Topic Law On Deposit Insurance Activities In Vietnam.pdf

In Vietnam, deposit insurance is the public commitment of the deposit insurer to the participating institution and depositors on the fact that the deposit insurer will pay insured deposi

UNIVERSITY OF ECONOMICS AND LAW

WORKING ASSESSMENT

We hereby declare that the topic “Law on deposit insurance activities in Viet Nam” is an independent study work of my group under the guidance of Dr Le Nguyen Gia Thien The parts using references in the thesis have been clearly stated in the references section The data and results presented in the study are completely honest and legal

Ho Chi Minh City, May 2023

INTRODUCTION

1 The necessity of the topic

Currency trading activities in the market economy are always associated with and contain potential risk factors such as interest rate risk, exchange rate risk, credit risk, liquidity risk, and moral hazard In recent years, the world economy has many adverse fluctuations, so the achievements of Vietnam’s economy in recent years are remarkable The Party, National Assembly and Government have made timely decisions, proactive and flexible monetary policy management and better coordination between fiscal and monetary policies

Contributing to that result is the role of deposit insurance, a financial institution used in many countries around the world to protect the interests of depositors In Vietnam, deposit insurance is the public commitment of the deposit insurer to the participating institution and depositors on the fact that the deposit insurer will pay insured deposits to depositors when the deposit insurance participating institution is terminated and becomes insolvent The operation of Vietnam Deposit Insurance has a solid legal foundation which is the Law on Deposit Insurance and a system of guiding documents

However, the practice of implementing the provisions of the law on deposit insurance shows that the provisions of the current law on deposit insurance have revealed limitations, inadequacies and overlaps, leading to ineffective implementation

of the required results, many current provisions of Vietnam’s law on deposit insurance are no longer relevant and need to be amended and supplemented In order for Vietnam Deposit Insurance to meet the requirements set out in this situation, it is necessary to review, supplement and perfect the law on deposit insurance, first of all,

to summarize and evaluate the results of the implementation of the Law on Deposit Insurance Since then, it has been suggested to amend the Law on Deposit Insurance and relevant provisions of the law so that deposit insurance is really an effective tool

to help the Government restructure weak credit institutions associated with bad debt settlement, settlement of bad debts break up credit institutions, thereby best protecting the legitimate rights and interests of depositors, contributing to ensuring the safe and healthy development of the financial - banking system

Because of the above reasons, the authors have chosen the topic “Law on deposit insurance activities in Viet Nam” as the research topic for the essay

2, Limitation of the topic

Regarding space, the topic focuses on studying the legal status of deposit insurance activities of the Deposit Insurance Corporation in Vietnam

Regarding time, all regulations on deposit insurance activities of the current law and related documents, from which to study the implementation of such regulations in practice

3 Legal method

The study used a combination of the following research methods:

- Analytical and synthesis method: used to analyze theoretical issues as well as legal regulations related to deposit insurance activities in Vietnam

- Method of analyzing written law: used to analyze inadequacies and problems

of legal regulations related to deposit insurance activities

- Statistical method: used to gather relevant legal provisions as well as data and reports from the practice of deposit insurance activities as a database to analyze and evaluate a comprehensive approach to the legal and practical issues of deposit insurance management

4, Legal theories

Theories on hedging, allocating, limiting risks and views on the role of the State in the market economy are applied to determine such contents as: determining the role of deposit insurance, rights and benefits of depositors, deposit insurance fees, deposit insurance payment limit, method of establishing deposit insurance relationship, method and time of insurance payment all these activities must comply with the provisions of law, international standards and practices and are suitable to the country’s socio-economic development situation

Theory of market economic institutions, legal theory: Developing a socialist- oriented market economy is one of the fundamental issues of development philosophy

in Vietnam The 10th National Congress of our Party emphasized the need to “ensure the role of the socialist rule of law in economic management and regulation’ In Vietnam today, the role of the State in the economy not only comes from the common requirements of the development of the market economy, but also from the specificity

of the market-oriented economy In the context of socialism, research on the theory of market economic institutions is the basis to solve the inadequacies and limitations encountered when implementing and applying the law, which is the basis for proposing and proposing solutions measures to improve mechanisms and policies on deposit insurance activities and Vietnam deposit insurance organization

5 Research questions

When implementing this topic, the authors asked the main question about the research topic: “Is the law of Vietnam regulating deposit insurance effectively?” To further clarify this issue, the authors posed three related secondary questions: Question 1: How should the theoretical issues surrounding deposit insurance activities be understood?

Question 2: How does the current Vietnamese law regulate deposit insurance activities?

Question 3: What recommendations and solutions can be proposed to improve the law on deposit insurance activities?

6 Research hypothesis

Coming to the first question is “How should the theoretical issues surrounding deposit insurance activities be understood?” Based on the theoretical basis, the authors briefly explore Deposit Insurance as a public commitment of the deposit insurer to the deposit insurance participating institution that the deposit insurer will pay deposits to depositors when the deposit insurance participating institution is terminated and is unable to pay depositors; Typical models of deposit insurance; The objective of deposit insurance is to protect the legitimate rights and interests of depositors, contribute to maintaining the stability of the system of credit institutions, and ensure the safe and healthy development of banking activities The regulatory mechanism of law for deposit insurance is a specific mechanism, which is not entirely based on the contractual relationship and involves the State’s intervention in the deposit insurance relationship in order to maximize protection of the legitimate rights and interests of depositors

The second question: “How does the current Vietnamese law regulate deposit insurance?” The current deposit insurance regulations are not consistent with international practices and do not meet the requirements of the practice of deposit insurance activities in Vietnam, especially regulations on participants, insurance objects, and activities There are also inconsistencies among legal documents related

to deposit insurance such as the Law on the State Bank of Vietnam, the Law on Credit Institutions, the Law on Deposit Insurance, Civil Code, etc Besides, the process of organization and implementation at deposit insurance participating organizations also encounters difficulties and problems that need to be studied

The third question: “What recommendations and solutions can be proposed to improve the law on deposit insurance activities?” The trend of socio-economic integration and development of Vietnam and the world in recent years and in the coming time should be affirmed that it is time for Vietnam to develop and perfect the legal provisions on deposit insurance because there are many shortcomings and limitations

7 Contributions of the topic

In terms of theory, the study has focused on researching the theoretical and legal contents related to deposit insurance, and at the same time, studied the current status of legal regulations on deposit insurance including: about the subjects participating in the deposit insurance relationship, the rights and obligations of the parties; the current status of deposit insurance fees and the use of deposit insurance premium revenues of the deposit insurer; The research paper also provides data and cases to prove its evaluations and comments In addition, the study also points out the limitations and inadequacies in the mechanisms, policies, legal provisions and enforcement practices to indicate the causes of those limitations

