The Government Inspectorate has just revealed various violations at the Deposit Insurance of Vietnam (DIV), from financial planning to cost management and use of finances from 2011 to 2013.
Website of Deposit Insurance of Vietnam
According to the reports, the DIV did not follow the Ministry of Finance's planning. Even though its expenditure exceeded its set limits, it failed to file a report with the ministry. From 2012 to 2013, spending on uniforms reached VND3bn, and expenditure on phones and phone calls was over-budget by VND1bn (USD45,500). The DIV also splurged huge amounts on items such as briefcases for their staff, incredibly exceeding the set budget by VND3.2bn. The organisation also spent nearly VND4bn on buying gifts including vases or pens.
The DIV is accused of violating the accounting law and having spent an excess of over VND5bn on official businesses trips or to conferences. It calculated staff monthly wages wrongly and as the result, an excess of over VND48bn in the form of salaries, welfare and bonuses was spent.
The tendering procedures and price appraisal of its current renting office as well as the on-going constructions of its headquarters in the Central Highlands and southern central region also have problems.
In 2013, it spent over VND2bn on bonuses for individuals and organisation outside of the sector without any signatures or verification papers.
The Government Inspectorate proposed that the State Bank of Vietnam, the Ministry of Finance and the Ministry of Labour, Invalids and Social Affairs should punish violators and the individuals should engage in 'self-criticism'.
Deposit Insurance of Vietnam was inaugurated in July 2000 to protect the rights of depositors, provide assistance to financial institutions, supervise and prevent risk in banking operations.
