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VIETNAM ACADEMY OF SOCIAL SCIENCES GRADUATE ACADEMY OF SOCIAL SCIENCES L NGO QUANG HUY THE LAW ON DEPOSIT INSURANCE IN VIETNAM Major: Economic Law Major code: 9.38.01.07 SUMMARY OF THE DOCTORAL DISSERTATION IN LAW Hanoi - 2020 The dissertation completed at Graduate Academy of Social Sciences, Vietnam Academy of Social Sciences Supervisors: Dr Tran Minh Duc Dr Nguyen Van Tuyen Reviewer 1: Associ.Prof.Dr Nguyen Thi Thuong Huyen Reviewer 2: Associ.Prof.Dr Pham Thi Giang Thu Reviewer 3: Associ.Prof.Dr Duong Dang Hue The dissertation will be defended at Graduate Academy Level Council of dissertation assessment at Graduate Academy of Social Sciences, Vietnam Academy of Social Sciences, 477 Nguyen Trai, Thanh Xuan, Hanoi Time: ………… date ……… month …… …year 2020 The dissertation may be found at: - Vietnam National Library; - Graduate Academy of Social Sciences Library INTRODUCTION The necessity of the research topic Currency trading activities in the market economy are always attached and contain potential risks such as interest risk, foreign exchange risk, credit risk, liquidity risk, and moral hazard In recent years, Vietnam's socio-economy has achieved significant achievements in stabilizing the macro-economy and sustainable development Inflation is controlled at a reasonable level and much lower than previous years, the economic growth is quite good, and social security is guaranteed Although the world’s economy has many adverse changes, Vietnam made some remarkable achievements in economic development in recent years These achievements are due to the Party, National Assembly (NA) and government have made timely decisions and active and flexible monetary policy, as well as better coordination between fiscal and monetary policies The above results must include the role of deposit insurance (DI), a financial institution used in many countries around the world to protect the rights and interests of depositors In Vietnam, DI is considered a public commitment of deposit insurers with insured organizations and depositors that the deposit insurers will pay the insured deposits to depositors when they cease to operate and become insolvent The operation of deposit insurance of Vietnam (DIV) has a solid legal foundation that is the law on DI and the system of guiding documents DIV is defined as the State financial institution operates for nonprofit purposes to protect the legitimate rights and interests of depositors, implementing the deposit insurance policy to contribute to maintaining the stability of the system of credit institutions (CIs) to ensure safe and healthy development of banking activities Regulations on protecting the legitimate rights and interests of depositors at CIs have been stipulated in documents including the 2010 Law on the State Bank of Vietnam; the 2010 Law on Credit Institutions and the Law on Amending and Supplementing a Number of Articles of the Law on Credit Institutions 2017; the 2010 Law on Protection of Consumer Rights, the Bankruptcy Law of 2014, the 2012 Law on Deposit Insurance and guiding documents In fact, however, the provisions of the existing law on DI have revealed limitations, shortcomings and overlaps leading to ineffective implementation results, even many provisions are no longer appropriate Especially, ever since the law on amending and supplementing CIs of 2017 took effect, as an important legal basis for the implementation of solutions of the project on restructuring CIs and solving bad debts in the period 2016-2020 were approved by the Government Accordingly, the DIV has been assigned more important functions in the process of restructuring CIs to enhance its role in ensuring legitimate rights and benefits of depositors and supporting the ability of recovering special control for CIs such as: (i) Providing special loans to support liquidity when the CIs are at risk of insolvency and threatening the system stability during special control time for CIs; (ii) Buying long-term bonds supported by CIs based on the decision of the State Bank (SBV); (iii) Participating in coordination with the special control board (SCB), cooperative Bank to assess the resilience of people's credit funds, microfinance institutions, financial companies; formulating plans for bankruptcy of credit institutions under special control so as to submit it to the SBV This shows that the Law on amending and supplementing a number of articles of the 2017 Law on CIs specifies regulations on authority and earlier interventions in the process of restructuring weak CIs; completing the legal basis to build a healthy credit institution system, in line with international practices and market mechanisms, ensuring the interests of depositors and maintaining the stability and safety of the national financial and monetary system