In practical terms, the research results contribute as a reference for students’ searching for documents on related topics At the same time, the legal framework is

also clearly defined so that people have the most general information possible Going into practical research helps to highlight realty, helping people have the closest and most specific view on issues related to deposit insurance

CHAPTER 1: THEORETICAL ISSUES OF DEPOSIT INSURANCE AND THE

LAW ON DEPOSIT INSURANCE 1.1 Theoretical issues of deposit insurance

1.11 Deposit insurance concept

The concept of deposit insurance has been around for a long time in the world Financial and banking activities are always sensitive and potentially risky, so each country needs to have an organization to protect depositors in the event of a bank failure to stabilize the situation social security' Currently, the phrase “Deposit insurance” has many interpretations, definitions can include a few typical examples such as:

According to the International Association of Deposit Insurers (ADP), Deposit Insurance is understood as “a system established to protect depositors from the loss of their insured deposits in the event that the depository institution unable to fulfill the

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debt obligations as committed to depositors’* According to the Theo Federal Deposit Insurance Corporation (FDIC), Deposit insurance is a type of insurance that protects depositors from loss if a bank fails In addition, it promotes economic stability by lowering bank depositors’ likelihood of simultaneously withdrawing their funds It is

an element of the financial safety net since it offers protection against banking crises and funding to lessen their effects Clause 1, Article 4 of the Law on Deposit Insurance of Vietnam 2012 stipulates: deposit insurance is a guarantee of deposit return to the insured within the limit of insurance payment when the organization participates in deposit insurance fall into the state of inability to pay deposits to depositors or go bankrupt According to author Le Thi Thu Thuy, in Legal Scientific Research on Deposit Insurance: Deposit insurance is a public commitment by the deposit insurer to refund part or all of insured deposits (including principal and interest) to depositors when the deposit insurance participating institution becomes insolvent or ceases to operate

Therefore, it can be understood: “Deposit insurance is a type of insurance activity whereby the deposit insurance organization makes a commitment to pay part

or all of the principal and interest of the deposits to depositors insured at the deposit insurance participating organization when there is a document from the competent state agency to determine that the deposit insurance participating organization is terminated and insolvent in order to realize the state's public policy goals”

Understanding the concept of Deposit Insurance will help us access more easily and understand more deeply the characteristics and roles of this type of insurance 1.1.2, Features of deposit insurance

1 Van Hung - Khac Son (2008), “The role of the deposit insurance organization in Vietnam in protecting depositors and ensuring social security”, bttp://www.div.gov.vn/LinkClick.aspx?fileticket=NgqiMwV%2Ba

%2Fco%3D&tabid=198&mid=554, accessed 13th April 2023

2 Hoa Thanh Huyen (2022), “Law on Deposit Insurance’, https://vov2.vov.vn/phap-luat/quy-dinh-cua-phap- luat-ve-bao-hiem- tien-gui-38325.vov2, accessed 13th April 2023

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Firstly, the subject of deposit insurance must be a deposit insurance

organization

Deposit insurance activities only form in the banking and financial sector, nor

do they carry the legal nature of commercial insurance activities Therefore, deposit insurance is not usually performed by businesses operating in the field of commercial insurance This particular activity is carried out by a number of specialized financial institutions under the name of a deposit insurance company or a deposit insurance agency

The main function of the deposit insurance organization according to the laws

of all member countries of the International Association of Deposit Insurers (IADI) is

to carry out the deposit insurance mission Specifically, the protection of deposits owned by individuals and organizations at organizations participating in deposit insurance To perform this function, the deposit insurance organization has certain financial instruments such as the Deposit Insurance Fund and legal instruments such

as powers and responsibilities in establishing and terminating the deposit insurance relationship between the parties involved However, deposit insurers may or may not

be for-profit purposes Thus, the legal status of the subject of deposit insurance activities as stipulated in the law is a special tool of the State to realize its public policy objectives’

Secondly, the insured is the depositor's obligation to pay the depositors' deposits to the depositors

As mentioned before, financial and banking activities carry numerous risks, so

it is necessary to have a solid legal guarantee for deposits at banking credit institutions The laws on deposit insurance activities of countries and Vietnam all stipulate issues related to deposit insurance objects such as: Types of insured deposits, types of uninsured deposits, the maximum amount insured, the owner of the insured sums, etc The strict regulation of legal issues related to the insured object helps potential depositors have firm confidence in the operation deposit insurance activities

as well as minimizing risks for the deposit insurance organization itself and improving the responsibility of managing the business activities of the deposit insurance participating organizations

Thirdly, the beneficiary from deposit insurance activities is the depositor

A customer whose deposit is insured at an organization participating in Deposit Insurance Depositors are not required to make financial contributions to the deposit insurer but have the right to request the deposit insurer to pay the deposit including the accrued interest on such deposit within the insured deposit payment limit of the

3 Nguyen Dang Quan (2018), “Deposit insurance activities under Vietnamese law from commercial banks practice’, https://www.slideshare net/trongthuy3/luan-van -hoat-dong-bao-hiem-tien-gui-theo-phap-luat-viet-

nam-hot, accessed 14th April 2023

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deposit insurer Deposit insurance institutions can be all or part of the deposit due to the policy of each country’

Depositors at banking credit institutions can be individuals or organizations The purpose of sending money to the subjects is also very diverse such as to fulfill payment obligations, save, invest, In most countries around the world, the law on deposit activities is done Deposit insurance for individuals This is a regulation that comes from one of the core objectives of deposit insurance which is to protect the interests of small depositors while the credit institution receiving their funds becomes insolvent Thereby avoiding the phenomenon of depositors losing faith in the banking system, simultaneously withdrawing money from banks, affecting banking activities’ Article 18 on “Insured Deposits”, the Law on Deposit Insurance stipulates: “Insured deposit is a deposit in Vietnam dong of an individual deposited at a deposit insurance participating organization in the form of term deposit, demand deposit, savings deposit, certificate of deposit, promissory notes, bills and other forms of deposit in accordance with the Law on Credit Institutions.” Although the current payment limit

of Deposit Insurance is only VND 125 million, this is only one of the opportunities The guarantee mechanism is specifically articulated in an overall problem

Thus, it can be said that in terms of the law in the actual context, even in the worst case, only shareholders and other creditors will suffer damage, while depositors, especially individuals, will be compensated by the State State guarantees the highest interests

