The Deposit Insurance of Vietnam (DIV) coordinates with Asian Development Bank (ACB) to host the 5th annual IADI-Asia Regional Committee Meeting (ARC 5) and International Conference at Daewoo Hanoi Hotel on March 28-29, 2007. This is rated the first largest international event in the field of deposit insurance in Vietnam so far. ARC 5 is considered an active move of Vietnamese finance and banking sector in the process of international integration. Prior to the conference, we had an exchange talk with Mr. Bui Khac Son, General Director of DIV, about the organisational activities of the conference.
Which activity contents have the Asia Regional Committee done in the past time and which topics will this annual conference will focus on?
The Asia Regional Committee (ARC) is one of the nine regional committees of the International Association of Deposit Insurers (IADI), consisting of Japan, Bangladesh, Taiwan, Russia, India, Hong Kong, Indonesia, Kazakhstan, South Korea, Malaysia, Philippines, Singapore, Mongolia, Thailand and Vietnam. The objectives of IADI in general and ARC in particular are to gather viewpoints and scientific researches on deposit insurance to provide advice on the enhancement of effective deposit insurance systems and on the state management of finance and banking systems. Under the current international integration circumstances, IADI encourages deposit insurers to apply management, supervision, examination and accounting standards in accordance to international practices. The annual Asia Regional Conference is aimed to carry out the aforementioned objectives and functions.
Attendants to the ARC 5 meeting comprise of Chairman of IADI, Chairman of ARC, chairmen and general directors of deposit insurers from 15 member countries, Deputy Governor of Reserve Bank of India, Deputy Governors of Central Banks of Laos and the Philippines, World Bank senior officials, develop assistance organisations, and international financial organisations in Vietnam. Vietnamese Permanent Deputy Prime Minister Nguyen Sinh Hung, deputies from ministries, central branches, and senior financial and banking experts also make presence at the meeting.
This year’s three topic are the enhancement of legal framework for deposit insurers; receivership and resolution of dissolved organisations; and macro policy on deposit insurance operation and national financial supervisory system.
How has the Deposit Insurance of Vietnam received supports from the Association?
The Deposit Insurance of Vietnam (DIV) was one of the founding members of the International Association of Deposit Insurers and we have made financial contributions to expand the operations of the IADI such as regular studies, implementations and conferences. We also sent our officials to annual meetings hosted by more experienced members like Japan and the Republic of Korea, aiming to follow their successes. Our deposit insurance granting and collection, legal issues, financial supervision, monitoring and support, reimbursement, capital use, reception and settlement of macro as well as detail matters were presented at various conferences. We also collected constructive ideas from other deposit insurers. Thus, our current position is partially thanks to the acquisition of experience from other countries at regional meetings.
DIV is the host of the ARC 5. So, Does DIV have any initiatives for deposit insurance activities?
Once DIV hosts an international conference on deposit insurances, we have detailed agendas to introduce land, people, economy, finance and banking system as well as deposit insurance activities to international organisations and foreign communities. To ensure the professionalism of the conference, we exchanged our views with senior officials of deposit insurers, international organisations, and deposit insurance agencies in other countries to select a common topic for the entire the association and sort out a “heating” topic in Vietnam: Enhancement of legal framework for deposit insurers; receivership and resolution of dissolved organisations; and macro policy on deposit insurance operation and national financial supervisory system.
In parallel with the ARC 5, DIV will also put forward initiatives to organise an international scientific seminar on deposit insurances, aiming to boost experience and information exchange between IADI members; create a dialogue environment for State finance and banking agencies; encourage the application of international practices to operational safety management of the banking system.
Besides, the conference will also introduce deposit insurance models which have been proven their effectiveness in the application of national financial supervisory systems in regional countries and the world.
Through this conference, DIV and Vietnamese concerned ministries and branches will have more information about the effective deposit insurance models in experienced nations in tackling financial crises, thus, giving recommendations to the Government to orient the development and model of deposit insurance in Vietnam in the new era.
Luu Hiep
Vietnamese