In order for the DIV to meet the requirements of new situation, it is necessary to review, supplement and complete the law on DI, of which, review and evaluate the implementation of the law on DI so as to propose recommendations on amending the DI law and relevant law so that the DI is really effective tool to help the Government to restructure weak CIs and dealing with bad debts and bankruptcy of CIs, thereby, protecting the legitimate rights and interests of depositors, contributing to ensuring the safe and healthy development of the financial and banking system From reasons mentioned above, the author has chosen research titled “The law on deposit insurance in Vietnam” as his doctoral dissertation Research purpose and tasks 2.1 Research purpose The dissertation aims to clarify the theoretical issues on the deposit insurance and analyze the implementation of the law on organization and operation of DIV By studying the theoretical issues, the author seeks to assess the implementation of the law on DIV and operation of DIV in practice Thenceforth, the study proposes solutions to improve the law on DI, organization and operation of DIV 2.2 Research tasks To achieve the above purpose, the dissertation tries to address the following research tasks: First, theoretically: The dissertation will generalize and systematize the theoretical issues on DI, mechanism of establishing DI, analyze legal adjustment mechanism for DI and factors affecting the law on DI and the law enforcement of DI Particularly, the dissertation seeks to analyze, evaluate and compare the provisions of the existing law on DI in Vietnam with international law and relevant law, as well as referring to experience of legal adjustment of DI of some countries to find out suitable lessons for Vietnam The study also points out shortcomings and limitations of provisions of Vietnamese law on DI Second, practically: The dissertation analyzes and assesses the current situation of the law on DI by summarizing and assessing operation of DIV in practice The implementation of the law on DI of DIV has achieved remarkable results As a non-profit state-run financial institution to protect the legitimate rights and interests of depositors, the implementation of DI policy contributes to maintaining the stability of the system of CIs and ensuring the safe and healthy development of banking activities The dissertation examines and assesses the current situation of enforcing law on DI of the DIV such as how depositors participate in DI and relations among parties What are advantages and disadvantages of implementing regulations on deposit, DI fee, management and using DI fee of DIV The formation and termination of DI relations in practice How has the operation of payment, financial support, liquidation and recovery of assets of the DIV affected the operation of CIs over the years; how have inspection, monitoring and settlement of complaints related to DI activities of DIV conducted over the years? By examining the current situation of implementation of the law on DI, the dissertation makes comments and assessments of the achieved results, and it also points out limitations and causes of these limitations that need to be overcome in the process of implementing the law on DI of the DIV Third, from the above assessments, the dissertation points out the requirements of improving the law on DI in Vietnam and proposing directions and solutions to improve the law on DI and its operation and organization in Vietnam today Research subject and scope 3.1 Research subject The research subject of the dissertation includes: Theoretical issues related to DI and DIV operation such as: Definition, characteristics, role of DI; operational model of deposit insurers in the world; The provisions of Vietnamese law and international law as well as foreign law related to deposit insurance; The current situation of implementing the law on DI of the DIV through mission, organization and operation of the DIV Requirements, directions and solutions to improve the law on deposit insurance through the operation of deposit insurance in Vietnam 3.2 Research scope Regarding the research content: - The dissertation will inherit previous research results such as the concept, characteristics, roles, and distinguishing DI from other insurances - The dissertation examines specific issues related to the DIV’s operation such as clarifying the legal status of the DIV, model and selection of the DI model suitable to Vietnam, the provisions of the law and implementing contents of DI subject, the insured deposit, DI fee and DI fee management, as well as inspection, supervision, payment of the DIV so as to assure the role of DIV in ensuring the safe and healthy development of banking operation - Spatially and research time, the dissertation examines the law on DI and the