Fourthly, the deposit insurance premium must be a fee prescribed by law Deposit insurance is the main and most important source of income of the World Insurance Organization, contributing greatly to the growth of the Industrial Reserve Fund services to pay depositors’ insurance premiums, improve financial capacity, and protect the legitimate rights and interests of depositors Deposit Insurance Vietnam is a state financial institution operating not for profit, playing a very important role in the implementation of public policies of the state However, in order to reduce the burden on the State and as a mutually beneficial party, in order to raise the sense of self-improvement, organizations participating in Deposit Insurance are also obliged to make financial contributions through the Deposit Insurance fee The Deposit Insurance Law stipulates that the Deposit Insurance fee is the amount that the deposit insurance participating organization (commercial banks, cooperative banks, people’s credit funds, microfinance institutions and expenditures) branches of foreign banks that are entitled to recetve deposits from individuals) must pay to Vietnam Deposit Insurance to insure deposits of insured depositors at deposit

4 Truong Thanh Duc (2022), “Protecting the interests of depositors”, https://tuoitre.vn/bao-ve-quyen-loi-nguoi- gui-tien-2022 1010074259029 htm, accessed 14th April, 2023

5 Nguyen Dang Quan (2018), “Deposit insurance activities under Vietnamese law from commercial banks practice’, https://www.slideshare.net/trongthuy3/luan-van-hoat-dong-bao-hiem-tien-gui-theo-phap-luat-viet- nam-hot accessed 4th April 2023

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insurance participating institutions Thus, people when depositing money at organizations participating in Deposit Insurance do not have to pay the Deposit Insurance fee, but the Deposit Insurance participating organizations must pay the Deposit Insurance fee calculated on the insured deposit balance average risk® 1.1.3 The role of deposit insurance

Because deposit insurance is a product of the market economy and only appears in the market economy, the role of deposit insurance comes from the nature of financial activities, which is always associated with the trust factor , sensitive, and highly contagious’ In banking activities, if depositors’ confidence in the financial- banking system is in crisis, it will affect not only the operation of a single credit institution but also the entire banking system economy

Firstly, deposit insurance plays an important role in protecting depositors and improving public confidence in the financial and banking system* Because, in a market economy, protecting consumers in general and depositors in particular is a requirement for each Government Consumer protection is to ensure a balance between development and ensuring the rights of people in civil society Thus, deposit insurance is an effective financial instrument used by most governments to protect depositors

Practice shows that when people do not trust the financial - banking system, first of all, the banking system will be affected and then the whole economy of the country will be seriously affected as well When the public lacks confidence in the banking - financial system, they often choose to buy gold or real estate to accumulate assets without depositing money in banks anymore This has a negative impact on the economy as a whole, thus hindering development, especially in developing countries like Vietnam Surely, we must not forget the event that happened in the late 2000s when a series of people’s credit funds collapsed, causing great losses to the economy

of VietNam at that time

Secondly, Deposit insurance plays an important role in creating a healthy development of banking activities Because deposit insurance has created fairness, creating a “level playing field” for all credit institutions, especially credit institutions with a small operating scale Besides, psychological factors also have a great influence

on banking activities If there is no deposit insurance, usually depositors will feel more secure when depositing money in big banks However, if there is an operation of the deposit insurance system, they can also choose small-sized credit institutions

6 PV (2022), “Deposit premium — an important resource to protect the legitimate rights and interests of depositors’, https://thoibaotaichinhvietnam.vn/phi-bao-hiem-tien-gui-nguon-luc-quan-trong-de-bao-ve-quyen- va-loi-ich-hop-phap-cua-nguoi-gui-tien-116952 html, accessed on 14th April 2023

7 Van Hung - Khac Son (2008), “Role of deposit insurance organizations in Vietnam in protecting depositors and ensuring social security”, http:/www.div.gov.vn/LinkClick.aspx? fileticket=NgqiMw V %2Ba%2Fc

%3D&tabid=198&mid=554, accessed 16th April 2023

8 Bui Khac Son (2005), “Jmproving public trust in Vietnam's banking and financial system”,

https://mof gov.vn/webcenter/portal/vclvcstc/pages_r/I/chi- tiet-tin?d DocName=BTC336398, accessed 16th

April 2023

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because wherever they deposit their money, their deposits are still safe That promotes equal development of credit activities, avoiding the narrowing of opportunities for customers to come to small-scale or different types of credit institutions Deposit insurance also contributes to ensuring the safety and soundness of banking operations

in the event that a credit institution encounters difficulties, the Deposit Insurance Company will use financial support measures, and in the event that the situation cannot be saved, the Deposit Insurance Company will stand up pay the deposit to the depositor’

Thirdly, Deposit Insurance contributes to promote the process of capital mobilization for economic development and social stability Through its role of protecting depositors, building and strengthening public confidence in the banking system, deposit insurance plays an important role in promoting the process of raising capital for development Mobilizing capital from the people to serve development is

an important requirement for each economy, especially in developing countries, this need is increasing The state uses many channels to attract capital, but one very important channel is to attract capital through banks In order to attract capital, people need to deposit money in banks instead of storing it in the form of gold, real estate or

at home

Finally, Deposit insurance not only plays an important role in the period of stable operation, but also plays an important role in the event of a financial-banking crisis.One of the causes of the financial and banking crisis is the phenomenon of mass withdrawals Meanwhile, banking-finance activities are sensitive and highly contagious activities, so that phenomenon can happen at any time, sometimes just because of false rumors, not from rumors The root cause is the operation of a certain weak credit institution In this case, deposit insurance is an important “shield” to prevent that phenomenon

1.2 Deposit insurance pattern in Vietnam

There are many deposit insurance patterns in the world today However, it can

be divided into two main categories: Deposit Insurance is a state financial institution and Deposit Insurance is a professional mutualistic organization - Deposit Insurance Fund From there, the operating pattern can be determined such as: Special payment pattern; Risk reduction pattern; Payment pattern with extended powers; Each pattern has its own advantages and disadvantages Each country chooses a different pattern, each pattern determines the function and mission of the Deposit Insurance organization, thereby designing a pattern to perform the appropriate functions and tasks Which pattern to choose depends on the socio-economic conditions of the country"

