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On Signing the Memorandum of Understanding between DIA and Deposit Insurance of Vietnam

Date: 03.07.2019

On June 26, 2019 Saint Petersburg hosted signing of the memorandum of understanding and cooperation between the State Corporation "Deposit Insurance Agency" (Russian Federation" and Deposit Insurance of Vietnam (DIV).

The memorandum was signed by Yuri Isaev, DIA Director General, on the part of the State Corporation "Deposit Insurance Agency" (DIA), and by Dao Quoc Tin, Director General, on the part of DIV.

To implement the agreements aimed at activation of bilateral interaction to develop the deposit insurance systems, it is proposed to cooperate in the following spheres:

        exchange of knowledge and experience in the sphere of deposit insurance and resolution of problem financial institutions, including through organization and holding bilateral meetings and joint workshops;

        exchange of opinions on implementation of international standards in the sphere of deposit insurance systems development;

        exchange of experience in the sphere of introduction of new information and advanced communication technologies.

The agreement provides for implementation of joint scientific and research projects, creation of working groups for interaction in different areas of activity, personnel training and organization of joint probations.

"Signing of the memorandum will allow the parties to expand capabilities of bilateral cooperation which is especially important and symbolic for 2019 which was declared the cross-year of Vietnam in Russia and of Russia in Vietnam. Mutual consultations, exchange of opinions and experience will contribute to te further development of our relations to contribute to the improvement of sustainability of the banking systems and deposit insurance," Yuri Isaev noted.

"Extension of cooperation with the Russian Deposit insurance Agency on urgent issues of operation of deposit insurance systems is an important step for us aimed at development of mutually beneficial bilateral relations. We hope that consultations between the state corporations of two countries on deposit insurance will facilitate oufurther dialog," Dao Quoc Tin said.

For reference:

SC DIA was established in January 2004 on the basis of Federal Law dated December 23, 2003 No. 177-FZ "On Insurance of Household Deposits in Banks of the Russian Federation". In compliance with the federal laws, the Agency performs the following main functions: insurance of bank deposits, guaranteeing of pension savings, exercise of powers of the liquidator (receiver) of credit institutions, NPF and insurance organizations and prevention of bankruptcy (resolution) of banks within the frameworks of actions coordinated with the Bank of Russia. Throughout its history, the Agency conducted 680 liquidation proceedings, paid out the insurance indemnity to 4.1 million of depositors amounting to about 2 trillion rubles.

Deposit Insurance of Vietnam (DIV) is a state establishment dealing with insurance of bank deposits and liquidation of credit and financial institutions. It acts on the basis of the Deposit Insurance Act 2012. The insurance indemnity limit is 75 million Vietnamese dong (about 3250 USD). Payouts are commenced within 60 days from the date of the insured event.

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