THE PRIME MINISTER
Decision No. 1394/QD-TTg of August 13, 2013, establishing, and defining the functions and tasks of, the Deposit Insurance of Vietnam
Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the June 16, 2010 Law on the State Bank of Vietnam;
Pursuant to the June 18, 2012 Law on Deposit Insurance;
Pursuant to the Government’s Decree No. 68/2013/ND-CP of June 28, 2013, detailing and guiding the implementation of the Law on Deposit Insurance;
At the proposal of the Governor of the State Bank of Vietnam,
DECIDES:
Article 1. Establishment of the Deposit Insurance of Vietnam
To establish the Deposit Insurance of Vietnam in accordance with the June 18,2012 Law on Deposit Insurance.
The Deposit Insurance of Vietnam has the charter capital of VND 5,000,000,000,000 (five trillion Vietnam dong) allocated by the state budget.
The Deposit Insurance of Vietnam has its head office in Hanoi city and representative offices and branches in a number of regions.
Deposit Insurance of Vietnam is the international transaction name of the institution, abbreviated to DIV.
Article 2. Position and functions
1. The Deposit Insurance of Vietnam is a state financial institution which operates profit purposes, aiming to protect the rights and legitimate interests of depositors, implement deposit insurance policies contributing to maintaining the stability of the system of credit institutions and ensuring safe and sound development of banking operations.
2. The Deposit Insurance of Vietnam operates on the principles of askance of capital safety and self-financing. The Deposit Insurance of Vietnam practices independent cost-accounting and has the legal entity status and its own seal and account in accordance with law.
3. The Deposit Insurance of Vietnam is exempted from all taxes in accordance with law.
The Ministry of Finance shall assume the prime responsibility for, and coordinate with the State Bank of Vietnam in, prescribing the financial regime applicable to the Deposit Insurance of Vietnam.
Article 3. Tasks and powers of tire Deposit Insurance of Vietnam
1. To formulate a deposit insurance development strategy for the State Bank to submit to the Prime Minister for approval, and organize its implementation.
2. To propose the State Bank and competent state management agencies to formulate, amend and supplement deposit insurance guidelines and policies; to promulgate new legal documents on deposit insurance or amend, supplement, replace, annul, or terminate the implementation of, existing legal documents on deposit insurance.
3. To grant, re-grant and revoke certificates of participation in deposit insurance.
4. To request organizations participating in deposit insurance to regularly or irregularly provide information on insured deposits.
5. To provide information to the State Bank and access information of the State Bank according to Articles 8,9 and 10 of Decree No. 68/2013/ND-CP.
6. To calculate and collect deposit insurance premiums from organizations participating in deposit insurance in accordance with the Law on Deposit Insurance and relevant legal documents.
7. To manage, use and preserve deposit insurance capital sources.
8. To pay or authorize others to pay insurance money to insured persons in accordance with the Law on Deposit Insurance and relevant legal documents.
9. To monitor and examine the observance of the law on deposit insurance; to propose the State Bank to handle violations of the law on deposit insurance.