implementation of the law on DI of DIV in practice Thenceforth, the study seeks to compare the law on DI of some countries around the world from 2013 to the present Methodology and research methods From the research purpose and tasks, the study approached research subject by the following research methods: 4.1 Methodology With the specific nature of the research theme for both economically and legally, the dissertation uses a multidisciplinary and interdisciplinary approach, in which, it focuses on legal aspects to highlight the legal validity of the dissertation The dissertation also uses dialectical materialism and historical materialism of Marxist Leninist doctrine to solve the research tasks of the dissertation 4.2 Research methods The dissertation utilizes a combination of the following research methods: - Methods of synthesis, systematization, and analysis to clarify the theoretical and practical basis of the law on DI in Vietnam and assessing domestic and foreign scientific research works on issues related to the dissertation, as well as actual aggregated data These methods will be used in chapter 1, chapter and - Comparative juridical method is used throughout the dissertation to compare the legal provisions over the times with the law of countries to find out reasonable points in the provisions of the law on DI to learn their experience of building law to complete the law on DI in Vietnam - Methods of analysis, synthesis, statistics, etc are used in chapters1 and chapter to forecast the socio-economic development trends, thenceforth, the study provides solutions to improve the law on DI New contributions of the dissertation First, the dissertation examines the theoretical issues and law related to DI such as the role of DI, it points out DI model in the world and Vietnam The study also affirms DI position and role in the financial and banking system as well as its significance for protecting interests of depositors; assessing factors affecting DI both at home and abroad so as to give appropriate lessons for improving the law on DI in Vietnam nowadays The dissertation seeks to examine current situation of the provision of the law on DI including the situation of participants, rights and obligations of the parties, the situation of fee payment and use of Vietnam deposit insurance organizations, as well as implementing the provisions of the deposit insurance law of the Vietnam deposit insurance organizations through their specific operation in practice The dissertation also provides data and cases to support the author’s arguments In addition, the dissertation also points out the limitations and shortcomings in the mechanisms, policies, provisions of the law and the law enforcement in practices so as to point out the causes of those limitations By studying the theoretical and practical issues on DI law, the dissertation also points out the need of improving law on deposit insurance in accordance with the socio-economic development orientation in general and strategy for the development of the banking industry in particular The dissertation then seeks to propose solutions to improve deposit insurance law, organizational structure and operation of deposit insurers and organizations participate in deposit insurance in accordance with the development trend in the new situation Theoretical and practical significance of the dissertation Theoretically: The dissertation examines systematically theoretical issues on DI and evaluates the effectiveness of the law The dissertation confirms the role of DI to the development of banking and financial system; It also points out the factors affecting the DI operation, thereby making comments and assessments on the current situation of the law on DI and pointing out causes of limitation in practice Practically: The dissertation points out necessary requirements and basic orientations for building and perfecting the law on DI It then proposes the most important solutions to ensure the rights and interests of entities participating in DI relations In addition, the dissertation is also an important reference in researching and teaching legal, economic and financial sciences, and policy making DI in Vietnam Structure of the dissertation Besides the introduction, conclusion, and references, the dissertation includes chapters: Chapter 1: Literature review Chapter 2: Theoretical issues on DI and the law on DI Chapter 3: Current situation of enforcing law on DI of the DIV Chapter 4: Solutions to improve the law on DI and enhance the efficiency of enforcing law on DI of the DIV Chapter LITERATURE REVIEW AND THEORETICAL BASIS 1.1 Literature review 1.1.1 Research works related to DI 1.1.1.1 Research works on position, role and function of DI The International Association of Deposit Insurers (IADI) was established in 2002, this marks the interest