On September 1, 1999, the Government issued Decree 89/1999/ND-CP, laying the first legal foundation for the deposit insurance policy in Vietnam to protect the legitimate rights and interests of depositors. Immediately after that, on November 9, 1999, the Prime Minister signed Decision No. 218/1999/QD-TTg to establish the Deposit Insurance of Vietnam (DIV) to implement the deposit insurance policy.
Over 25 years of construction and development, BHTGVN has always accompanied deposit insurance participating organizations through remote monitoring activities, on-site inspections, special control participation, and insurance payment.
Accordingly, as of September 2024, the Vietnam Deposit Insurance Corporation is protecting nearly VND 8.9 million billion of nearly 124 million depositors at 1,278 organizations participating in deposit insurance, including 96 commercial banks and foreign bank branches, 1,177 people's credit funds, 1 cooperative bank and 4 microfinance institutions.
Over the past 25 years, the Vietnam Deposit Insurance Corporation has continuously and regularly monitored 100% of deposit insurance participating organizations; conducted in-depth monitoring of problematic people's credit funds; periodically completed monitoring reports on deposit insurance participating organizations and in-depth monitoring reports on problematic people's credit funds.
In addition, BHTGVN has focused resources, proactively developed and successfully completed the annual inspection plan on compliance with legal regulations on deposit insurance. Since 2019, BHTGVN has participated in in-depth inspections of people's credit funds under the direction of the State Bank, the inspection results have been recorded and evaluated well.
After 25 years of operation, the Vietnam Deposit Insurance Corporation has paid insurance to 1,793 depositors at 39 people's credit funds in 11 provinces and cities with the amount of VND 26.78 billion. The timely payment of insurance money has demonstrated the role of the Vietnam Deposit Insurance Corporation in protecting the legitimate rights of depositors, creating trust among the people, and contributing to preventing the impact of a chain collapse in the banking system.
Along with that, BHTGVN has sent 80 officials to join the Special Control Board at specially controlled people's credit funds; sent personnel to participate in the administration and operation of specially controlled people's credit funds under the direction of the State Bank, and at the same time participated in assessing the feasibility of the recovery plan for people's credit funds according to the provisions of the Law on Credit Institutions 2024.
From the initial capital of VND 1,000 billion, as of September 30, 2024, the total assets of the Deposit Insurance of Vietnam reached over VND 120 trillion, of which the Operational Reserve Fund reached over VND 115 trillion, ready to pay insurance premiums to depositors when necessary and effectively participate in the restructuring process of credit institutions.
Entering a new stage of development, BHDTVN will promote the results achieved over the past 25 years, make maximum efforts to better fulfill its role of protecting the legitimate rights and interests of depositors, contribute more actively to ensuring the safety of banking operations and effectively participate in the process of restructuring credit institutions through the following orientations:
Firstly, proactively advise the State Bank to submit to the Government and the National Assembly amendments to the Law on Deposit Insurance. This is one of the key tasks and a key factor for the sustainable development of the Vietnam Deposit Insurance. The amended content of the Law on Deposit Insurance must ensure consistency and synchronization with the Law on Credit Institutions 2024, and must ensure that the Vietnam Deposit Insurance can successfully complete its assigned tasks.
Second, focus on and proactively organize and synchronously implement tasks and solutions to realize the goals and roadmap in the Development Strategy approved by the Prime Minister. Specifically, strive to have the rate of fully insured depositors out of the total number of insured depositors reach 92% - 95% by 2030; strive to shorten the actual payment time from the time the insurance payment obligation arises to 30 working days by 2025 and 15 working days by 2030; strive to have 45% by 2025 and 55% by 2030 of depositors grasp the core contents of the deposit insurance policy...
Third, promote the digital transformation process, apply modern science, technology and innovation along with developing high-quality human resources. BHTGVN is gradually implementing digital transformation in a flexible and effective manner; paying special attention to ensuring information security and safety.
Summarizing 25 years of construction and development, the achievements of BHTGVN in the recent past are thanks to the close direction and timely support of the National Assembly, the Government, the State Bank and relevant agencies, along with the continuous efforts of generations of leaders, officers and employees in the entire BHTGVN system.
Entering a new page in the history of development, promoting the achieved results, frankly acknowledging the limitations, recognizing opportunities and challenges, the collective leadership, officers and employees of BHTGVN are determined to unite and work together to develop BHTGVN into a modern deposit insurance organization, in line with international practices under the direction of the State Bank and the roadmap in the Deposit Insurance Development Strategy to 2025, with a vision to 2030 approved by the Prime Minister.
