Preparing to submit the new Law, Deposit Insurance is assigned many more "responsibilities"
On the morning of April 1, Deputy Governor of the State Bank of Vietnam Nguyen Ngoc Canh led a working delegation with the Vietnam Deposit Insurance (VII) in Hanoi.
At the meeting, the Deputy Governor acknowledged the efforts and positive results of the Vietnam Deposit Insurance Corporation in its professional activities, especially in the fields of fee collection, inspection, supervision, capital investment, infrastructure construction, digital transformation and human resource training. Notably, the Vietnam Deposit Insurance Corporation has continuously completed the targets for many years and is classified as A.
The Deputy Governor said that in 2025, the SBV assigned the Vietnam Deposit Insurance Corporation to inspect the safety of up to 120 People's Credit Funds (QTDND), an increase of 1.6 times compared to the previous year. This is a testament to the trust of the State Bank in the inspection and supervision role of the Vietnam Deposit Insurance Corporation in the QTDND system.
Mr. Nguyen Ngoc Canh emphasized that in the context of streamlining the apparatus, the Vietnam Deposit Insurance Corporation needs to continue to closely coordinate with regional SBV branches, review coordination regulations, and gradually develop new regulations of inter-regional nature.
Advising on the revised Law on Unemployment Insurance - a key role of unemployment insurance
One of the focuses is the development of a revised Law on Deposit Insurance, to be submitted to the National Assembly in 2025. The Deputy Governor requested the Vietnam Deposit Insurance Corporation to mobilize resources for in-depth research and consulting with the SBV throughout the process of drafting the bill.
According to him, the new Law needs to clearly define the role of the Vietnam Deposit Insurance Corporation in the next 5-10 years, not only as an organization that collects fees and pays insurance but also participates in early warning, inspection, supervision and handling weak credit institutions, in accordance with international practices.
The Deputy Governor also directed the Vietnam Deposit Insurance Corporation to continue reviewing the organizational apparatus but need to be cautious, waiting for the new Law to be promulgated to ensure stability. At the same time, it is necessary to accelerate digital transformation and modernize the information technology system to serve supervision work.
Regarding capital investment, the SBV agrees with the proposal to expand the investment portfolio in conjunction with effective risk control. Investment management must ensure safety, liquidity, profitability and diversification, to speed up the accumulation speed of the Unemployment Insurance Fund, Mr. Canh emphasized.
Proposing many supports from the State Bank and the World Bank
At the meeting, the leaders of the Vietnam Deposit Insurance Corporation proposed that the SBV speed up the submission of the amended Law on Deposit Insurance, increase information provision between relevant units, approve financial and labor plans for salary, and allow the completion of leadership positions.
The Vietnam Deposit Insurance Corporation also proposed to be included in the World Bank's Expansion Project on developing and sanitizing the banking system - where the Vietnam Deposit Insurance Corporation can take advantage of international resources in drafting the Law and improving operational capacity.
Receiving the direction of the Deputy Governor, Mr. Pham Bao Lam - Chairman of the Board of Directors of the Vietnam Deposit Insurance Corporation - pledged that the Vietnam Deposit Insurance Corporation will strive to fulfill its tasks in 2025 and accompany the State Bank in the process of reforming the deposit insurance system.
