Vietnam’s Deposit Insurance Law Amendment: Key Discussions and Insights
Governor of the State Bank of Vietnam, Nguyen Thi Hong
During the 10th Session of the National Assembly on November 14th, chaired by Vice Chairman Vu Hong Thanh, delegates convened to discuss the amended Deposit Insurance Law. Governor of the State Bank of Vietnam, Nguyen Thi Hong, addressed key concerns regarding deposit insurance fees and mechanisms.
Delegate Thai Quynh Mai Dung from Phu Tho Province emphasized that deposit insurance fees are vital for funding the reserve pool, ensuring payouts and addressing weak credit institutions. Article 19, Clause 1 of the amended law states: “The Governor of the State Bank of Vietnam shall set deposit insurance fees, applying uniform or differentiated rates based on the Vietnamese credit institution system’s characteristics at any given time.”
Delegate Dung supported delegating fee authority to the Governor, aligning with the Party and State’s decentralization efforts. The State Bank, responsible for overseeing credit institutions and deposit insurance, is well-positioned to set fees reflecting practical realities.
Having contributed to the 2012 Deposit Insurance Law, Delegate Dung praised the amendments for addressing gaps in the original law, aligning with international standards, and accommodating Vietnam’s banking sector growth.
Delegate Thai Thi An Chung from Nghe An Province echoed support for the Governor’s fee authority, citing the State Bank’s regulatory role and expertise in ensuring fee structures match industry needs.
Governor Nguyen Thi Hong clarified that the amended law allows both uniform and differentiated fee models. While Vietnam currently uses uniform fees, differentiated fees may be introduced to incentivize strong credit institutions, reducing insurance costs. Technical details will be delegated to the Government for flexibility.
Regarding oversight, Governor Hong assured that the State Bank will define inspection scopes to avoid overlap with existing regulatory checks on credit institutions.
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