The Deposit Insurance pattern is a state-owned financial institution selected and developed by Vietnam According to the provisions of Clause 1, Article 2 of Circular 312/2016/TT-BTC, Vietnam Deposit Insurance is a state financial institution, operating under the pattern of a State-owned one-member limited liability company holds 100% of charter capital, has legal status, has a seal, has its own account according to Vietnamese law, operates for non-profit purposes, ensures capital safety and covers expenses by itself'' Deposit insurance organizations under this pattern are owned by the State with legal status, independent accounting, and operate under supervision support from the State For that reason, the State is the last resort in case

of insolvency The insurance organization in this case has the same powers as a government agency, and has the power to issue legal documents Thus creating stability in the payment of insurance for depositors Besides, the State’s intervention in this type of organization is direct, showing the State's interest in small depositors Operation pattern

On November 9, 1999, the Prime Minister signed Decision No 218/1999/QD- TTg to establish a deposit insurance organization with the name “Vietnam Deposit Insurance”, the only organization in Vietnam implements policies and laws on deposit insurance, is an organization operating under a payment pattern with expanded powers Determining the organizational pattern of Vietnam Deposit Insurance has made reference to modern patterns based on the experience of countries around the world, and at the same time suitable to the reality of Vietnam Vietnam Deposit Insurance performs the deposit insurance function as a non-profit state financial institution, the Vietnam Deposit Insurance is an organization with legal status, charter capital funded by the state budget, and non-profit operation , are exempt from taxes but must ensure capital adequacy and self-cover expenses The objective of the Vietnam Deposit Insurance is to protect the legitimate rights and interests of depositors, especially small depositors (individuals), and to ensure the safe and healthy development of the banking system and credit institutions

1.3 Legal issues on deposit insurance

1.31 Regulations on subjects participating in the deposit insurance relationship

The deposit insurance relationship is established between two entities, namely the deposit insurance organization (deposit insurance agency) and the deposit Insurance participating organization (credit institutions, bank branches) foreign banks

10 Dao Thi Thu Ha (2015), “Pattern of organization, administration and administration of deposit insurance under Vietnamese law”, bttps://www.slideshare.net/trongthuy 1/luan-van-mo-hinh-to-chuc-quan-tri-dieu-hanh- bao-hiem-tien-gui-hot accessed 17th April 2023

11 Hoa Thanh Huyen (2022), “Law on Deposit Insurance”, https://vov2.vov.vn/phap-luat/quy-dinh-cua-phap- luat-ve-bao-hiem- tien-gui-38325.vov2, accessed 13th April 2023

established and operating under the Law on credit institutions entitled to receive deposits from individuals)”

About organization Vietnam Deposit Insurance

Vietnam Deposit Insurance was established under Decision No 218/1999/QD- TTg, dated November 9, 1999 of the Prime Minister, operating under Decree 89/1999/ND- CP In 2012, Vietnam deposit insurance activities were legalized by the Law on Deposit Insurance No 06/2012/QH13 dated June 18, 2012 This is the only organization in Vietnam assigned to act as the focal point to deploy deposit insurance activities in order to protect the legitimate rights and interests of depositors, support credit institutions in difficulty, control and prevent risks in their operations banking activities in Vietnam'*’ Currently, Vietnam Deposit Insurance has an_ operating network including: Head office in Hanoi capital and 8 branches in key economic areas, including:

(1) Branch in Hanoi city;

(2) Branch in Ho Chi Minh City;

(3) Branch in city (city) Da Nang;

(4) Northeastern branch in Ho Chi Minh City Hai Phong;

(5) Northwestern branch in Ho Chi Minh City Viet Tri, Phu Tho province; (6) North Central region branch in Ho Chi Minh City Vinh, Nghe An province; (7) The branch in the Mekong Delta region in Ho Chi Minh City Can Tho; (8) South Central & Central Highlands branch in Ho Chi Minh City Nha Trang, Khanh Hoa province

According to Article 9 of Decision 1395/QD-TTg dated August 13, 2013 of the Prime Minister stipulating the Charter on the organization and operation of Deposit Insurance of Vietnam (Deposit Insurance of Vietnam), the Deposit Insurance of Vietnam has the following duties and powers after:

*(l) Formulate a deposit insurance development strategy for the State Bank of Vietnam (SBV) to submit to the Prime Minister for approval and organize the implementation

(2) To make recommendations and proposals to the State Bank and competent state management agencies on the formulation, amendment and supplementation of guidelines and policies on deposit insurance; issue new or amend, supplement, replace, annul or suspend the implementation of legal documents related to deposit

13 General Department, Human Resources & Internal Control — SBV Thanh Hoa Branch (2022), “Overview of deposit insurance’, https://nganhang thanhhoa.gov.vn/portal/Pages/2020-12-9/TONG-QUAN-VE-BAO-HIEM- TIEN-GUI30lmh8.aspx, accessed 19th April 2023

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(4) Request the deposit insurer to provide information on insured deposits on a periodic or irregular basis

(5) Provide information to the SBV and access information of the SBV (6) Calculation and collection of deposit insurance fees for participating organizations in accordance with the provisions of the Law on Deposit Insurance and relevant legal documents

(7) Management, use and preservation of deposit insurance funds

(8) Payment and authorization to pay insurance premiums to the insured in accordance with the provisions of the Law on Deposit Insurance and relevant legal documents

(9) Monitor and inspect the observance of legal provisions on deposit insurance; propose the State Bank to handle violations of the law on deposit Insurance

(10) Synthesize, analyze and process information about deposit insurance participating organizations in order to detect and recommend the State Bank to promptly handle violations of regulations on safety of banking operations, risks causing unsafety in banking activities banking system

(11) Ensure the confidentiality of deposit data and deposit insurance-related documents of the deposit insurance participating institution in accordance with the law

(12) To receive support on the principle of being reimbursed from the State budget according to the decision of the Prime Minister or borrow from credit institutions or other organizations with a Government guarantee in case the capital source of the deposit insurer is temporarily insufficient time to pay the insurance; receive funding from domestic and foreign organizations and individuals to enhance

operational capacity

(13) Participating in the special control process for the deposit insurance participating organization in accordance with the regulations of the State Bank; participate in the management and liquidation of assets of deposit insurance participating organizations in accordance with the Government's regulations (14) Organizing propaganda on deposit insurance policies and laws; organizing professional training and retraining on deposit insurance, research and applying science, technology and management methods in accordance with the development requirements of the deposit insurer

(15) Implementation of commitments to the participating organization of the deposit insurance and other commitments under the responsibility of the deposit insurer

(16) Innovating and modernizing technology and management methods in line with the development requirements of the DIV

(17) To perform obligations towards employees as prescribed by law; select, hire, arrange and train human resources, choose the form of salary and bonus payment according to the provisions of law