of many countries around the world on DI and making a new motivation to promote this activity worldwide Research works contribute to the process of building and perfecting functions and tasks of DI including “Deposite Insurance such as the basis of DI relations, fee and deposit fee usage, as well as inspection and supervision (3) Proposing some solutions to improve the Vietnamese law on DI and DI organization 1.2 Theoretical basis, research question and hypothesis 1.2.2 Theoretical basis To conduct this dissertation, the author bases on the following theoretical bases: - Consumer protection and competition of schools - Viewpoints on business, contracts and the state’s role in the market economy - The theory of market economy institution theory and legal theory 1.2.2 Research question and hypothesis - General research question: How is the current situation of Vietnamese law on DI and what are advantages and disadvantages of law enforcement on DI in DI organizations? - General research hypothesis: The provisions of the law on DI have revealed certain limitations and shortcomings that need to be addressed - Expected research results: (i) To build up a theoretical and practical basis for the development and completion of the law on DI To determine the purpose and requirements of the development and completion of the law on DI; (ii) In the legislative field, it is necessary to quickly revise a number of provisions of the law in line with the provisions of DI: proposing solutions for the state banks and for the Government to amend relevant legal documents in order for DIV be able to further participate in the process of restructuring week CIs, raising insurance payment limits in line with actual requirements to enhance public confidence for the CIs 11 Chapter THEORETICAL ISSUES ON DEPOSIT INSURANCE AND THE LAW ON DEPOSIT INSURANCE 2.1 Theoretical issues on DI 2.1.1 Concept, characteristics, and role of DI 2.1.1.1 Concept of DI Insurance is defined as a mutual agreement between the insurer and the insured persons, thereby the insurer accepts the risks that may occur to the insured persons to pay indemnity or pay insurance premiums for the insured persons if an insurance event occurs, with condition that the insured persons must pay insurance premiums According to Clause 1, Article of the Law on Deposit Insurance of 2012 “Deposit insurance is a guarantee for repayment of deposits to the insured persons of deposit within the insurance payment limit when the DI participating organizations fall into the state of inability to repay deposits to the depositors or go bankrupt” 2.1.1.2 Characteristics of DI From the legal perspective, it can be seen that deposit insurance contains the following basic characteristics: First, deposit insurance is a form of non-commercial insurance Second, on the nature of the deposit insurance relationship Third, the insured persons may only be a financial institution that get public deposits by certain forms Fourth, deposit insurance is a matter related to the interests of deposit insurance organization, the insured organization and depositors, but ultimately these interests are directly or indirectly related to the common interests of the economy and social benefits Fifth, the subject of insurance is a very special one Sixth, deposit insurance has a specific purpose 2.1.1.3 The role of deposit insurance First, the role of deposit insurance for depositors 12 Second, the role of deposit insurance for the deposited organization Third, the role of deposit insurance for the economy 2.1.2 Deposit insurance models around the world and Vietnam 2.1.2.1 Deposit insurance models around the world - Deposit insurance model of payment of premiums - Deposit insurance model with extended powers - Deposit insurance model minimizes risks 2.1.2.2 Deposit insurance model in Vietnam The DIV is a state financial institution operating in the model of a one-member limited liability company with 100% of charter capital held by the State According to the law on DI, the State Bank exercises the rights and obligations of the representative agency to the DIV Decree No 68/2013/ND-CP dated June 28, 2013 had the detailing and guiding regulations of enforcing the law on DI and the provisions of the law on the rights and obligations of the State owner representative to the one-member limited liability company in which, the State holds 100% of charter capital The DIV had referred modern models based on the experience of other countries around the world and these models are suitable to the reality of Vietnam 2.2 Theoretical issues on deposit insurance 2.2.1 Objects governed by the law on deposit insurance First, on the nature of deposit insurance relations Second, on the subject of deposit insurance activities Third, on the object of deposit insurance Fourth, on the nature of the deposit