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t to MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY ng hi ep w n lo ad y th ju TRẦN THỊ HỢP yi pl al n ua DEPOSIT INSURANCE: A STUDY OF VIETNAMESE HOUSEHOLD’S KNOWLEDGE AND PERCEPTION n va ll fu oi m at nh z z ht vb k jm om l.c gm MASTER THESIS n a Lu n va y te re Ho Chi Minh City – 2012 t to MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY ng hi - oOo - ep w n TRẦN THỊ HỢP lo ad y th ju DEPOSIT INSURANCE: A STUDY OF VIETNAMESE HOUSEHOLD’S KNOWLEDGE AND PERCEPTION yi pl n ua al n va ll fu oi m nh MAJOR: FINANCE-BANKING at z MAJOR CODE: 60.31.12 z ht vb k jm l.c gm MASTER THESIS om SUPERVISOR: Assoc Prof, Ph.D TRẦN HUY HOÀNG n a Lu n va y te re Ho Chi Minh City – 2012 ACKNOWLEDGE t to ng hi This dissertation would not have been able complete without the support of ep many people Firstly, I wish to express my deep gratitude to my supervisor, Assoc w Prof, Ph.D Tran Huy Hoang for his valuable guidance and advice n lo I would like to express my deepest gratitude to all instructors at Faculty of ad Finance and Banking, University of Economics Ho Chi Minh City (UEH) for their y th ju valuable knowledge during my study in UEH yi pl Special thanks to Dr Vo Xuan Vinh for his useful advice for choosing a ua al suitable thesis’s research problem, and Master Nguyen Thanh Trung for his n enthusiastic support for this study va n My thanks and appreciations go to all my classmates, especially Ms Pham fu ll Thi Xuan Lien and Ms Nguyen Hong Vinh for their comments in English editing oi m I also wish to thank my friends in Techcombank, Citibank, BIDV, Maritime nh at Bank, Agribank, my colleagues and interviewers for their great supports My thanks z would also go to the households that agreed to participate in the survey z vb ht Finally, I would like to express heartfelt and deepest gratitude to my beloved jm parents, my husband and my son who are encouragement for me to overcome all k om l.c gm difficulties through the duration of my study n a Lu n va y te re i ABSTRACT t to ng hi During the global financial crisis, many countries sought to reassure ep depositors that their savings in financial institutions were safe If depositors feel unsure about the safety of their deposits, there is a great probability that they will w n lo withdraw their funds when they know insured institution encounter the unsound ad problems If bank runs become widespread, it can affect the overall economy y th Therefore, public must be well informed about the benefits and limitations of ju yi deposit insurance to build and maintain confidence in the financial system In pl addition, a well-designed public awareness program is essential in order to prevent a n ua al bank run va The objective of this study to investigates the knowledge about existing n deposit insurance organization in Vietnam and its basic features among a sample of fu ll households A study of 326 respondents was conducted in Ho Chi Minh City and m oi two nearby provinces Statistics and logistic regression techniques were applied to nh at test hypotheses and analyze factors impacting on the public awareness of deposit z insurance The result of the paper shows that knowledge of deposit insurance is not z ht vb widespread in Vietnam: about 60 percent of the households in the sample are jm completely unaware of its existence, 30 percent possess the basic knowledge, and k only 10 percent give detailed information The findings highlight the significant gm determinants of deposit insurance awareness that are internet, education, and bank om l.c n a Lu n va y te re Keywords: Deposit insurance