Improving the Law on Deposits at Commercial Banks in Vietnam for the Protection of Depositors in the Context of International Integration

The current legal framework for deposit at commercial banks in Vietnam serves as a fundamental mechanism to protect consumers’ deposits from risks related to bank insolvency. However, the effectiveness of these laws is often challenged by limitations in their ability to adapt to the changing financial landscape. In particular, the instability of the global financial and banking system after the COVID-19 pandemic and the incident at Saigon Commercial Bank (SCB) in late 2022 in Vietnam have raised the need to improve the legal framework for deposits at commercial banks to protect the legitimate rights and interests of depositors. Therefore, this article studies and evaluates legal provisions on deposits at commercial banks to protect the legitimate rights and interests of depositors, evaluates the current state of Vietnamese law on deposits, thereby proposes some solutions to improve Vietnamese law on deposits to protect the legitimate rights and interests of depositors.