in place to reduce the spread of the virus and prevent the overload of the healthcare system. As a result, it is critical to change the method of trading, connection and cooperation in the area and the world in accordance with the new situation.
The DIV’s international cooperation activities have changed accordingly. In the past 2 years, international meetings, conferences, seminars and training courses hosted by the International Association of Deposit Insurers (IADI), the Asia Pacific Research Committee (APRC) and deposit insurers in the world have been organized virtually instead of in-person in order to ensure the business continuity. The DIV has also quickly adapted to the new situation and applied appropriate technology to catch up with all workshops and conferences of the IADI, APRC and member institutions as well as international seminars hosted by the DIV.
Thanks to the virtual format, these activities have been implemented more easily and achieved certain results. The DIV has participated in various workshops with concerned topics such as deposit insurance core operations, measures against Covid-19 and climate change, etc. Besides, workshops and bilateral meetings between the DIV and a couple of organizations which signed the Memorandum of Understanding (MoU) have also been held in virtual format to strengthen their relationships during the pandemic. Those achievements resulted from updating and upgrading appropriate technology as well as training employees in using technology, specifically softwares for online meetings to ensure the continuous contact and sharing of information. The success of international cooperation activities at this time is even more meaningful as the DIV is conducting research and preparing to propose to amend and supplement to the Law on Deposit insurance in the coming time.
During the pandemic, the DIV has carried out a couple of outstanding international cooperation activities as follows:
Actively and effectively participating in virtual conferences, workshops and training courses
In 2020-2021, the DIV participated in over 40 virtual conferences, workshops and training courses hosted by IADI, APRC and deposit insurers in and outside the region. Compared to the in-person format, the virtual one opens up more opportunities for accessing experiences from international deposit insurance experts and updating emerging issues. Meanwhile, the DIV continues to affirm its active role and goodwill in maintaining good relationship with IADI, APRC and other deposit insurers.
Actively participating in researches and surveys of international organizations
In 2020-2021, the DIV was a member of the Deposit Insurance Coverage and Scope Technical Committee and the Strategic Planning Working Group for the period 2022-2026 of the IADI as well as the group of Covid-19 information sharing of the APRC. In addition, it continued to join the APRC’s Technical Assistance and Training Committee. The DIV also actively and effectively participated in over 20 surveys conducted by the IADI, APRC and deposit insurers in and outside the region. Survey results and researches shared by international organizations are useful sources of information for the DIV during the process of amending and supplementing to the Law on deposit insurance and accomplishing the Development Strategy on deposit insurance to 2025, with orientations to 2030. It can be said that participating in international researches and surveys contributes to strengthening not only the DIV staff’s research capacity but also its role in information sharing and the developments of the IADI and APRC.
Successfully organizing 7 workshops and 3 bilateral meetings with deposit insurers which are MoU partners in the region
In 2020, the DIV in cooperation with the Deposit Insurance Corporation of Japan (DICJ) and the Indonesia Deposit Insurance Corporation (IDIC) organized 2 workshops on onsite examination, and bank resolution and reimbursement respectively.
In 2021, the DIV successfully held 5 virtual workshops including:
(i) “Resolution of failed institutions through bridge bank method - Deposit Insurance Corporation of Japan’s Experience and Lessons learned” in cooperation with the DICJ;
(ii) Technical assistance webinar on experiences in implementing a couple of core operations at the DIV in cooperation with the Deposit Protection Office (DPO Laos);
(iii) “Payout regime and communication during payout – The Philippines Deposit Insurance Corporation (PDIC) experience and lessons learned” in cooperation with the PDIC;
(iv) "Reimbursement and Liquidation - Experience and lessons learned of the Deposit Insurance Agency of the Russian Federation (DIA)” in cooperation with the DIA;
(v) “Resolution of problem financial institutions – Experience of the Korea Deposit Insurance Corporation”.
These workshops were organized with the aim of sharing international experiences and best practices of advanced and modern deposit insurers to help the DIV’s staff improve their professional capabilities and English as well as serve as a source of information for its core operations in the future.
Meanwhile, the DIV also held 3 bilateral meetings with the DPO Laos, the PDIC and the Central Deposit Insurance Corporation (CDIC) to review their cooperation activities over the past years and discuss their future partnership. In particular, the year 2021 marked the 15th celebration of the close and good relationship between the DIV and the CDIC.
Joining the International Forum of Insurance Guarantee Schemes (IFIGS)
The year 2021 also marked the DIV’s participation in the IFIGS as Observer. IFIGS is the international non-profit forum for insurance guarantee schemes for both life and non-life insurance. By joining IFIGS, its member institutions have an opportunity to participate in various activities to share their knowledge and experiences in insurance guarantee schemes and promote cooperation with other members.
Although international cooperation activities in virtual format is not a perfect substitute for face-to-face one in some cases, especially conferences and workshops requiring meetings and discusses, the Covid-19 pandemic has contributed to creating motivation for the DIV to show their spirit of innovation in quickly responding to the developments of the pandemic and changing the method of external relations from face-to-face to online to ensure effective implementation of international cooperation activities of the DIV.
Up to now, the world is still facing the outbreak of the pandemic and new strains of Covid-19. Therefore, in the coming time, especially in 2022, the DIV determines to continue to improve the spirit of proactive pandemic prevention, prepare all resources to transform its operations into the "the new normal”, which means always promoting the spirit of proactiveness and the ability to adapt in all situations. Therefore, the DIV’s international cooperation activities are also oriented to both effectively prevent the pandemic and being further strengthened through face-to-face and online formats in accordance with the developments of the pandemic to better meet its Development Strategy as follows:
First, the DIV continues to closely follow guidelines and foreign policies of the Party, the Government and the State Bank of Vietnam in each period; strictly implement Covid-19 prevention and control regulations in all operations to ensure social security;
Second, the DIV continues to promote its proactive role in programs and activities of the IADI, APRC, and IFIGS, thereby enhancing its image and position in the international community;
Third, the DIV continues to maintain its existing good relationships, expand cooperation with other partners in and outside the region to learn, exchange and share experiences in deposit insurance and other common interests;
Fourth, the DIV prepares and develops detailed plans for international cooperation activities in the “new normal”, for example, developing coordination plans for virtual activities during the year. At the same time, if possible, it may conduct a couple of international cooperation activities in in-person format;
Fifth, the DIV continues to improve the organization of international virtual meetings through technological innovation and capacity building for its staff in foreign languages and event organization to better host international events in the future.
