Hanoi (VNA)- The State Bank of Vietnam (SBV) has justdrawn up draft amendments to the Deposit Insurance Law as instructed by theGovernment.
One of the proposed changes is increasing the maximum depositamount that can be insured per customer from the current 50 million VND to 75million VND (3,290 USD).
Like in most other countries in the world, Vietnam’s depositinsurance policies have two main aims: to protect depositors and secure thebanking industry.
Public trust in the banking system is an important commodity andcan be significantly improved through deposit insurance policies.
However, the current limit per customer of 50 million VND is notsatisfactory for most depositors and also many experts who say it is too low.
Accepting this criticism, the SBV intends to hike the limit byhalf.
But this is not enough of an increase for the public and experts.
Analysts said when the insurance premium limit of 50 million VNDwas fixed, it was equivalent to five times the country’s per capita income justlike in many other countries. It covered 80 percent of deposits.
But now the country’s current per capital income is over 2,000 USD.
This means that the deposit insurance limit this time needs to bemuch higher at 200 million VND upwards.
Experts point out that the new limit is much lower than the 50,000euro in Europe, 200,000 USD in the Republic of Korea and 250,000 USD in the US.
They have called for raising the limit to 150-200 million VND toachieve the purpose of deposit insurance: protecting depositors’ money.
The experts also disagree with having a uniform limit for allbanks, saying there is need of higher limits for weaker banks to really protectdepositors.
They also want the amended law to require lenders to declare their“health” to depositors to enable them to make informed decisions.
The experts are also critical that only VND deposits areinsured and not deposits in foreign currencies or valuable papers.
They say that deposits in foreign currencies are trending upwardbecause of the large amounts of foreign remittances from overseas Vietnameseand Vietnamese nationals working abroad.
Thus, if banks refuse to insure foreign currency deposits, theywould simply move to foreign banks.-VNA
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Illustrative image (Source: VNA)