(18) To receive, manage and properly use the charter capital; additional capital sources; land and other resources allocated by the State in accordance with law

(19) Transfer lease, mortgage or pledge assets under management in accordance with law

(20) Cooperate with domestic and foreign organizations to strengthen the operational capacity of the Vietnam Deposit Insurance and the participating

About Deposit Insurance Participating Organizations

The deposit insurance scheme in Vietnam is compulsory for credit institutions and organizations that are not credit institutions to carry out certain banking activities

to ensure the interests of depositors Legal documents regulating the rights and obligations of credit institutions are issued, specifically: “Deposit insurance participating organizations are credit institutions, foreign bank branches established and operating under the Law credit institutions may accept deposits from individuals”

According to Article 6, Law on Deposit Insurance 2012 and Article 4, Decree

No 68/2013/ND-CP dated June 28, 2013 of the Government, organizations participating in deposit insurance are credit institutions and foreign bank branches that are entitled to receive money personal deposits, including: State commercial banks, joint stock commercial banks, joint venture banks, branches of foreign banks operating in Vietnam, people’s credit funds and money-receitving organizations other sending as prescribed by law Before receiving deposit from customers, deposit Insurance participating institutions must submit a deposit insurance application file to the Vietnam deposit insurer and the Vietnam deposit insurer will conduct the appraisal

of the dossier; If the application file for deposit insurance is eligible, the deposit Insurance participating organization will be granted a deposit insurance certificate by the Vietnam Deposit Insurance And “the deposit insurance participating institution must publicly post a copy of the Certificate of Participation in Deposit Insurance at all transaction points that accept “deposits” to prove that the depository institution has

participated in the deposit insurance and is insured for the depositors deposits in accordance with the law

In addition to stipulating which credit institutions must participate in the deposit insurance, the law also stipulates the rights and obligations of these entities when participating in the deposit insurance relationship

About depositors entitled to deposit insurance

In theory, the insured person is not the subject of the deposit insurance relationship but is the subject of interest related to the deposit insurance’* In Vietnam, Clause 2, Article 4 of the Law on Deposit Insurance in 2012 stipulates: “Deposit insured is an individual whose deposit is insured at a deposit insurance participating organization” Before the Law on Deposit Insurance, Decree No 109/2005/ND-CP dated August 24, 2005 of the Government amending and supplementing a number of articles of Decree No 89/1999/ND-CP dated September 1 1999 of the Government on deposit insurance, “Insured deposits are deposits in Vietnam dong of depositors being individuals, households, cooperative groups, private enterprises and partnerships deposited at organizations participate in deposit insurance ” However, according to the provisions of the Law on Deposit Insurance 2012, at present, the insured person has only one person who is an individual who has a deposit at a deposit insurance participating organization

1.3.2 Regulations on types of insured deposits, deposit insurance premiums and insurance payment limits

Regarding types of insured deposits

Article 18, Law on Deposit Insurance stipulates: “Insured deposits are deposits

in Vietnam Dong deposits of individuals at deposit insurance participating institutions

in the form of term deposits, demand deposits, savings deposits, certificates of deposit, promissory notes, bills of exchange and other forms of deposit as prescribed of the Law on Credit Institutions, except for the types of deposits specified in Article 19 of this Law.”

So all personal deposits that fit the above are insured deposits, including online deposits.'’ Accordingly, the Law on Deposit Insurance stipulates: Online savings (or online savings) is a form of savings where customers deposit/finish their savings via the internet without having to go directly to a transaction point of CIs Deposits in Vietnam dong at deposit insurers that accept deposits from individuals are all insured, including online savings, except for deposits of uninsured entities according to regulations under the law When an insurance payment obligation arises, the online savings depositor proves his/her legal ownership of the deposit according to the instructions of the Vietnam Deposit Insurance

16 Hoa Thanh Huyen (2022), “Law on Deposit Insurance”, https://vov2.vov.vn/phap-luat/quy-dinh-cua-phap- luat-ve-bao-hiem- tien-gui-38325.vov2, accessed 13th April 2023

17 Hoa Thanh Huyen (2022), “Law on Deposit Insurance”, https://vov2.vov.vn/phap-luat/quy-dinh-cua-phap- luat-ve-bao-hiem- tien-gui-38325.vov2 accessed 13th April 2023

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Article 19, Law on Deposit Insurance, Clause 2, Article 4 of Decree 68/2013/ND-CP stipulates that the following types of deposits are not insured:

“Deposits at credit institutions of individuals who own more than 5% of the capital charter of the credit institution itself

Deposits at credit institutions of individuals who are members of the Members’ Council, members of the Board of Directors, members of the Supervisory Board, General Director (Director), Deputy General Director (Deputy Director) of that same credit institution; deposits at foreign bank branches by individuals who are the General Director (Director), Deputy General Director (Deputy Director) of that foreign bank branch

Money to buy anonymous valuable papers issued by deposit insurance participating organizations.”

In addition, deposits not denominated in Vietnam Dong, compulsory savings deposits as prescribed by MFIs, and deposits not held by individuals are not insured The regulation on insured deposits is the legal basis for the payment implementation, thereby protecting the legitimate rights and interests of depositors in an effective, transparent and uniform manner

Regarding deposit insurance fees

Clause 5, Article 4 of the Law on Deposit Insurance 2012 stipulates the deposit insurance fees as follows: “Deposit insurance premium is the amount that the deposit

insurance participating organization must pay to the deposit insurance organization

deposit insurance to insure the deposit of the insured person deposit at the deposit insurance participating organization” The purpose of the fee collection is to form an available fund to help promptly handle the failure of credit institutions and realize the goal of depositor protection This source of capital guarantees limited, or does not use, the state budget to pay depositors when the deposit insurance participating organization has problems

In Vietnam, according to current regulations, the Law on Deposit Insurance of

2012 does not stipulate a fee framework and a hard fee level, but specifies a specific fee rate for deposit insurance participating institutions based on the results of risk assessment and analysis types of these organizations Currently, the Vietnam deposit insurer is still applying the same class fee to the deposit insurance participating institutions, whereby the same class fee applied to all the deposit insurance participating institutions is 0.15% of the total balance average deposit of all types of insured deposits at the deposit insurance participating institution How to calculate deposit insurance premium, fee payment deadline, etc are specified in Circular 24/2014/TT-NHNN™