of Vietnam, deposit insurance, public awareness ii CONTENTS t to ACKNOWLEDGE i ng hi ABSTRACT ii ep CONTENTS iii w n LIST OF TABLES vi lo ad LIST OF CHARTS vii y th ju LIST OF ABBREVIATES viii yi pl CHAPTER 1: INTRODUCTION al n ua 1.1 Introduction n va 1.2 Research background ll fu 1.3 Research objective m oi 1.4 Research questions nh 1.5 Methodology at z z 1.6 Scope and limitation vb ht 1.7 Structure of the study jm k CHAPTER 2: LITERATURE REVIEW gm 2.1 Introduction l.c om 2.2 Overview of Deposit insurance The Concept of Deposit Insurance 2.2.2 Objectives and role of deposit insurance 2.2.3 Deposit insurance: the facts 2.2.4 Case of Deposit insurance in Vietnam n y te re iii va 2.3 Related literature 11 n a Lu 2.2.1 t to 2.3.1 Deposit insurance and public awareness 11 2.3.2 Other efforts to investigate the public awareness 12 ng hi 2.4 Developing of empirical research hypothesis 14 ep CHAPTER 3: METHODOLOGY 18 w n 3.1 Introduction 18 lo ad 3.2 Research design 18 y th ju 3.3 Pilot test .20 yi pl 3.4 Main study 21 al Target audience selection 21 3.4.2 Sample size 22 3.4.3 Survey method .22 n ua 3.4.1 n va ll fu m oi 3.5 Data analysis techniques 23 nh Descriptive statistics 23 3.5.2 Multivariate analysis 23 at 3.5.1 z z vb ht CHAPTER 4: DATA ANALYSIS AND FINDINGS 25 jm 4.1 Introduction 25 k gm 4.2 Description of collected sample 25 l.c Final sample 25 4.2.2 Characteristic of sample 26 om 4.2.1 n a Lu 4.3 Results and discussions 27 Find out determinants of awareness 32 4.3.3 The negative answers .36 iv y 4.3.2 te re Knowledge about the Vietnam DIS 27 n va 4.3.1 t to ng hi 4.3.4 Different level of knowledge 40 4.3.5 A multivariate analysis 41 4.3.6 Review the findings of the study 45 ep CHAPTER 5: IMPLICATIONS AND CONCLUSION 46 w n 5.1 Introduction 46 lo ad 5.2 Implications of the research 46 y th ju 5.3 Limitations of the research and further research 49 yi pl 5.4 Conclusion 50 al Summary of hypotheses 50 5.4.2 Final conclusion .51 n ua 5.4.1 n va ll fu APPENDIX - Questionnaire 53 m oi APPENDIX - List of financial experts and depositors 59 nh APPENDIX - Descriptive Statistics of variables 60 at z REFERENCES 67 z ht vb k jm om l.c gm n a Lu n va y te re v LIST OF TABLES t to ng hi Table 1.1 Outline of Chapter ep Table 1.2 Structure of the study w n Table 2.1 Outline of Chapter lo ad Table 2.2 The research question and all hypotheses 16 y th ju Table 3.1 Outline of Chapter 18 yi pl Table 4.1 Outline of Chapter 25 al n ua Table 4.2 Knowledge about Vietnam deposit insurance 28 n va Table 4.3 In case of bank failure, are your deposits protected in Vietnam 34 ll fu Table 4.4 Omnibus Tests of Model Coefficients 42 oi m Table 4.5 Model Summary 42 nh Table 4.6 Classification Table 43 at z Table 4.7 Variables in the Equation 43 z vb ht Table 5.1 Outline of Chapter 46 jm Table 5.2 Summary of hypotheses 50 k om l.c gm n a Lu n va y te re vi LIST OF CHARTS t to ng hi Chart 2.1 Numbers deposit insurance in the world to March 2011 ep Chart 2.2 The factors influence on the awareness 17 w n Chart 3.1 Research process 19 lo ad Chart 4.1 Description of collected sample 26 y th ju Chart 4.2 Gender of respondents 26 yi pl Chart 4.3 Age group of respondents 27 al n ua Chart 4.4 An international comparison 29 va Chart 4.5 Isolating the “noes” from the “don’t knows”: age 36 n fu ll Chart 4.6 Isolating the “noes” from the “don’t knows”: Education 37 oi m Chart 4.7 Isolating the “noes” from the “don’t knows”: Residence 38 at nh Chart 4.8 Isolating the “noes” from the “don’t knows”: Risk aversion 39 z z ht vb Chart 4.9 Isolating the “noes” from the “don’t knows”: amount of deposit 39 k jm om l.c gm