From 03/04/2023: What are regulations on interest rates of deposits of State Treasury and Deposit Insurance of Vietnam at the State Bank of Vietnam?
From 03/04/2023: What are regulations on interest rates of deposits of State Treasury and Deposit Insurance of Vietnam at the State Bank of Vietnam?
Thank you!
What are regulations on insured deposit in Vietnam?
Pursuant to Article 18 of the Law on Deposit Insurance in 2012 stipulating insured deposit in Vietnam as follows:
Insured deposit
Deposit insured is the deposit in Vietnam Dong of individuals deposited at the deposit insurance participating organization in the form of term deposit, non-term deposit, saving deposit, certificates of deposit, promissory notes, bills and other forms of deposit under the provisions of the Law on credit organizations, other than the deposits regulated in Article 19 of this Law.
As regulations above, deposit insured is the deposit in Vietnam Dong of individuals deposited at the deposit insurance participating organization in the form of term deposit, non-term deposit, saving deposit, certificates of deposit, promissory notes, bills and other forms of deposit under the provisions of the Law on credit organizations.
From 03/04/2023: What are regulations on interest rates of deposits of State Treasury and Deposit Insurance of Vietnam at the State Bank of Vietnam?
Pursuant to Article 1 of the Decision 577/QĐ-NHNN in 2023 (effective from 03/04/2023) stipulating interest rates of deposits of State Treasury and Deposit Insurance of Vietnam at the State Bank of Vietnam as follows:
- The interest rate of deposits in Vietnamese Dong (VND) made by the State Treasury: 0,5%/year.
- The interest rate of deposits in foreign currency made by the State Treasury: 0%/year.
- The interest rate of deposits in VND made by Deposit Insurance of Vietnam: 0,5%/year.
What are regulations on deposit insurance fees in Vietnam?
Pursuant to Article 20 of the Law on Deposit Insurance in 2012 stipulating deposit insurance fees in Vietnam as follows:
- The Prime Minister has regulated the fee framework of the deposit insurance at the request of the State Bank of Vietnam.
- Based on the fee framework of the deposit insurance, the State Bank of Vietnam shall regulate the specific fee rate ofthe deposit insurance for the deposit insurance participating organizations on the basis of assessment and classification of these organizations
- The deposit insurance fees are calculated on the basis of the average deposit balance of the insured deposit at the deposit insurance participating organizations.
- The deposit insurance fees are calculated and paid quarterly in the fiscal year. The deposit insurance participating organizations have to pay the deposit insurance fees to the deposit insurance organizations on the 20th date of the first month of the succeeding quarter at the latest.
- The deposit insurance fees are recorded into the operation expenses of the deposit insurance participating organizations.
What is the fine imposed on the deposit insurance participating organization for violating the deadline to pay the deposit insurance fees in Vietnam?
Pursuant to Clause 1 Article 21 of the Law on Deposit Insurance in 2012 stipulating fee of inadequate and late payment as follows:
Fee of inadequate and late payment
1. If the deposit insurance participating organization violates the deadline to pay the deposit insurance fees as prescribed in Article 20 of this Law, in addition to fully paying the outstanding fee, it shall be fined for each day of late payment equal to 0.05% amount of the late payment.
2. Where the deposit insurance organization discovers the inaccuracy in the calculation and payment of the fee of deposit insurance, the insurance organization shall give a notice and collect the arrear of fee or reimburse for the overpaid fee within 15 days from the date of discovery.
3. After a period of 30 days from the date of payment of the deposit insurance fees that the deposit insurance participating organization fails to make payment or makes inedequate payment of deposit insurance fees and fines, the deposit insurance organization shall request in writing the State Bank of Vietnam to deduct the accounts of the deposit insurance participating organizations at the State Bank of Vietnam in order to pay the deposit insurance fees and fines. Within 30 days from the date of receipt of the written request of the deposit insurance organization, the State Bank of Vietnam shall handle the case.
4. In case the deposit insurance participating organization fails to make payment or makes inedequate payment of the deposit insurance fees, the State Bank of Vietnam shall deduct the accounts of the deposit insurance participating in order to pay the fees as prescribed in clause 3 of this Article for the second time, the deposit insurance organization shall send document to the State Bank of Vietnam to request a suspension or temporary suspension of deposit receving operation of the deposit insurance participating organization.
As regulations above, if the deposit insurance participating organization violates the deadline to pay the deposit insurance fees as prescribed in Article 20 of this Law, in addition to fully paying the outstanding fee, it shall be fined for each day of late payment equal to 0.05% amount of the late payment.
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