This is an important milestone, demonstrating the recognition of the National Assembly for the essential and urgent role of completing the legal framework for deposit insurance activities in the current period.
Shaping a new role for deposit insurance organizations
After more than 12 years of implementation, the Law on Deposit Insurance has been effective in protecting depositors' rights, maintaining a stable financial - banking system and contributing to promoting sustainable economic development. However, in the context of many changes in the socio-economy, the banking system is being restructured extensively, and international integration is increasingly deepening, some provisions of the current Deposit Insurance Law have revealed shortcomings, not keeping up with practical requirements. Therefore, amending the Law on Deposit Insurance is a necessary step to synchronize with the Law on Credit Institutions (amended) 2024, while approaching international standards in the field of deposit insurance.
Based on the summary of implementation practices and policy research, on October 15, 2024, the Party Committee of the State Bank of Vietnam issued Resolution No. 377-NQ/BCSD, agreeing on the policy of developing the Law on Unemployment Insurance (amended). The amended content focuses on five major groups of policies, including fundamental orientations for deposit insurance activities in the coming period.
First of all, it is necessary to perfect the financial mechanism to improve the capacity of unemployment insurance organizations, create conditions for effective organization of the role of protecting depositors and supporting the handling of weak credit institutions. At the same time, clarifying the rights and obligations of unemployment insurance organizations is extremely necessary to suit the increasingly expanding functions and tasks, ensuring consistency in the legal system and increasing the effectiveness of policy implementation.
Another notable content is amending legal regulations to create a legal corridor for the Vietnam Deposit Insurance Corporation to participate more deeply in the restructuring process of weak credit institutions. This is a concretization of the proactive spirit of deposit insurance organizations in coordinating with the State Bank and competent authorities to ensure system safety and protect the rights of depositors.
In addition, policies on unemployment insurance fees and insurance payment mechanisms will also be reviewed and adjusted. Determining appropriate fee rates, collection methods and incentive mechanisms will contribute to promoting more transparent and healthy credit institutions. At the same time, improving procedures, shortening time and expanding payment methods will improve timeliness and transparency, thereby strengthening the trust of depositors in the banking system.
Creating a solid legal foundation for sustainable development
Currently, the State Bank of Vietnam is closely coordinating with the State Bank to perfect policies to amend the Law, especially those related to the role of organizations in restructuring the system of credit institutions. At the same time, the steps in the process of developing the Law are being implemented on schedule, ensuring the quality of the Draft submitted to the National Assembly.
The amendment and supplementation of the Law on Unemployment Insurance not only aims to overcome difficulties in practical implementation but also creates a modern and synchronous legal framework, meeting the requirements of integration and development. This is a strategic step to realize the goals in the Vietnam Deposit Insurance Development Strategy to 2025, with a vision to 2030, contributing to improving the effectiveness of public policies, better protecting the rights of depositors and ensuring stability and safety for the national financial and banking system.
