Issuance of certificate of deposit insurance participation in Vietnam

Regulations on issuance of certificate of deposit insurance participation in Vietnam

- At least 15 days prior to the operation inauguration day, the deposit insurance participating organization must submit dossier to request the issuance of certificate of deposit insurance participation to the deposit insurance organization.

- Within 05 working days after receipt of request dossier for issuing the certificate of deposit insurance participation of the deposit insurance participating organizations, the deposit insurance organization shall issue the certificate of deposit insurance participation.

- Dossier to request the certificate of deposit insurance participation including:

= Application for registration of deposit insurance;

=) Copy of license of establishment and the operation of the credit organization or the license of establishment of foreign banking branch.

= Copy of the certificate of business registration.

Pursuant to: Article 14 of the Law on Deposit Insurance 2012

Issuance of certificate of deposit insurance participation in Vietnam (Internet image)

Posting certificate of deposit insurance participation in Vietnam

Pursuant to the provisions of Article 15 of the Law on Deposit Insurance 2012, the deposit insurance participating organization must publicly post up a copy of the certificate of deposit insurance participation at all transaction points that accept deposits.

Accordingly, according to the provisions of Article 5 of Circular 24/2014/TT-NHNN, copy of the Certificate of deposit insurance posted at the insured institutions, prescribed in the regulations specified above, is a duplicated form issued by the Deposit Insurance of Vietnam from their master register.

The Deposit Insurance of Vietnam issues copies of the Certificate of Deposit Insurance, depending on the number of transaction offices of the insured institutions legally authorized to receive deposits from individuals.

Documentation of request for the issuance of copies of the Certificate of Deposit Insurance must include:

- A written request for the issuance of copies of the Certificate of Deposit Insurance, which must clearly state how many copies of the Certificate of Deposit Insurance are required; 

- List of depository transaction offices that have yet to keep any copy of the Certificate of Deposit Insurance to serve the posting purpose;

- A copy of the State Bank’s written consent to the establishment of transaction offices who require copies of the Certificate of Deposit Insurance.  

If there is any demand for copies of the Certificate of Deposit Insurance, the insured institutions must formulate documentation as prescribed above and send it directly or by post to the Deposit Insurance of Vietnam.   

Within a period of 03 (three) working days from the receipt of entire documentation, the Deposit Insurance of Vietnam must consider and compare submitted documents with those recorded in the master register to issue copies of the Certificate of Deposit Insurance to the insured institutions. The copied contents must match the contents available in the master register.  

Revoking the certificate of deposit insurance participation in Vietnam

- The deposit insurance participating organization is temporarily revoked the certificate of deposit insurance participation when the State Bank of Vietnam sends document to require the temporary suspension of deposit receiving operation as prescribed by law. During the time of temporary revocation of the certificate of deposit insurance participation, the deposit insurance participating organization must pay the deposit insurance fees for the deposit not yet paid

- The deposit insurance participating organization is revoked the certificate of deposit insurance participation when the State Bank of Vietnam sends document to revoke the license of establishment and operation of the credit organization, the license of establishment of foreign banking branch as prescribed by law.

- Within 05 working days from the date of revoking the certificate of deposit insurance participation, the deposit insurance organization must publicly announce revocation of the certificate of deposit insurance participation on three consecutive issues of a central newspaper, a local newspaper where located the head office and branches of the deposit insurance participating organization and on website of a Vietnamese newspaper.

Pursuant to: Article 16 of the Law on Deposit Insurance 2012

Re-issuing certificate of deposit insurance participation in Vietnam

- The deposit insurance participating organization is re-issued the certificate of deposit insurance participation after the State Bank of Vietnam allows the recovery of deposit receiving operation.

- The certificate of deposit insurance participation that is lost, torn or damaged shall be re-issued within 05 working days after receipt of request application for re-issuance of the certificate of deposit insurance participation of the deposit insurance participating organization.

Pursuant to: Article 17 of the Law on Deposit Insurance 2012

Mai Thanh Loi

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