DECISION NO. 32/2021/QD-TTg ON THE LIMIT OF INSURANCE PAYMENTS

Pursuant to …;

ON THE LIMIT OF INSURANCE PAYMENTS

Pursuant to the Law on Organization of the Government dated June 19, 2015; the Law Amending and Supplementing Certain Provisions of the Law on Organization of the Government and the Law on Organization of Local Administration dated November 22, 2019;

Based on the Law on Deposit Insurance dated June 18, 2012;

Pursuant to Decree No. 68/2013/NĐ-CP dated June 28, 2013, of the Government, detailing and guiding the implementation of the Law on Deposit Insurance;

At the proposal of the Governor of the State Bank of Vietnam;

The Prime Minister issues this Decision on the limit of insurance payment amounts.

Article 1. Scope of Regulation

This Decision stipulates the limit of insurance payment amounts by deposit insurance organizations to deposit insured persons as provided for in the Law on Deposit Insurance.

Article 2. Applicability

1. Deposit insured person.

2. Organization participating in deposit insurance.

3. Deposit insurance organization.

4. Other agencies, organizations, and individuals related to deposit insurance activities.

Article 3. Limit of Insurance Payment Amounts

The maximum amount that a deposit insurance organization shall pay for all insured deposits (including principal and interest) of a depositor at a participating organization when it incurs an obligation to make an insurance payment is 125,000,000 VND (one hundred twenty-five million Vietnamese dong).

Article 4. Transitional Provisions

For deposits that have incurred an obligation to make an insurance payment but have not yet been paid according to the Law on Deposit Insurance before the effective date of this Decision, the limit of insurance payment amounts shall be implemented according to the provisions of Decision No. 21/2017/QD-TTg dated June 15, 2017 of the Prime Minister on the limit of insurance payment amounts.

Article 5. Implementation Provisions

1. This Decision takes effect from December 12, 2021 and replaces Decision No. 21/2017/QD-TTg dated June 15, 2017 of the Prime Minister on the limit of insurance payment amounts.

2. The Ministers, Heads of ministerial-level agencies, Heads of government-affiliated agencies, Vietnam Deposit Insurance Corporation, credit institutions, foreign bank branches, and other relevant agencies, organizations, and individuals are responsible for organizing the implementation of this Decision.