n a Lu n va y te re vii LIST OF ABBREVIATES t to ng hi ep DI: Deposit Insurance w DIS: Deposit Insurance system n lo ad DIV: Deposit Insurance of Vietnam y th ju FDIC: Federal Deposit Insurance Corporation yi pl n ua al MDIC: Malaysia deposit Insurance Corporation n va CDIC: Canada Deposit Insurance Corporation fu ll IADI: International Associate Deposit insurance oi m at nh DICJ: Deposit Insurance Corporation of Japan z FSF: Financial Stability Forum z ht vb BIDV: Bank for Investment and development k jm Techcombank: Technological and Commercial Joint Stock Bank om l.c gm Agribank: Viet Nam Bank for Agriculture and Rural Development n a Lu n va y te re viii Other not employed/không nghề nghiệp t to ng Retired/nghỉ hưu hi ep Blue-collar worker/Cơng nhân Office worker/Nhân viên văn phịng w n Trader, business – owner, other self-employed/ thương nhân, Kinh doanh, buôn bán lo ad y th ju Manager, executive/Quản lý yi How much is your or the household monthly income? /Thu nhập hàng tháng bạn gia đình bạn bao nhiêu? pl ua al n Less than million VND / Dưới triệu đồng va n From to below 10 million VND / Từ đến 10 triệu đồng fu ll From 10 to below 20 million VND / Từ 10 triệu đến 20 triệu đồng oi m at nh From 20 million VND to over / Từ 20 triệu đồng trở lên B Financial knowledge z z Imagine you receive this statement from your bank; can you tell me what sum of money is available at the end of month? / hình dung bạn nhận báo cáo từ ngân hàng bạn, bạn cho tơi biết tổng số tiền có ngân hàng vào cuối tháng không? ht vb k jm om l.c Don’t know/không biết………………… gm Amount in VND / Số tiền VND………… a Lu n Suppose you had VND 100 million in a saving account and the interest rate is 10% per year After years, how much you think you would have in the account if you left the money to grow? Giả sử bạn có tài khoản tiết kiểm 100 triệu VND, lãi suất 10%/năm Nếu bạn để tiền để sinh lợi, sau hai năm bạn nghĩ bạn có tiền tài khoản bạn? y te re 55 n va Less than VND 110 million / Ít 110 triệu VND Exactly VND 110 million / Chính xác 110 triệu VND t to ng More than VND 110 million / Nhiều 110 triệu VND hi ep If interest rates rise, what will typically happen to bond prices.? Nếu lãi suất tăng, cách điển hình việc xãy giá trái phiếu? w Increase / Tăng n lo ad Decrease/ Giảm ju y th Which risk aversion level would you prefer if you buying a bank products?/ Nếu bạn mua (sử dụng) sản phẩm, dịch vụ ngân hàng, mức ngại rủi ro mà bạn ưa thích? yi pl al n ua I prefer a large profits, even with high risk / Tơi thích lợi nhuận lớn chí với mức rủi ro cao va n I prefer good return, but also fair degree of protection/ Tơi thích lợi nhuận tốt, có mức bảo đảm vừa phải ll fu oi m at nh I prefer fair return, with a good degree of protection / Tơi thích lợi nhuận khá, có mức bảo đảm tốt z z I want low profits with no risk/ Tôi muốn lợi nhuận thấp rủi vb ht ro k jm How much is your saving accounts in bank? Số tiền gửi bạn ngân hàng khoảng bao nhiêu? om l.c gm Less than 50 million VND / Dưới 50 triệu đồng From 50 to below 100 million VND / Từ 50 đến 100 triệu đồng a Lu n From 100 to below 200 million VND / Từ 100 triệu đến 200 triệu 56 y Which following types of banks you chose to deposit your money?