insurance institution's payment to the depositors 2.2.2 Limits and the State’s intervention principle to DI by law 2.2.2.1 Limits of the State’s intervention to DI by law It is necessary to have the state’s support through the law to have a mechanism of ensuring the legitimate rights and interests of 13 depositors when the CIs fall into bankruptcy, because the law is just able to stipulate rights and obligations for parties and have a system of sanctions to ensure the enforcement of such rights and obligations 2.2.2.2 The State’s intervention principle to DI by law To ensure the legitimate rights and interests of the relevant parties, the State’s intervention to DI by law should be limited by some principles 2.2.3 Structure of law on DI 2.2.3.1 Provisions on subjects participating in DI relations Deposit insurance relations shall be established by two subjects including the DI organization (deposit insurance agency) and the insured organization (credit institution) 2.2.3.2 Provisions on the type of insured deposits, DI premiums and insurance payment limits The provisions on insured deposits are defined Vietnam dong which have been consistently applied since the establishment of the DIV In fact, this policy is consistent with Vietnam’s monetary policy 2.2.3.3 Provisions on inspection and supervision of deposit insurance Supervision of DI organization to the insured entities will be regularly conducted through information of the insured The content of supervision is to assess the insured participants and then make recommendation for such operation aims to comply the provisions of DI and the bank safety 2.2.4 Factors affecting the law on DI 2.2.4.1 Political factor Based on the socio-economic development orientation of the Party and the Government as well as banks’ mission, each bank has built up and implemented appropriate credit policies, this has significant contribution to the economic structure transition 14 2.2.4.2 Economic factor The DI always considers its position as a special financial institution of the State, it operates for non-profit purposes and its main mission is to protect the legitimate rights and interests of depositors 2.2.4.3 Socio-cultural and customary factors The State’s DI policy is a legal basis for people to deposit their money into CIs, thereby creating conditions for CIs to perform well their function well 2.2.4.4 Legal factor The development of the provisions of the law is one of the prerequisites to ensure that the deposit insurers operates effectively in order to fulfill the DI policy objectives and well perform its assigned functions and mission 2.2.4.5 International integration factor Joining the International Association of Deposit Insurance (IADI) has created an opportunity for DIV to access international guidelines, research, surveys and standards, and at the same time, the DIV could learn, share, and exchange experience with advanced and experienced deposit insurance organizations in the world in general and in the region in particular 15 Chapter CURRENT SITUATION OF ENFORCING LAW ON DI OF THE DIV 3.1 Current situation of enforcing law on the entities participate in DI 3.1.1 Current situation of enforcing law of the DIV 3.1.1.1 Current situation of the provisions of the law on the position, function and role of the DIV This is stipulated in documents such as Decision No 3090/QDNHNN dated 31 December 2013 of the Governor of the State Bank of Vietnam; Decision No 290/QD-BHTG dated September 19, 2016 of the DIV’s Board of Directors on revising the DIV’s branch name in Hanoi and establishing two more branches of the DIV; Decision No 289/QD-BHTG dated May 19, 2016 of the DIV’s Board of Directors on the establishment of two more departments at the DIV’s Head Office 3.1.1.2 Current situation of the provisions on organizational structure of the DIV Organizations participating in DI are CIs and foreign bank branches established and operated under the Law on CIs get individual deposits Article of Decree No 68/2013/ND-CP dated June 28, 2013 of the Government 3.1.1.3 Current situation of the provisions on the DIV’s rights and obligations Comply with Article 13 of the 2012 Law on Deposit Insurance 3.1.2 Current situation of enforcing the law on DI of organizations participating in DI Since the implementation of the 2012 law on DI, 100% of CIs and foreign bank branches have received deposits from individuals have participated in DI This shows that the implementation of the law on 16 DI has achieved significant achievements to ensure principle DI is a compulsory insurance under the provisions of the law on DI 3.1.3 Current situation of enforcing the law on DI of the depositors According to Clause 2, Article of the law on DI 2012, “The insured persons are individuals whose deposit is insured at the organizations participating in DI” 3.2 Current situation