About the insurance payment limit

18 Nguyen Dang Quan (2018), “Deposit insurance activities under Vietnamese law from commercial banks practice’, https://www.slideshare.net/trongthuy3/luan-van-hoat-dong-bao-hiem-tien-gui-theo-phap-luat-viet-

nam-hot, accessed 17th April 2023

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In Vietnam, according to the Law on Deposit Insurance, the deposit insurance limit is the maximum amount that a deposit insurer pays for all insured deposits of a person at a deposit insurance institution’? deposit insurer when the obligation to pay insurance arises This limit is set by the Prime Minister at the request of the State Bank of Vietnam (SBV) from time to time to suit the changing socio-economic conditions of the country

In the early years, the deposit insurance policy was implemented in Vietnam, the maximum deposit insurance limit (including principal and interest) of an individual was 30 million VND, as stipulated in Decree No 89/1999/ND-CP September 1, 1999 of the Government By 2005, in Decree No 109/2005/ND-CP amending and supplementing a number of articles of Decree No 89/1999/ND-CP, this limit was adjusted to VND 50 million From August 5, 2017, the deposit insurance limit has been raised from VND 50 million to VND 75 million according to Decision

No 21/2017/QD-TTg The adjustment of the deposit insurance limit shows the strong commitment of the Government and the SBV in protecting the legitimate rights and interests of depositors However, the limit of 75 million VND is considered to only protect 87.32% of the total at the time the new limit comes into effect According to Decision No 32/2021/QD-TT¢g, from December 12, 2021, the deposit insurance limit will be raised to VND 125 million

This increase in deposit insurance level is atmed at effectively implementing the goal of the deposit insurance policy, not only better protecting the legitimate rights and interests of depositors, especially small-scale depositors, but also contributing to maintaining the deposit insurance stability of the credit institution system, ensuring the safe and healthy development of banking activities

1.1.3 Regulations on inspection and supervision of deposit insurers Inspection activities are one of the important operations of the deposit insurer, contributing to the best protection of depositors, improving public confidence and contributing to ensuring the safety of depositors secure banking operations

The deposit insurer is entitled to inspect the observance of the deposit insurance regulations by the participating institutions in the provisions of Decree 89/1999/ND-CP, as amended and supplemented in 2005; is entitled to monitor, supervise and inspect the observance of safety regulations in the operation of deposit Insurance participating institutions From the above provisions, it can be seen that the deposit insurer exercises its supervisory right in all three aspects: (1) on-site inspection, (11) direct supervision and (111) remote supervision of comply with the regulations on deposit insurance and regulations on safety in banking activities of the institutions participating in the deposit insurance’’ In order to inspect the observance

19 Mai Anh (2022), “Raising the deposit insurance limit: Continuing to effectively implement the objectives of the deposit insurance policy”, https://tapchinganhang gov vn/nang-han-muc-bao-hiem-tien-gui-tiep-tuc-thuc- hien-hieu-qua-muc-tieu-cua-chinh-sach-bao-hiem-tien-gui htm, accessed 19th April 2023

20 Clause 9 Article 13 Law on Deposit Insurance of 2012

4

of the provisions of the law on deposit insurance, the deposit insurer has the rights and obligations: “Monitor and inspect the observance of the legal provisions on deposit insurance; propose the State Bank of Vietnam to handle violations of the law on deposit insurance.” In Vietnam, the current model of deposit insurance organization

is defined as a payment model with expanded powers with limited occupations Therefore, the inspection activities of the Deposit Insurance of VietNam focus on checking the compliance with the regulations on deposit insurance”’

21 Kim Oanh - Viet Trung (2019), “Deposit Insurance Institution Inspection: Silent Effort and Substantial Contribution”, https://Atapchinganhang gov vn/cong-tac-kiem-tra-cua-to-chuc-bao-hiem-tien-gui-no-luc-tham- lang-va-dong-gop-dang-ke htm, accessed 17th April 2023

4

CHAPTER 2: LAW ENFORCEMENT SITUATION ON DEPOSIT

INSURANCE ACTIVITIES IN VIETNAM

2.1 Current status of law implementation on entities participating in deposit

Issuance and revocation of the Certificate of Participation in Deposit Insurance shall be carried out in a timely and correct manner, including:

Deposit Insurance of Vietnam shall issue a new Certificate, re-issue the Certificate and issue a copy of the Certificate of Insurance participation deposit insurance, withdraw the Certificate of Participation in Deposit Insurance at the request

of the organizations participating in the Deposit Insurance

Deposit Insurance of Vietnam also performed well in the management of deposit insurance fee collection, actively urged, guided, answered problems about the calculation and payment of deposit insurance fees; exempting from payment of deposit insurance fees as prescribed for some organizations participating in specially controlled deposit insurance

The management and investment of capital are carried out in accordance with regulations, safely and effectively, contributing to the development of capital sources, providing additional revenue for the professional reserve fund and improving the financial capacity of Vietnam Deposit Insurance As of September 30, 2022, the total capital of Vietnam Deposit Insurance reached nearly VND 93 trillion® This is a significant financial resource, helping Vietnam Deposit Insurance to be ready to pay

22 PV (2022), “Total capital of deposit insurance in Viemam reached more than 88.8 trillion dong in 6 months’, https://tapchitaichinh vn/tong-nguon-von-cua-bao-hiem-tien-gui-viet-nam-dat-hon-88-8-nghin-ty- dong-trong-6-thang html, accessed 10th April 2023

23 Sacombank News (2023), “Sacombank has the highest deposit insurance premium in the private banking group with VND 55/ billion up 1.8% over the previous year”,

when necessary and effectively participate in the process of restructuring the system

of credit institutions through financial support activities

Vietnam Deposit Insurance has supervised 100% of organizations participating

in Deposit Insurance, in which Vietnam Deposit Insurance focuses in-depth supervision to monitor and handle People’s Credit Funds If there are problems, promptly propose to the State Bank any arising problems in order to protect the legitimate rights and interests of depositors” Vietnam Deposit Insurance also actively strengthens its role in supervising and inspecting the People’s Credit Fund, especially participating in supporting the handling of weak People’s Credit Funds placed under special control under the provisions of the Law amending and supplementing a number of articles of the Law on Credit Institutions; effectively implement Directive

06 of the Prime Minister on strengthening solutions to ensure operational safety, firmly consolidate the People’s Credit Fund system

In recent times, Vietnam Deposit Insurance has not incurred any obligation to pay insurance premiums to organizations participating in Deposit Insurance However, Vietnam Deposit Insurance has proactively completed plans to prepare insurance payments in case of payment obligations to be always ready to best protect legitimate rights and interests of the depositor”

