What is the provision of credit information service in Vietnam? What is the eligibility for issuance of a certificate of provision of credit information service?
What is the provision of credit information service in Vietnam?
According to Clause 2, Article 3 of Decree 58/2021/ND-CP as follows:
Term interpretation
In this Decree, terms below are construed as follows:
...
2. “provision of credit information” refers to when credit information companies provide credit information products to users on the basis of collecting, processing, and storing credit information of credit information companies according to this Decree.
Thus, provision of credit information refers to when credit information companies provide credit information products to users on the basis of collecting, processing, and storing credit information of credit information companies.
What is the provision of credit information service in Vietnam? What is the eligibility for issuance of a certificate of provision of credit information service?
What is the eligibility for issuance of a certificate of provision of credit information service in Vietnam?
Pursuant to Article 9 of Decree 58/2021/ND-CP stipulating the eligibility for issuance of a certificate of provision of credit information service in Vietnam as follows:
- Having information infrastructure that satisfies the following minimum requirements:
+ Having at least 2 data transmission lines, each transmission line belongs to a separate service provider; and
+ Having information infrastructure that is capable of integrating and connecting to information systems of participating organizations; and
+ Having server systems located in Vietnam, computer software systems, and technical solutions that are capable of providing credit information for at least 5,000,000 debtors; and
+ Having information safety assurance solutions; and
+ Having disaster aversion measures to guarantee uninterrupted provision of credit information service for more than 4 working hours.
- Having a charter capital of at least VND 30 billion.
- Having enterprise managers and members of Boards of Supervisors that satisfy the following requirements:
+ Enterprise managers and members of Boards of Supervisors have not been sentenced for any serious crime or worse, sentenced for possession charges without having their criminal records expunged; enterprise managers and members of Boards of Supervisors of credit information companies having certificate revoked (except for cases of revocation under Point d, Point dd, or Point e Clause 1 Article 14 of Decree 58/2021/ND-CP);
+ Chairpersons of Board of Directors, Chairpersons of Board of Members, and Chairpersons of companies having at least university graduate degrees and at least 3 years of working in financial, banking, accounting, auditing, or information technology sector;
+ Members of Board of Directors, members of Board of Members, and general partners having at least university graduate degrees with 50 of the individuals having at least 3 years of working in financial, banking, accounting, auditing, or information technology sector;
+ General Directors, Deputy General Directors having at least university graduate degrees and at least 2 years of holding enterprise managerial positions and operating in financial, banking, accounting, auditing, or information technology sector;
+ Members of Boards of Supervisors having at least university graduate degrees and at least 2 years of working in the financial, banking, accounting, auditing, or information technology sector.
- Having business measurers and not conducting other businesses other than provision of credit information service.
- Having at least 15 participating organizations that are credit institutions, and branches of foreign banks (other than policy banks, cooperative banks, people's credit funds, and microfinance institutions). Participating organizations are under no commitment to provide credit information for other credit information companies.
- Having written agreement on provision of credit information and credit information products between credit information companies and participating organizations which include at least the following information:
+ Contents and scope of provided credit information;
+ Time, location, means of provision and transmission of information, data, and credit information products;
+ Principles, scope, and purposes of credit information products;
+ Obligations to notify and agree with debtors on using credit information of debtors;
+ Responsibilities of parties in revising and amending errors in updating, transmitting, processing, storing, extracting and using credit information;
+ Responsibilities of parties in reviewing, comparing, conducting quality control and storing credit information;
+ Responsibilities and cooperation of parties when revising errors of credit information of debtors;
+ Penalties for violations, settlement of disputes;
+ Effectiveness of agreements and unilateral termination of agreement implementation;
+ Other rights and obligations of parties in collecting, processing, storing and providing credit information.
What are the restrictions in provision of credit information service in Vietnam?
Pursuant to Article 6 of Decree 58/2021/ND-CP stipulating as follows:
In provision of credit information service, individuals and organizations:
- Do not illegally collect, provide information classified as Government secret.
- Do not intentionally deviate credit information thereby affecting legal rights and benefits of relevant organizations and individuals.
- Do not exchange credit information, or provide credit information for the wrong individuals, for the wrong purposes or illegally.
- Do not exploit provision of credit information for personal gain, violating benefits of the Government, or legal rights and benefits of organizations and individuals.
- Do not obstruct legal collection and use of credit information of organizations and individuals.
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