of enforcing the law on DI for insured deposit, DI premiums, management and use of DI premiums 3.2.1 Current situation of enforcing the law on DI for insured deposits Insured deposits are ones to be paid to depositors when the insured organizations go bankrupt or are not able to pay deposit to depositors 3.2.2 The provisions on DI premiums and management and use of DI premiums DI premiums are the amount of money that the organizations participating in DI must pay to the deposit insurers to insure the depositors This is compulsory fee for the organizations participating in DI to implement the DI policy 3.2.3 Enforcing the DI law on capital management of deposit insurers 100% of DI capital is added to the DI operation fund of the DIV According to regulations, the use of capital of the DIV must ensure the principle of preserving and developing capital, the DIV’s temporary capital mainly focuses on buying Government bonds and making deposits at the State bank 3.2.4 Current situation of enforcing the law on DI regarding insurance limits and deposit insurance payment procedures According to Article 24 of the 2012 Law on deposit insurance: 17 “The limit of premium payment is the maximal amount that the deposit insurance organization shall make payment for all insured deposits of a person at a deposit insurance participating organization upon the arising obligations of premium payment The Prime Minister stipulates the limit of premium payment at the request of the State Bank of Vietnam 3.1.4 Current situation of the provisions on supervision, inspection, financial support, liquidation and recovery of assets of organizations participating deposit insurance The DIV’s supervisory function is specified in Clause 10, Article 13 of the law on DI is the synthesis, analysis and processing of information on the deposit insurance participating organizations in order to detect and propose the State Bank of Vietnam to promptly handle violations of safety regulations on banking operations and risks that cause the unsafety in the banking system 3.2.5 Current situation of enforcing the DI law on supervision, inspection, financial support, liquidation and recovery of assets of organizations participating deposit insurance 3.2.5.1 Enforcing the DI law on supervision The supervisory function of the deposit insurer is specified in Clause 10, Article 13 of the 2012 Law on Deposit Insurance, which is synthesis, analysis and processing of information on the deposit insurance participating organizations in order to detect and propose the State Bank of Vietnam to promptly handle violations of safety regulations on banking operations and risks that cause the unsafety in the banking system 3.2.5.2 Enforcing the DI law on inspection 3.3 Assessing current situation of law and the law enforcement of the DIV 3.3.1 Achievements 3.3.1.1 Regarding deposit insurance policy 18 For insured deposits and depositors For organizations participating in deposit insurance For the limit of DI payment For deposit insurance premium For state management of deposit insurance 3.3.1.2 Regarding the law enforcement on DI First, inspection and supervision activities Second, calculating and collecting DI premiums Third, capital management and investment Fourth, propagandizing DI policy Fifth, participating in handling problems of organizations participating in deposit insurance Sixth, making insurance payment 3.3.1.3 Regarding organizational structure and human resource development The DIV has restructured, built and proposed the scheme of strengthening and improving the DIV’s organizational structure under the Decision No 527/ QD-TTg 3.3.2 The limitations and inadequacies 3.3.2.1 Limitations and inadequacies of the deposit insurance law Profiteering deposit insurance The State policies on deposit insurance The rights and obligations of organizations participating in DI The rights and obligations of deposit insurance organization The insured deposits and non-insured deposits Deposit insurance premium Management and capital investment activities 3.3.2.2 Further shortcomings related to DI activities First, loan and handling the loan amount that is not able to recover Second, special loans to support liquidity 19 3.3.3 Causes of limitations and shortcomings 3.3.3.1 Objective reasons 3.3.3.2 Subjective reasons - Strategy of deposit insurance development has not yet been built and approved, there is no clear professional orientation, this leads to the determination of action plan does not go on the right track - Human resources, especially high-quality human resources such as supervisors, analytical staffs, communication and information technology personnel are still inadequate, as well as their qualifications and experience are limited The training and development of human resources have not been organized professionally Chapter