In addition to professional activities, Vietnam Deposit Insurance also effectively and synchronously implemented supporting activities: Finalizing the Draft Development Strategy of Deposit Insurance to 2025 and orientation to 2030; Draft scheme of differential deposit insurance premium” Completing the 5-year summary report on the implementation of the Law on Deposit Insurance and proposing relevant contents for Vietnam Deposit Insurance to participate more deeply in the process of restructuring credit institutions; To promulgate regulations on deposit insurance fees 2.1.2, Current status of deposit insurance law enforcement of participating organizations Deposit insurance

Since the Law on Deposit Insurance in 2012 was implemented until now, 100%

of credit institutions and foreign bank branches are allowed to receive deposits from individuals who have participated in Deposit Insurance, this shows that The implementation of the Law on Deposit Insurance has been effective In practice, ensuring the principle that Deposit Insurance is a type of compulsory insurance according to the provisions of the Law on Deposit Insurance According to the operation report, as of December 31, 2022, there were 1,283 organizations

24 Ha Linh (2022), “Improving the role of Vietnam Deposit Insurance in participating in the restructuring of

credit institutions”, bttp://www.div.gov.vn/Default.aspx?

tabid=296&CtrName=detail& Articleld=9364&CatID=17, accessed 11th April 2023

25 Vu Van Long (2021), “Vietnam Deposit Insurance well fulfills its mission of protecting the legitimate rights and interests of depositors”, https://tapchinganhang gov vn/bao-hiem-tien-gui-viet-nam-hoan-thanh-tot-su- menh-bao-ve-quyen-va-loi-ich-hop-phap-cua-nguoi-gui-tie.htm, accessed 13th April 2023

26 Minh Ngoc (2023), “Development Strategy of Deposit Insurance to 2025, Orientation to 2030”, https://thitruongtaichinhtiente vn/chien-luoc-phat-trien-bao-hiem-tien-gui-den-nam-2025-dinh-huong-den-nam- 2030-44093 html, accessed 15th April 2023

participating in Deposit Insurance, including 97 banks and foreign bank branches, 1,181 people's credit funds, 01 cooperative bank and 04 microfinance institutions, the number of insured people is about 89 million people’’

Deposit insurance participating organizations are credit institutions, foreign bank branches that are entitled to receive deposits from individuals, including commercial banks, cooperative banks, people's credit funds and foreign bank branches established and operating under the provisions of the Law on Credit Institutions; microfinance institutions under Clause 3, Article 4 of the Law on Deposit Insurance

2012 and Clauses 1 and 2, Article 4 of Decree 68/2013/ND-CP™ In addition to stipulating the types of organizations participating in deposit insurance, current law also stipulates the rights and obligations of organizations participating in deposit insurance in Article 12 of the Law on Deposit Insurance of 2012

Firstly, Regarding the exercise of nights and obligations of deposit insurance participating organizations in providing information about insured deposits: The Law

on Deposit Insurance 2012 stipulates the rights and obligations of organizations Participating in Deposit Insurance as follows: “Provide information on insured deposits to the deposit insurance organization periodically or at the request of the deposit insurance organization”” In fact, through the process of implementing Insurance payment, in addition to information about insured deposits, Therefore, this information needs to be specified in the highest legal document so that the Vietnam Deposit Insurance organization has sufficient information to check the compliance with the law on Deposit Insurance or perform currently paying deposits to insured depositors Vietnam Deposit Insurance needs other relevant information such as uninsured deposit information, information about the indebtedness of the deposit insured to exclude when determining the appropriate deposit insurance payout Secondly, Article 15 of the Law on Deposit Insurance in 2012 stipulates: “The deposit insurance participating organization must post a copy of the deposit insurance participation certificate at all transaction points that accept deposits” In fact, the regulation on listing copies is unreasonable, causing waste in cases where the organization has only a single transaction point and is also the head office (organizations participating in the Deposit Insurance) is a People’s Credit Fund or a branch of a foreign bank In addition, Circular 21/2013/TT-NHNWN stipulates the

27 Ha My (2023), “Vietnam Deposit Insurance deploys its mission in 2023”,

https://www.sbv.gov.vn/webcenter/portal/vi/menu/trangchu/ttsk/tsk_chitiet?

left Width=20%25 &showFooter=false&showHeader=false&dDocName=SBV 557479 &right Width=0%25 &cente

rWidth=80%25& afrLoop=17715287420180466#%%40%3F _afrLoop%3D17715287420180466%26center Width

%3D80%2525%26dDocName%3DSBV557479%26left Width%3D20%2525%26right Width

operation network of commercial banks, stipulates dependent units of commercial banks including branches, transaction offices and transaction offices(no more transaction points, savings funds as previously prescribed)” Therefore, the use of the phrase “transaction point” leads to the fact that there has been confusion in understanding the transaction point is not a branch, transaction office

In addition, Circular No 24/2014/TT-NHNN stipulates that the copy of the Certificate of Participation in Deposit Insurance is listed at the participating organization as follows: “ Within 03 (three) days” working from the date of receiving complete and valid dossiers, Vietnam Deposit Insurance shall consider and compare with the original book to issue a copy of the Certificate of deposit insurance participation to the deposit insurance participating organization The content of the copy must match the content recorded in the original book.’*' Deposit Insurance of Vietnam issues Deposit Insurance participation certificates to organizations participating in Deposit Insurance in accordance with regulations The public and transparent listing of deposit insurance certificates at deposit insurance participating organizations will create confidence for depositors, so that organizations participating

in deposit insurance can attract more idle capital from the population, contributing to promoting the process of capital mobilization for economic development and social stability

In particular, Decision No 32/2021/QD-TTg stipulates the change of insurance payment limit; Vietnam Deposit Insurance also changed the form of the Certificate of Participation in Deposit Insurance, and within a short time, Vietnam Deposit Insurance quickly re-issued the entire Certificate of Participation in Deposit Insurance for deposit insurance participating institutions Specifically, Vietnam Deposit Insurance has granted Deposit Insurance Participation Certificates to 1,283 organizations participating in Deposit Insurance, including: 97 banks, 01 cooperative bank, 1,181 people’s credit funds and 04 microfinance institutions”

In addition, in order to meet the immediate payment in the event that Vietnam Deposit Insurance has to pay to large-scale deposit insurance participating organizations or incurs insurance payment obligations at many participating organizations, If you participate in the Deposit Insurance at the same time, the Deposit

