Government issued Decree No. 68/2013/ND-CP dated June 28, 2013 detailing and guiding the implementation of the Law on Deposit Insurance. This Decree applies to the deposit insurance organizations, insurance organizations deposits, insured deposits and other organizations and individuals involved in activities of deposit insurance.
According to the Decree, the deposit insurance institution is the financial institution by the State to the Prime Minister established and defined functions and tasks at the request of the Governor of the State Bank of Vietnam. Deposit insurance organization is a legal entity, operating not for profit, safety and self-offset capital costs. Revenues of deposit insurance organizations are exempt from the tax. Deposit insurers may deduct part of the income from investment activities temporarily idle funds to offset costs. The Ministry of Finance shall coordinate with the State Bank of Vietnam determining specific criticism.
Organization insured deposits are credit institutions and branches of foreign banks to receive deposits of individuals, including commercial banks, cooperative banks, people's credit funds and affiliates foreign bank established and operating under the Law on credit Institutions. Microfinance organizations to participate in deposit insurance for deposits of individuals, including voluntary deposits of microfinance clients, except compulsory savings under the provisions of the Financial Institutions micro. Bank policies are not insured deposits.
Credit institutions and branches of foreign banks to participate in accordance with deposit insurance and copies publicly insured certificates of deposit at the head office, branches and transaction offices have received deposits of individuals.
On the issue of participation certificates of deposit insurance: At least 15 days before the opening day activities, participating institutions must submit deposit insurance dossiers for granting certificates of deposit insurance in accordance in paragraph 3 of Article 14 of the Law on deposit Insurance for deposit insurance organizations. Within 05 working days from the date of receipt of application for Certificate of deposit insurance, deposit insurance institution shall issue certificates of deposit insurance.
This Decree takes effect as of August 19, 2013.