SOLUTIONS TO IMPROVE THE LAW ON DI AND ENHANCE THE EFFICIENCY OF ENFORCING LAW ON DI OF THE DIV 4.1 Orientation of improving the law on DI Orientation of improving the law on DI should be based on the development strategy of Vietnam's banking industry until 2025, vision 2030 4.1.1 Orientation for innovation and development of DIV (1) The monetary, banking system and operations of credit institutions are the lifeblood of the economy and play an important role in the overall financial system of Vietnam (2) Viewpoints on innovation and development of deposit insurance The development of DIV is closely linked to the country’s socioeconomy development and banking system, contributing to stabilizing the system of CIs and contributing to the general development of the country’s socio-economy 20 - The unified objective of the deposit insurance system is to protect the legitimate rights and interests of depositors, contribute to maintaining the stability of the CIs system and ensure the safe and healthy development of banking activities All activities of the DIV are to accomplish this goal 4.1.2 Orientation of amending a number of provisions of the law on DI First, amending and supplementing contents of the 20102 Law on DI to improve the legal basis for the DI organization to further participate in the process of restructuring weak credit institutions and handling bad debts Second, amending and supplementing contents of the law on DI to improve the legal basis to better protect the legitimate rights and interests of depositors 4.2 Solutions to improve the law on DI 4.2.1 Unifying regulations on the State’s DI policy First, regarding the State’s DI policy Second, regarding DI profiteering (1) Continuing to sign and join international treaties in the fields of economics, trade, investment and international credit (2) Developing and improving the law on DI should ensure human rights, freedom and democracy of citizens 4.2.2 Amending and supplementing some articles of the law on DI Regarding the rights and obligations of the insured persons Regarding the rights and obligations of organizations participating in deposit insurance Regarding the rights and obligations of deposit insurance insurers Regarding insured and uninsured deposits Regarding deposit insurance premium Regarding management and capital investment 21 Regarding insurance payment Regarding special loan 4.3 Solutions to improve the efficiency of enforcing the law on DI of the DIV 4.3.1 Completing the DIV’s Model Accelerating information and communication activities, the expansion of information channels and DI organizations should have suitable conditions to effectively implement professional activities that based on the operating model in line with each development stage 4.3.2 Improving efficiency of the law enforcement and role of the DIV 4.3.3 Improving the DIV’s position in participating in the control of CIs 4.3.4 Strengthening the support, relationship, and cooperation between the DIV and the State banks and CIs 4.3.4.1 For the State Banks 4.3.4.2 For organizations participating in deposit insurance 4.3.5 Improving the quality of human resources in order to improve the efficiency of enforcing the law on DI of the DIV CONCLUSION The dissertation examines the provisions of the law on DI and enforcing the DI law of the DIV in the context of restructuring banks in practice that is becoming extremely urgent and prudent to ensure the rights and interests of depositors and maintaining the system’s stability and safety The introduction of the Law amending and supplementing a number of articles of the Law on Credit Institutions (Law No 17/2017/QH14) was approved by the National Assembly on November 20, 2017 and took effect since January 15, 2018 has created a legal basis to consolidate and healthyize the CIs system in 22 the coming years Accordingly, the DIV is further empowered a number of functions, mission that it may further participate in the process of restructuring CI in accordance with resources, scale and operations of the organization The dissertation has clarified the position, role and enforcement of the law on DI of the DIV: First, the dissertation has reviewed literature on DI, for example, the establishment of DI in the US and the establishment of the International Association of Deposit Insurance in Vietnam This affirms the importance of the DI to the monetary system around the world in general and in Vietnam in particular Previous research works have analyzed and assessed in many different perspectives related to DI both at home and abroad The research results of previous works have great significance in managing and building up policy and law on DI of countries around the world and especially in Vietnam nowadays Second, the dissertation has interpreted scientifically and systematically issues related to DI