30 Phan Thi Mai Trang (2013), “Basic changes in the operating network of commercial banks according to Circular 21/2013/TT-NHNN ”, bttps:/Avww.sbv.gov.vn/webcenter/portal/vi/menu/fm/ddnhnn/nctd/nctd_chitiet? left Width=20%25&showF ooter=false&showHeader=false&dDocName=CNTHWEBAP0116211749806&right Width=0%25 &center Width=80%25& aftLoop=17717353870504466#%40%3F _afrLoop

%3D17717353870504466%26center Width%3D80%2525%26dDocName

%3DCNTHWEBAPO116211749806%26left Width%3D20%2525%26right Width%3D0%2525%26showF ooter

%3Dfalse%26show Header%3Dfalse%26_adf.ctrl-state%3D1b322a71sf_93, accessed 17th April 2023

31 Clause 4 Article 5 of Circular 24/2014/TT-NHNN

32 Pham Bao Lam (2022), “Law on Deposit Insurance: After 10 years of creating a legal corridor for deposit insurance policies”’, https://tapchinganhang gov.vn/luat-bao-hiem-tien-gui-sau-10-nam-kien-tao-hanh-lang-

%8Bnh%20s%E1%BB%9 1%2032,01%20ne%C3%A 2n%20h%C3%AINng%20h%E1%BB%A3p%20t

%C3%ALIc, accessed 18th April 2023.

Insurance of Vietnam will only receive support on the principle of reimbursement from the state budget according to the Prime Minister’s decision or borrowing from credit institutions, financial Government guarantee is not strong enough to effectively implement the deposit insurance policy In recent years, the People’s Credit Fund system has continuously developed in both quantity and quality, promoting its active role in contributing to economic restructuring and realizing social goals This result affirms the correct policy of the Party and State on developing the type of cooperative credit institution, however, there are still some people’s credit funds that are poorly operated in terms of finance and personnel, serious violations of the law, there is a risk of unsafety, a potential risk of system breakdown that needs to be handled promptly”

It can be said that over the years, deposit insurance participating organizations have always coordinated and strictly complied with the provisions of the law on deposit insurance Although the State Bank lowered the deposit interest rate in VND, deposit growth was still high, ensuring liquidity The increase in deposits of individuals and economic organizations in VND showed that bank deposits are still an attractive investment channel According to data reported by organizations participating in Deposit Insurance, credit balance increased, completing the set target The State Bank of Vietnam continues to buy back bad debts through the Vietnam Asset Management Company (VAMC) and requires banks to handle risks

“Insured deposits are deposits in Vietnam dong of an individual deposited at a deposit insurance participating organization in the form of a term, demand deposit, savings deposit, certificate of deposit, promissory note, bill of exchange and other forms of deposit in accordance with the Law on Credit Institutions, except for deposits as prescribed in Article 19 of this Law”; and according to the provisions of Article 4 of the Law on Deposit Insurance in 2012, “Deposit insured is an individual whose

33 Le Ha Diem Chi (2022), “Some recommendations for the safe and effective operation of the People’s Credit

Fund”, bttps://thitruongtaichinhtiente.vn/mot-so-khuyen-nghi-de-quy-tin-dung-nhan-dan-hoat-dong-an-toan-

hieu-qua-42549 html, accessed 18th April 2023

34 Anh Tuyet (2022), “VAMC and the 10-year journey of dealing with bad debts for banks”,

2023

35 Clause 2 Article 1 of Decree No 109/2005/ND-CP

deposit is insured at a deposit insurance participating organizaion” Thus, at present, the deposit insured has only one person, who is an individual who has a deposit at an organization participating in Deposit Insurance, this regulation has fundamentally changed the subject of Deposit Insurance, overcoming the limitations

of the previous legal regulations on the insured subject

The Law on Deposit Insurance of 2012 stipulates that it only covers deposits of individual depositors, but does not cover deposits of households, cooperatives, private enterprises and partnerships This is because the institution’s deposit insurance is not consistent with the objective of protecting small, uninformed depositors; at the same time, the organization’s deposits are often highly liquid, mainly for payment purposes, not for savings purposes’’ On the other hand, the regulation of deposit insurance for organizations is not suitable with the conditions of Vietnam in the current period Therefore, with this regulation, the deposit insurance policy aims to protect individual depositors, because this subject makes up the majority, the deposit balance is low, so it does not create great pressure for depositors to pay Deposit Insurance by the Deposit Insurance Organization In order to ensure the interests of depositors, Vietnam Deposit Insurance has issued Decision 807/QD-BHTG In 2016 Regulations on the payment of insured deposits, providing specific guidance on the process of settling depositors’ Inquiries, is specified in Article 19 of this Decision

Currently, Vietnam Deposit Insurance is protecting more than 7 million billion VND of deposits in VND of individuals at 1,283 deposit insurance participating organizations nationwide, including: Commercial banks, bank branches foreign banks, Cooperative Banks, People’s Credit Funds and microfinance institutions® Deposit insurance is mandatory for credit institutions receiving deposits, however, depositors

do not have to pay deposit insurance fees, this fee is paid by the deposit receiving organization to Vietnam Deposit Insurance in accordance with regulations” When an organization participating in Deposit Insurance 1s broken or bankrupt, the legitimate rights and interests of depositors are always guaranteed Deposit Insurance of Vietnam, on behalf of the Government, the State Bank of Vietnam shall pay depositors within the limit of Deposit Insurance The deposit insurance limit is determined on the basis of the financial capacity of the deposit insurance organization, the current macroeconomic situation in Vietnam, the size of the deposit, and international practices and standards

36 Clause 2 Article 4 of the Law on Deposit Insurance of 2012

37 Online newspaper Communist Party of Vietnam (2011), “Only deposit insurance of individuals, not deposits

of organizations”, https://dangcongsan vn/thoi-su/chi-bao-hiem-tien-gui-cua-ca-nhan-khong-bao-hiem-tien-gui-

cua-to-chuc-96936 html, accessed 19th April 2023

38 Song Linh (2022), “Vietnam Deposit Insurance is protecting nearly 7 million billion VND of deposits”,

https://vneconomy.vn/bao-hiem-tien-gui-viet-nam-dang-bao-ve-cho-gan-7-trieu-ty-dong-tien-gui.htm, accessed 18th April 2023

39 Neuyen Hoai Bao (2022), “Deposit insurance: Protecting the interests of savers”,

https://thuvienphapluat.vn/cong-dong-dan-luat/bao-hiem-tien-gui-bao-ve-quyen-loi-cua-nguoi-guil-tiet-kiem-

201099 aspx, accessed 20th April 2023