Prime Minister of Vietnam directs strengthening prevention and handling of black credit activities

Hello, Lawnet would like to clarify as follows:

On August 24, 2023, the Prime Minister of Vietnam issued Official Telegram 766/CD-TTg regarding the strengthening of measures to prevent, deter, and handle activities of "black credit".

Enhancing prevention, deterrence, and handling of black credit activities in vietnam

Recently, new methods and tactics have emerged, exploiting high technology, and disguising under businesses to conduct illegal lending and debt collection activities, causing public outrage and affecting security and order.

To improve the effectiveness of the prevention, deterrence, and handling of "black credit" activities, the Prime Minister of Vietnam has requested:

(1) Ministers of ministries, heads of ministerial-level agencies, heads of agencies under the Government of Vietnam, chairpersons of provincial and municipal People's Committees, and related agencies to resolutely and effectively implement the directives of the Prime Minister of Vietnam as stated in Directive 12/CT-TTg dated April 25, 2019; Directive 16/CT-TTg dated May 27, 2023, and Official Dispatch 1201/VPCP-NC dated April 14, 2023, of the Office of the Government of Vietnam.

(2) The State Bank of Vietnam:

- Focus on researching and promptly improving banking credit mechanisms and policies, developing the credit system, diversifying types of loans, and banking services with quick and convenient procedures to meet the legitimate and legal borrowing needs of the people for living and consumption purposes.

Increase inspection, examination, supervision, and management of the activities of credit institutions, payment intermediaries, and e-wallets to prevent entities from engaging in "black credit" activities, and promptly handle violations as per regulations; closely coordinate with the Ministry of Public Security to utilize population data to enhance the review and verification of bank accounts, thoroughly address the usage of "virtual" accounts for "black credit" activities.

- Proactively coordinate closely with the Ministry of Planning and Investment, the Ministry of Justice, the Ministry of Public Security, and the Ministry of Information and Communications according to functions and tasks to strengthen the inspection and examination of credit institutions, financial companies, businesses, law companies, and promptly detect and strictly handle violations; enhance solutions to protect personal data; promptly research and amend, and perfect related legal documents to improve the prevention and strict handling of "black credit" activities.

(3) The Ministry of Information and Communications:

- Strengthen state management in telecommunications and information security, promptly detect, prevent, and remove illegal advertisements, and websites, links, applications, related to "black credit" activities.

Closely coordinate with the Ministry of Public Security to utilize population data to enhance the review and verification of Internet and mobile subscribers, immediately eliminate "junk" SIMs to prevent entities from exploiting them for "black credit" activities.

- Continue to cooperate with the Central Propaganda Department to direct news agencies and the press to increase the propagation, dissemination, and legal education about asset loans, debt collection, the consequences of "black credit", and the results of the fight and handling by competent agencies to raise awareness and vigilance among the people; promptly detect, report, and recommend handling of legal violations related to "black credit" activities to the competent authorities.

(4) The Ministry of Public Security directs local police units to apply effective preventive measures, promptly detect and strictly handle according to the law violations related to "black credit" to deter and educate against such activities; launch peak campaigns to suppress crimes and legal violations related to "black credit", and promptly report the results to the Prime Minister of Vietnam and any arising issues.

(5) Chairpersons of provincial and municipal People's Committees:

- Focus on directing, issuing, and promptly implementing effective mechanisms and policies on social security, new rural construction, poverty reduction, creating jobs, and livelihoods for workers; direct related agencies and grassroots authorities to enhance the dissemination, and legal education on methods, tactics, and consequences of "black credit"; improve the effectiveness of state management at the grassroots level.

- Regularly keep abreast of the situation, increase inspection and supervision of financial companies, businesses, law companies, and conditional business establishments, promptly detect "black credit" activities, and strictly handle violations according to the law; focus on leading and directing the fight against crime, building the national movement of all people protecting national security, building communes and wards without "black credit" activities.

(6) The Vietnam General Confederation of Labor:

- Proactively grasp the situation of "black credit" related to workers, regularly propagandize, disseminate, educate about laws, methods, tactics, and consequences of "black credit" to raise awareness and vigilance among workers; listen to, understand the wishes, and guide, support workers to access safe and preferential credit sources.

- Closely coordinate with the Ministry of Public Security and local authorities to strengthen the national movement of all people protecting national security and solutions to ensure security; prevent, supervise, promptly reflect, and recommend the handling of "black credit" activities related to workers by competent authorities.

(7) Ministers, heads of ministerial-level agencies, heads of agencies under the Government of Vietnam, chairpersons of provincial and municipal people's committees, and related agencies organize the dissemination and promptly guide and enforce this Official Telegram.

(8) The Office of the Government of Vietnam regularly monitors, urges, inspects, and closely coordinates with related ministries and central authorities, and monthly reports to the Prime Minister of Vietnam on the situation of crime and legal violations related to "black credit" activities.

Sincerely.

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