reasoning and the law on DI such as the concepts of DI, the role of DI in financial and banking system and its meaning for protecting the rights and interest of depositors Moreover, the dissertation has assessed and compared operational models of DI organizations around the world so as to affirm that the DI is the State’s financial tool aims to protect the legitimate rights and interests of depositors, contributing to guarantee the safety and healthy development of CIs and playing an important role in ensuring the safety of international financial network in general and Vietnam in particular By examining, comparing and assessing contents of DI and the provisions of the law of some countries around the world on DI, the dissertation has fully generalized its contents and affirmed the legal nature of the DIV 23 Third, the dissertation has examined and assessed current situation of enforcing the law of the DIV to clarify position, function and mission of the DIV, thenceforth, it affirmed that the DIV serves as both a financial institution in the field of DI and a tool of the State to monitor and limit risks in currency trading and DI, contributing to ensuring the safety of national financial – monetary system The dissertation has also examined current situation of enforcing the DI law on insured deposit, DI premium, management and use of DI This is an important content that show the DIV’s operation The author has learnt, analyzed and assessed the process of enforcing law by each group of DIV such as analyzing, comparing and commenting the insured deposit under the Vietnamese law, and having comparison with the practices of countries around the world to see suitable regulations of deposits By analyzing current situation of enforcing the law on DI of the DIV, the dissertation has made evaluation of achieved results and it also pointed out limitations and inadequacies that need to be amended and supplemented to further promote the DIV’s role in the coming years Fourth, in recent years, the DIV has actively implemented professional activities, and has fulfilled well the assigned mission to ensure the implementation of public policy objectives that is to protect the legitimate rights and interests of depositors, contributing to maintaining the CIs’ stability and ensuring safety and healthy development of banking system The dissertation has also proposed solutions to improve the law on deposit insurance in line with international practices and relevant domestic laws to ensure human rights, freedoms and democracy of citizens Solutions to improve the efficiency of enforcing the law of the DIV in the coming years, towards the growing development of the DIV in the banking sector 24 THE AUTHOR’S PUBLISHED-PAPERS LIST RELATED TO THE DISSERTATION Ngo Quang Huy (2019) The necessity and limit of the State’s intervention in deposit insurance by law, Journal of democracy and law, No 11, p 17 Ngo Quang Huy (2019) Solutions of improving and enhancing the efficiency of law enforcement on deposit insurance, Industry and Trade Magazine, No 22 - December 2019, p 261 Ngo Quang Huy (2018) Promoting the Core Principles for effective deposit insurance system, Journal of Monetary and Financial Markets, No 12, p 34 Ngo Quang Huy Deposit Insurance of Vietnam - 20 years of trustworthiness, Laodong online, November 9, 2019, Ngo Quang Huy, Deposit insurance of Vietnam has proactively completed the system of governance and operating documents, August 24, 2018, Securities Investment Newspaper online Deposit insurance was increased its powers, The Vietnam Economic Times online, December 11, 2018, Deposit Insurance of Vietnam accompanies with People's Credit Funds, The Vietnam Economic Times online, October 01, 2019, http://vneconomy.vn/bao-hiem-tien-gui-viet-nam-dong-hanh-cung-cacquy-tin-dung-nhan-dan-20190930151044432.htm Bring deposit insurance policy to the Ethnic Minority, October 17, 2018, Securities Investment Newspaper online, https://tinnhanhchungkhoan.vn/tien-te/dua-chinh-sach-bao-hiem-tiengui-den-voi-dong-bao-dan-toc-thieu-so-245909.html> Spread the trust from the deposit insurance policy, Laodong online, September 30, 2019, https://laodong.vn/kinh-te/lan-toa-niem-tin-tuchinh-sach-bao-hiem-tien-gui-757494.ldo 10 The objective needs of improving the law on deposit insurance, Laodong online, December 16, 2019, 25 ... Deposit Insurance of Vietnam accompanies with People's Credit Funds, The Vietnam Economic Times online, October 01, 2019, http://vneconomy.vn/bao-hiem-tien-gui-viet -nam- dong-hanh-cung-cacquy-tin-dung-nhan-dan-20190930151044432.htm... Deposit insurance was increased its powers, The Vietnam Economic Times online, December 11, 2018, ... Quang Huy Deposit Insurance of Vietnam - 20 years of trustworthiness, Laodong online, November 9, 2019,
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