Trang Chủ
Also co-chairing the workshop were Ms. Doan Thi Thanh Mai, Vice Chairwoman of the Committee on Economic and Financial Affairs, and Mr. Doan Thai Son, Deputy Governor of the SBV.
The event was attended by representatives of the leadership of the National Assembly’s Committee on Economic and Financial Affairs, the Ethnic Council and other Committees of the National Assembly, several delegations of National Assembly deputies, as well as experts, leaders of the Vietnam Lawyers’ Association, the Vietnam Banks’ Association, the Vietnam People’s Credit Funds Association, the Vietnam Association of Accountants and Auditors, the Banking Academy, Ho Chi Minh City University of Banking, and representatives of credit institutions (CIs).
Representing the Deposit Insurance of Vietnam (DIV), Mr. Dang Duy Cuong, Executive Member of the Board of Directors and General Director of DIV, also attended the workshop.
At the opening session of the workshop, Mr. Le Quang Manh emphasized that the drafting of the amended Law on Deposit Insurance is an urgent requirement to ensure the law's effective implementation in practice, consistency with other relevant legal regulations, and to provide the legal foundation for the DIV to exercise its role and position fully.
General view of the workshop
On January 18, 2024, the National Assembly passed the Law on Credit Institutions (2024), which amended and supplemented several provisions concerning the rights and obligations of DIV in participating in the processes of early intervention and special control of credit institutions.
However, certain provisions of the Law on Credit Institutions (2024) did not provide detailed regulations but instead referred to the legal framework on deposit insurance. This underscores the necessity of revising and supplementing the Law on Deposit Insurance to ensure consistency with the Law on Credit Institutions (2024), Vice Chairman Le Quang Manh stressed.
The development of the amended law also aims to address existing difficulties and obstacles in deposit insurance operations, ensuring uniformity and coherence with related legislation. At the same time, it aims to establish a comprehensive and transparent legal framework that enables the deposit insurer to effectively perform its assigned functions, enhance its financial capacity, and engage more substantially in the restructuring of credit institutions. Through these efforts, the rights of depositors will be better protected, thereby contributing to the stability of the credit institution system as well as national financial security and social order.
SBV Deputy Governor Doan Thai Son delivered remarks at the workshop
According to the Drafting Committee, the draft Law on Deposit Insurance (amended) consists of 8 Chapters and 44 Articles. In addition to general provisions, the draft law proposes specific regulations concerning: the rights and obligations of insured depositors, insured institutions, and the deposit insurance organization; deposit insurance operations; information and reporting activities; inspection and complaints related to deposit insurance; participation in the resolution of credit institutions subject to early intervention or special control; and participation in incident and crisis management.
The draft law also revises several technical provisions to ensure clarity and alignment with the practical operations of deposit insurance as well as relevant legal frameworks.
At the workshop, delegates expressed strong agreement on the urgent need to amend and supplement the Law on Deposit Insurance. Discussions focused on specific provisions of the draft law, including State management responsibilities regarding deposit insurance, the rights and obligations of insured depositors and insured institutions, the rights and obligations of the deposit insurance organization, regulations aimed at mitigating risks in the investment activities of the deposit insurer, and the timeframe for insurance payouts.
Agreeing with the overall objectives of developing the amended Law on Deposit Insurance, Major General Tran Duc Thuan, full-time National Assembly deputy serving on the Committee for National Defense, Security, and External Affairs, emphasized that this law will serve as an essential foundation to safeguard the lawful rights and interests of depositors, thereby contributing to the safety of the credit institution system and ultimately supporting macroeconomic stability and socio-economic development.
Compared with the current regulations, the draft law introduces numerous new provisions that address past shortcomings in deposit insurance operations, while simultaneously enhancing the role of the deposit insurer and reinforcing public confidence in the banking system.
Delegates attending the workshop
However, in order for the law to be most effective, National Assembly deputies emphasized the need to incorporate stricter provisions on risk control, preventive mechanisms, and the handling of emerging situations. These are key factors to ensure monetary security, safeguard the legitimate interests of depositors, and maintain financial market stability.
Regarding deposit insurance premiums, representatives of the Vietnam Banks’ Association noted that the draft law provides for the determination of premium levels, allowing for either a flat-rate or risk-differentiated structure tailored to the characteristics of the Vietnamese credit institution system in each period, based on proposals by the SBV. At the same time, the draft law introduces a provision permitting a temporary suspension of deposit insurance premium arrears incurred prior to the placement of a credit institution under special control. Nevertheless, the institution must be responsible for developing a plan to repay the deferred premiums as part of its restructuring plan. This provision ensures flexibility in applying the deposit insurance premium mechanism based on the insurer's capacity. Both flat-rate and differentiated premiums have their own advantages and can be effective if applied under appropriate conditions.
Associate Professor Dr. Dinh Dung Sy, an expert of the Vietnam Lawyers Association, assessed that the draft amended Law on Deposit Insurance supplements provisions on inspections conducted by the DIV at the request of the SBV. This not only provides the SBV with an additional independent supervisory channel but also offers a more multi-dimensional perspective in assessing the operations of credit institutions. The SBV would continue to play a leading role in developing an overall inspection and supervision plan, while assigning DIV to carry out specific examination tasks on an annual basis.
According to Mr. Dinh Dung Sy, this approach ensures coordination and shared responsibility without overlap. In this way, DIV does not function as a State management authority but fulfills its legally mandated role as a State-owned financial institution, acting as an “extended arm” to support and enhance the effectiveness of the State Bank’s supervisory, inspection, and enforcement functions in the credit sector.
On the organizational model of deposit insurance, Ms. Pham Thi Hoang Anh, Deputy Director in charge of the Board of Directors of the Banking Academy, emphasized that codifying the organizational model of the deposit insurer not only provides a clear legal framework but also strengthens DIV’s operational effectiveness and autonomy in carrying out its mandate of depositor protection and support for credit institution resolution. The proposed provisions on organizational structure in the draft law are aligned with international developments in deposit insurers worldwide, aiming to enhance depositor protection capacity, facilitate the effective resolution of weak credit institutions, reinforce public confidence, and maintain the stability and safety of the banking system.
Acknowledging and highly appreciating the contributions of delegates from agencies, associations, credit institutions, and experts, Deputy Chairwoman of the National Assembly's Economic and Financial Committee Doan Thi Thanh Mai affirmed that the Standing Committee would comprehensively consolidate these opinions for further study and provide feedback during the coordination process with the SBV.
In conclusion, Deputy Governor of the SBV Doan Thai Son emphasized that the delegates’ comments at the workshop were highly valuable, practical, and insightful. These constitute an important source of input to help the SBV further refine the draft amended Law on Deposit Insurance before submitting it to competent authorities for consideration. At the same time, they serve as a vital information channel to support the Economic and Financial Committee in assessing and appraising the draft law’s consistency and feasibility.
The Deputy Governor expressed hope that in the coming period, as the draft law continues to be revised, finalized, and undergoes appraisal, the process would continue to benefit from the dedicated engagement and contributions of experts, scholars, and credit institutions. Such collaboration, he noted, forms an essential foundation for developing a law that ensures both quality and practical applicability, thereby enhancing the effectiveness of state management, protecting depositors’ rights, and safeguarding the stability of the financial and banking system.
Communication Department (Translation)
