New draft law for bank insurance limits for individual depositors

At a meeting held on February 7, members of the National Assembly in Ho Chi Minh City agreed on a new draft law for bank deposit insurance limits for individual depositors applicable on Vietnamese dong only, not on foreign currencies.

Duong Quoc Long, director of the Vietnam Deposit Insurance--Ho Chi Minh City Branch, said that there should be a limit on deposit insurance payments which should be raised to VND100-200 million from its current ceiling rate of VND50 million (US$2,400).

By H.Nh – Translated by T.Huong

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