The National Assembly has passed the Deposit Insurance Law consisting of 8 Chapters and 41 Articles. This Law takes effect from May 1, 2026.
This Law stipulates deposit insurance activities; the rights and obligations of depositors, deposit insurance participants, deposit insurance organizations and state management of deposit insurance.
This Law also applies to people insured for deposits, organizations participating in deposit insurance, deposit insurance organizations, agencies, organizations and other individuals related to deposit insurance activities.
In particular, this Law also clearly stipulates the amount of insurance money to be paid and the procedures for paying insurance money.
Accordingly, within 5 working days from the time the insurance payment obligation arises, the organization participating in deposit insurance must send a dossier requesting insurance payment to the deposit insurance organization.
The insurance payment request dossier includes the insurance payment request document, the list of deposit insurance recipients, the deposit amount of each deposit insurance recipient and the insurance amount requested for payment by the deposit insurance organization.
Within 5 working days from the date of receiving sufficient dossiers as prescribed in this Law, the deposit insurance organization shall inspect documents and books to determine the amount of payment.
In addition, within 10 working days from the date of completion of the inspection according to the provisions of this Law, the deposit insurance organization must have a plan to pay insurance money to the deposit insurance recipient.
Public announcement of the location, time, and method of insurance payment on three consecutive issues of a central newspaper, a local newspaper where the head office is located, branches of organizations participating in deposit insurance and on an electronic newspaper of Vietnam.
At the same time, within a maximum of 45 days from the time the insurance payment obligation arises, the deposit insurance organization is responsible for paying insurance money to the deposit insurance recipient.
When receiving insurance money, the person insured for deposits must present documents and data proving legal ownership of insured deposits at the organization participating in deposit insurance.
Deposit insurance organizations directly pay insurance money to depositors or authorize other deposit insurance participating organizations to implement.
After a 10-year period from the date the deposit insurance organization publicly announces the payment of insurance money, insurance money that is not received will be supplemented to the operating capital of the deposit insurance organization, the person who owns the insured deposit has no right to request the deposit insurance organization to pay that insurance money.