/ Ngận hàng sau bạn chọn để gửi tiền tiết kiệm bạn ? te re From 200 million VND to over / Từ 200 triệu đồng trở lên n va đồng In state bank / Ở ngân hàng nhà nước t to ng In commercial joint stock bank / Ở ngân hàng thương mại cổ phần hi ep Do any members of your household use the internet at home or elsewhere? Các thành viên gia đình bạn có sử dụng internet nhà hay nơi khác khơng? w Yes/Có n lo ad No/Khơng pl n va n ua al yi ju y th Number of households’ component / Số thành viên hộ gia đình bạn ll fu oi m or more at nh C Knowledge about the deposit insurance system in Vietnam / Hiểu biết bảo hiểm tiền gửi Việt nam z In case of bank failure, are your deposits protected in Vietnam? / Trong trường hợp ngân hàng bị đỗ vỡ, tiền gửi bạn có bảo vệ Việt Nam? z ht vb jm Yes/Có k gm No/Khơng om l.c Don’t know/Không biết n a Lu Do you know about deposit insurance? / Bạn có biết (nghe nói) Bảo hiểm tiền gửi khơng? n va Yes/Có te re No/Khơng y Don’t know/Không biết 57 t to ng hi ep Regarding your or the household’s current or savings accounts, if the bank collapsed you think that there exists a deposit insurance system refund your money? / Đối với tài khoản tiền gửi tiết kiệm, bạn gia đình bạn ngân hàng, ngân hàng bị đỗ vỡ bạn có nghĩ có tồn tổ chức bảo hiểm tiền gửi trả lại tiền cho bạn? w Yes/Có n lo ad No/Khơng ju y th Don’t know/Không biết yi (If yes to Q3 )Is there a maximum amount of deposits guaranteed by deposit insurance system?/ Có mức tiền gửi tối đa bảo đảm bảo hiểm tiền gửi? pl n va ll fu No/Khơng n ua al Yes/Có oi m Don’t know/Không biết at nh 5.(If yes to Q.4 )Which is the maximum amount of deposits guaranteed by deposit insurance of Vietnam? Mức tiền gửi tối đa bảo đảm Bảo hiểm tiền gửi Việt nam? z z k jm om l.c gm Unlimited/khơng có giới hạn ht VND 100 million/100 triệu đồng VND vb VND 50 million/ 50 triệu đồng VND n a Lu Thank you for taking time to complete the questionnaire / Cám ơn bạn dành thời gian để hoàn thành bảng câu hỏi n va y te re 58 APPENDIX t to List of financial experts invited to focus discussion group ng hi No Full name Gender ep Nguyễn Thị Tú Oanh Female Bank Manager - Techcombank - Tan Quy branch - w District - Ho Chi Minh City n lo Lê Thị Huệ Female ad Director transaction office No BIDV- No ju y th 2transaction center Branch Phan Duy Lăng Trần Văn Nghị Huỳnh Công Minh yi pl n ua al Male Manager - Maritimebank - Ho Chi Minh City Male Manager Agribank – Binh Phu branch Male Chief control department- Seabank va n List of ten depositors who is clients of BIDV – No 2-transaction center ll fu invited to interview Full name Gender oi m No Note nh Huỳnh N.Huyền Trân Female Understand all questions of questionnaire Nguyễn Minh Phương Female Understand all questions of questionnaire Bùi Nhật Đức Male Understand all questions of questionnaire Lê Khắc Thịnh Male Understand all questions of questionnaire Trần Anh Túc Male Understand all questions of questionnaire Hứa Hữu Mai Chi Female Understand all questions of questionnaire Nguyễn T Diễm Thu Female Understand all questions of questionnaire Phùng Thị Kỳ Female Understand all questions of questionnaire Bùi Anh Phương Male Understand all questions of questionnaire 10 Đào Văn Vững Male Understand all questions of questionnaire at z z ht vb k jm om l.c gm n a Lu n va y te re 59 n lo ad ju y th yi pl ua al APPENDIX n va Despriptive statistics of variables n Frequencies fu Education 326 326 326 Working 0 326 at Missing Area nh Valid Age oi N m ll Gender Statistics Income Finance1 Risk Deposit Bank Internet People Finance2 326 326 326 326 326 326 326 326 326 0 0 0 0 0 z z ht vb jm Frequency Table Valid Percent Cumulative Percent 170 52.1 52.1 156 47.9 47.9 100.0 Total 326 100.0 100.0 52.1 an Lu Gender Valid Percent Cumulative Percent 52.1 52.1 156 47.9 47.9 100.0 Total 326 100.0 100.0 ac th 52.1 y te 170 re n Valid Percent va Frequency om l.c Valid Percent gm Frequency k Gender si eg cd jg hg 60 n lo ad ju y th yi pl ua al 23.3 23.3 51.2 68 20.9 20.9 72.1 91 27.9 27.9 100.0 326 100.0 at nh Total 27.9 oi 76 Cumulative Percent 27.9 m ll 