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Strategy on deposit insurance development approved

VGP - Deputy Prime Minister Le Minh Khai has recently signed Decision 1660/QD-TTg, approving the Strategy on deposit insurance development till 2025, with a vision towards 2030.

January 02, 2023 9:43 PM GMT+7
Strategy on deposit insurance development approved - Ảnh 1.

Illustration photo

The strategy targets to raise the ratio of fully insured depositors to total insured depositors to 92-95 percent.

It also aims to cut insurance payment deadline to 30 days by 2025 and 15 days by 2030.

The charter capital of a deposit insurance organization shall be increased to VND 10 trillion by 2025 and VND15 trillion by 2030, according to the strategy.

It also sets a goal to make 45 percent of depositors grasp the core contents of the deposit insurance policy by 2025 and raise the rate to 50 percent by 2030.  

Deposit insurance organizations are allowed to diversify investment forms and portfolios, including: (i) Purchase and sale of government-guaranteed bonds; (ii) Deposit money at a commercial bank with good operational quality; (iii) Buying and selling bonds, promissory notes, bills, certificates of deposit issued by commercial banks with good operating quality; (iv) Buying and selling local government bonds in accordance with the Law on State Budget, Law on Public Debt Management, guiding documents and high credit ratings.

They are also permitted to borrow loans from the State Bank of Vie Nnam in case the capital of the deposit insurance organization is not enough to pay the insurance premium.

The Deposit Insurance of Viet Nam is currently protecting deposits at 1,283 insured institutions, including 97 banks and foreign bank branches, 1,181 people's credit funds, one cooperative bank and four microfinance institutions. These organizations are all granted certificates of participation in deposit insurance, and are charged and collected fees in accordance with the provisions of law.

By the end of 2022, the total capital of this agency has reached nearly VND96 trillion, up 16 percent over the same period last year. In which, the professional reserve fund reached nearly VND90 trillion, increasing more than 17 percent compared to the same period in 2021./.