Deposit Insurance of North Central Region - 20 years of construction and growth

The North Central Regional Branch was established under Decision No. 105/2002/QD-HDQT dated June 25, 2002 of the Board of Directors of the Deposit Insurance of Vietnam, officially inaugurated and put into operation on September 12, 2002, assigned to be in charge of 5 provinces from Thanh Hoa to Quang Tri with 108 credit institutions.

During its operation and development, the Branch currently directly manages 223 units, including: Bac A Commercial Joint Stock Bank, 01 Microfinance Organization and 221 People's Credit Funds in 5 provinces from Ninh Binh to Quang Binh.

Mr. Tran Van Lam, Director of the Deposit Insurance of Vietnam Branch in the North Central region, spoke at the conference. Photo: Quang An

The branch was established and put into operation in the context that credit institutions nationwide in general and in the North Central region in particular were facing many potential risks from the after-effects of the collapse of a series of credit cooperatives in the 80s and 90s and after the Asian financial crisis in 1997. In particular, in recent years, due to the prolonged Covid 19 pandemic, the war between Russia and Ukraine, which affected the global economic crisis, had negative impacts on the socio-economy and people's lives. In that situation, the branch has closely directed and actively contributed to the goal of strengthening public trust, protecting the rights of depositors, and contributing to maintaining the stability of the system of credit institutions in the area for safe and effective development.

Deposit Insurance of Vietnam North Central region received the Emulation Flag from Nghe An Provincial People's Committee. Photo: Quang An

Inspection activities are one of the key tasks that the branch always puts first. Over the past 20 years, it has conducted 1,243 inspections and 02 re-inspections. Through inspections, there have been 3,287 recommendations to correct and rectify errors for organizations participating in deposit insurance that were inspected.

1 group and 2 individuals at the Deposit Insurance of Vietnam in the North Central region received Certificates of Merit from the Chairman of the People's Committee of Nghe An province. Photo: Quang An

The branch has participated in special control activities for 4 people's credit funds according to the decision of the State Bank branches in Thua Thien Hue, Thanh Hoa and Ninh Binh provinces. Every year, the branch supervises from 98-100%, at present, it supervises 99.1% of the number of organizations participating in Deposit Insurance in the area.

With that achievement, for many consecutive years, the Branch has been awarded a Certificate of Merit for excellent performance of its tasks by the Chairman of Nghe An Provincial People's Committee; Outstanding Emulation Flag; 3 times honored to receive a Certificate of Merit and Emulation Flag from the State Bank of Vietnam; 10 years of achieving the title of excellent labor collective in the Deposit Insurance system of Vietnam; "Outstanding clean and strong grassroots Party organization"; Vietnam Bank Trade Union awarded a Certificate of Merit and Emulation Flag by the Vietnam General Confederation of Labor. The Branch's Youth Union was awarded a Certificate of Merit by the Central Committee of the Ho Chi Minh Communist Youth Union.

Leaders of the Deposit Insurance of Vietnam presented a Certificate of Merit to the Deposit Insurance of Vietnam in the North Central region. Photo: Quang An

Speaking at the summary conference, comrade Pham Bao Lam - Chairman of the Board of Directors of the Deposit Insurance of Vietnam acknowledged and highly appreciated the results achieved by the Branch; at the same time, he noted that in the coming time, he would continue to strive and actively enhance training to improve the quality of staff to meet the requirements of the industry's tasks; do a good job of mass mobilization, coordinate synchronously with Party committees at all levels, authorities, and branches of the State Bank of provinces in the management area to continue to seriously implement Directive 06/CT-TTG dated March 12, 2019 of the Prime Minister.

Leaders of the Deposit Insurance of Vietnam, branches, state banks... congratulate the Deposit Insurance of Vietnam in the North Central region. Photo: Quang An

Focus on implementing the project "Restructuring the system of credit institutions associated with bad debt settlement in the period 2021-2025" to contribute to maintaining the safe and sustainable development of the system of credit institutions in the North Central region, actively contributing to the success of the Deposit Insurance of Vietnam in the integrated economy.