27.9 fu 91 Valid Percent n Percent va Valid n Frequency Age 100.0 z z vb Valid Percent 93 28.5 28.5 94 28.8 28.8 42.6 71.2 100.0 om 42.6 l.c 42.6 139 gm Cumulative Percent k Valid Percent jm Frequency ht Area an Lu va n y te re ac th si eg cd jg hg 61 t to ng hi Total 326 100.0 100.0 ep Education w n Frequency Valid Percent Cumulative Percent 11 3.4 3.4 3.4 34 10.4 10.4 13.8 42 12.9 12.9 26.7 136 41.7 41.7 68.4 103 31.6 31.6 100.0 100.0 100.0 ad ua lo Valid Percent al 326 n Total pl yi ju y th n va 5.5 5.5 47 14.4 14.4 19.9 69 21.2 21.2 41.1 76 23.3 23.3 66 20.2 20.2 50 15.3 15.3 326 100.0 100.0 z z 5.5 Cumulative Percent at 18 nh Valid Percent oi Valid Percent m Frequency ll fu Working ht vb 84.7 k jm 100.0 om l.c gm Total 64.4 a Lu Percent Valid Percent Cumulative Percent n va Frequency n Income 33.1 33.1 33.1 112 34.4 34.4 67.5 62 19.0 19.0 86.5 44 13.5 13.5 100.0 62 th 108 y te re Valid t to ng hi Income ep Frequency Valid Percent Valid Percent Cumulative Percent w n lo 108 33.1 33.1 33.1 112 34.4 34.4 67.5 62 19.0 19.0 86.5 44 13.5 13.5 100.0 326 100.0 100.0 ad ju y th Total yi pl ua al Finance1 Frequency Percent Valid Percent Cumulative Percent n Total 326 65.0 100.0 35.0 35.0 65.0 100.0 100.0 oi m 212 ll 35.0 fu 114 n va Valid Valid Percent Cumulative Percent z Percent at Frequency nh Risk z 99 30.4 30.4 146 44.8 44.8 50 15.3 15.3 326 100.0 100.0 Total 39.9 84.7 100.0 om l.c 9.5 gm 9.5 k 9.5 jm 31 ht vb Valid a Lu Percent Valid Percent Cumulative Percent n va Frequency n Deposit 39.6 39.6 39.6 89 27.3 27.3 66.9 65 19.9 19.9 86.8 43 13.2 13.2 100.0 63 th 129 y te re Valid t to ng hi Deposit ep Frequency Valid Percent Valid Percent Cumulative Percent w n lo 129 39.6 39.6 39.6 89 27.3 27.3 66.9 65 19.9 19.9 86.8 43 13.2 13.2 100.0 326 100.0 100.0 ad ju y th Total yi pl ua al Bank Frequency Percent Valid Percent Cumulative Percent n Total 326 42.6 100.0 57.4 57.4 42.6 100.0 100.0 oi m 139 ll 57.4 fu 187 n va Valid at nh Valid Percent 126 38.7 38.7 Total 326 100.0 100.0 61.3 100.0 People Valid Percent Cumulative Percent 4.0 4.0 4.0 80 24.5 24.5 28.5 82 25.2 25.2 53.7 107 32.8 32.8 86.5 44 13.5 13.5 100.0 326 100.0 100.0 n 13 va n Valid Percent a Lu Frequency om l.c gm 61.3 k 61.3 jm 200 ht Cumulative Percent vb Valid Percent z Frequency z Internet y th 64 te re Total t to ng hi ep Finance2 Frequency w n Valid Percent Valid Percent Cumulative Percent lo 256 78.5 78.5 78.5 70 21.5 21.5 100.0 326 100.0 100.0 ad ju y th Total yi pl n ua al Logistic Regression Case Processing Summary va 326 100.0 0 326 100.0 0 326 100.0 oi m Missing Cases ll Included in Analysis Percent fu Selected Cases N n Unweighted Casesa at nh Total Unselected Cases z z Total vb a If weight is in effect, see classification table for the total number of cases ht Internal Value k Original Value jm Dependent Variable Encoding 1 om l.c gm n a Lu n va y te re th 65 t to ng hi Block 0: Beginning Block ep Classification Tablea,b Predicted w n Awareness lo ad Observed Percentage Correct Awareness 175 100.0 ju 151 0 y th Step yi Overall Percentage 53.7 pl ua al a Constant is included in the model b The cut value is 500 n n va Variables in the Equation B -.148 111 df 1.764 ll Constant Wald fu Step S.E Sig Exp(B) 184 863 oi m Score at nh Variables not in the Equation df Sig z Variables Gender 692 z Step 405 053 Age 3.740 vb Area 024 Education 23.212 Working 24.808 Income 18.467 000 220 639 19.287 000 7.735 005 Internet 39.742 000 People 7.942 005 Finance2 2.275 131 79.501 12 000 000 om l.c n a Lu n va y te re th 66 000 gm Overall Statistics 878 k Bank jm Deposit 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