Trang Chủ
During their working visit, the KDIC had a working session with Mr. Dao Minh Tu - Standing Deputy Governor of the State Bank of Vietnam. The discussion focused on the advancements in the deposit insurance system of Korea and globally. Mr. Dao Minh Tu reaffirmed the State Bank of Vietnam’s support for the development of the deposit insurance system in Vietnam in accordance with international practices.
On July 3, the Deposit Insurance of Vietnam (DIV) organized the workshop titled "The Law on Deposit Insurance - Experience of KDIC" in Hanoi. The event aims to share experiences on revising the law on deposit insurance and implementing deposit insurance policies and operations from the KDIC.
The workshop was honored to welcome the KDIC delegation, led by Mr. JaeHoon Yoo, along with other members including Mr. Youngwoon Kim - Head of the Bilateral Cooperation Team, Mr. Walter Hyunsook Cho - Manager of the Office of International Cooperation, and a representative from the KDIC Office in Phnom Penh, Cambodia.
From the DIV, key participants included Mr. Pham Bao Lam - Chairman of the Board of Directors, and members of the Board of Directors; Mr. Vu Van Long - Deputy General Director in charge, and members of the Board of Management; Controllers; representatives from departments at the headquarters, the regional branch in Hanoi, and other regional branches participating virtually.
Representatives from the State Bank of Vietnam and the Ministry of Finance also participated in the Workshop.
Mr. Pham Bao Lam, in his welcome remarks, highly appreciated the bilateral cooperation between the DIV and the KDIC in various aspects since the signing of the Memorandum of Understanding between the two organizations, such as organizing workshops and study visits to learn about deposit insurance operations. With banking activities growing increasingly risky, the Deposit Insurance Development Strategy to 2025, with a vision to 2030 as well as the Law on Credit Institutions promulgated by the National Assembly set out numerous new responsibilities for the DIV, including the revision of the Law on Deposit Insurance. He noted that the experience shared by KDIC at the Workshop provided valuable knowledge for the DIV in summarizing and revisions to the Law on Deposit Insurance, aiming to better protect the rights and interests of depositors and contribute to the stability of the financial and banking sector .
In his opening speech, Mr. JaeHoon Yoo expressed his honor in participating in the Workshop and appreciation for the DIV’s warm hospitality. The KDIC, as a partner and close friend of the DIV, reaffirmed their commitment to supporting the DIV in implementing the Deposit Insurance Development Strategy and aligning its operations with international standards in the context that Vietnam was emerging as a leading country in the ASEAN region in economic development and financial stability in spite of geopolitical tensions and increasing global financial risks.
At the Workshop, KDIC speakers delivered detailed presentations on resolution regimes for insolvent financial institutions (covering international standards, resolution framework, least cost principles, resolution processes and methods); regulations and reforms of deposit insurance coverage; overview of deposit insurance premiums and special assessment in Korea.
After the presentations, the Workshop testified active discussions from participants, focusing on KDIC's experience in the resolution of weak credit institutions, asset liquidation and recovery, special assessment, and investment plans for temporary idle funds.
In his closing remarks, Mr. Vu Van Long expressed his gratitude to the KDIC representatives for sharing their insights, encouraging their important role in the DIV’s process of revising the Law on Deposit Insurance and implementing the Deposit Insurance Development Strategy in the future.
On the sidelines of the workshop, the KDIC and the DIV held a bilateral meeting to discuss their future cooperation plans, including high-level discussions, technical assistance, experience sharing of deposit insurance operations , resolution of weak credit institutions, application of information technology in deposit insurance activities, and personnel exchange. Both organizations agreed to undertake a series of effective cooperative initiatives in the upcoming time.
Research and International Cooperation Department (translation)
