Given the negative information that has led to crowds gathering at banks to demand mass withdrawals recently, it can be seen that premature withdrawal of deposits will not only cause depositors to lose their rights related to interest rates, but also cause difficulties and affect the safety of the banking system.
Regarding this issue, the State Bank has affirmed that in all cases, it will use measures to protect the interests of depositors. Accordingly, from the Law on Credit Institutions to the Law on Deposit Insurance and related legal documents, all stipulate the level of priority, ensuring safety, solvency and the interests of the people at the highest level.
Regarding the deposit insurance mechanism, the Law on Credit Institutions as well as the Law on Consumer Protection both stipulate: Credit institutions are responsible for participating in organizing the preservation and insurance of deposits according to the provisions of law.
Specifically, the Law on Deposit Insurance has clear provisions to protect depositors. Accordingly, credit institutions must participate in deposit insurance. Along with that, depositors are also provided with full information on deposit insurance policies and activities from the deposit insurance organization in order to access and improve the necessary knowledge to have the best service choice; know the rights and obligations when participating in the financial - banking market.
In addition, the business activities of Vietnam Deposit Insurance are closely linked to the life cycle of a credit institution participating in Deposit Insurance, thereby directly or indirectly protecting the legitimate rights and interests of depositors.
In particular, in the Deposit Insurance Development Strategy to 2025, with a vision to 2030 approved by the Prime Minister, the first general goal is to "protect the legitimate rights and interests of depositors, actively contribute to maintaining the stability of the system of credit institutions and foreign bank branches, and ensure the safe and healthy development of banking activities".
Thus, when negative rumors related to credit institutions appear, depositors need to stay calm and verify information about the deposit insurance participating organization through official information sources from the deposit insurance participating organization, State Bank branches, local authorities, Vietnam Deposit Insurance, etc.
At the same time, depositors need to trust and actively cooperate with the government, the State Bank Branch, and the Vietnam Deposit Insurance in the process of exercising the legitimate rights and interests of depositors. Because, in terms of legal regulations and in practice, even in the worst case, depositors are always committed to the highest level of protection by the Government, the State Bank, and the Vietnam Deposit Insurance.
Banking activities are considered the lifeblood of the economy, but can be affected by external factors. Sometimes, just a piece of negative information can trigger panic in the crowd, leading to unpredictable consequences for credit institutions, negatively affecting the operations of the banking system and financial markets. As one of the effective tools of the Government, the deposit insurance policy plays a role in ensuring the legitimate rights of depositors and contributing to maintaining the safety and soundness of the credit institution system.
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