Procedures for issuing certificate of deposit insurance participation in Vietnam

Procedures for issuing certificate of deposit insurance participation in Vietnam (Internet image)

1. Dossier to request the certificate of deposit insurance participation in Vietnam

According to Clause 3, Article 14 of the Law on deposit insurance 2012, dossier to request the certificate of deposit insurance participation including:

(1) Application for registration of deposit insurance;

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

(3) Copy of the certificate of business registration.

2. Procedures for issuing certificate of deposit insurance participation in Vietnam

In Clauses 1 and 2, Article 14 of the Law on deposit insurance 2012, the procedures for issuing certificate of deposit insurance participation are as follows:

- 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.

3. Posting certificate of deposit insurance participation in Vietnam

Pursuant to Article 15 of the Law on deposit insurance 2012 stipulates posting certificate of deposit insurance participation as follows:

The deposit insurance participating organization must publicly post the copy of the certificate of deposit insurance participation at all points of deposit transaction.

4. Revoking the certificate of deposit insurance participation in Vietnam

Pursuant to Article 16 of the Law on deposit insurance 2012 stipulates revoking the certificate of deposit insurance participation as follows:

- 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.

5. Re-issuing certificate of deposit insurance participation in Vietnam

Pursuant to Article 17 of the Law on deposit insurance 2012 stipulates the re-issuing certificate of deposit insurance participation as follows:

- 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.

Ngoc Nhi

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