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 the Government of Vietnam issued Official Telegram 766/CD-TTg regarding the strengthening of measures to prevent, deter, and handle activities related to "black credit".

Strengthening the prevention, deterrence, and handling of black credit activities in Vietnam

Recently, there have been new forms and tactics, using high technology, masquerading as legitimate businesses to conduct illegal lending and debt collection, causing public unrest and affecting security and order.

To enhance the effectiveness of preventing, deterring, and handling "black credit" activities, the Prime Minister of the Government of Vietnam has asked:

(1) Ministers of ministries, heads of agencies under the Government of Vietnam, Chairpersons of provincial and municipal People's Committees under central authority, and related agencies to continue decisively and effectively implementing the directives of the Prime Minister of the Government of Vietnam 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, by the Office of the Government of Vietnam.

(2) The State Bank of Vietnam:

- Focus on research, and urgently complete the banking credit mechanisms and policies, develop the credit system, diversify loan types, and banking services with quick and convenient procedures to meet the legitimate and lawful borrowing needs for the life and consumption of the people.

Increase inspections, checks, supervision, and management of the activities of credit institutions, payment intermediaries, and e-wallets to prevent the connection to "black credit" activities and promptly handle violations according to regulations; closely cooperate with the Ministry of Public Security in applying population data to strengthen the review and verification of bank accounts, thoroughly handle the situation of using "virtual" accounts for "black credit" activities.

- Proactively closely cooperate with the Ministry of Planning and Investment, Ministry of Justice, Ministry of Public Security, Ministry of Information and Communications according to functions and tasks to enhance inspection and control activities of credit institutions, financial companies, enterprises, law firms promptly detect and strictly handle violations; promote personal data protection solutions; urgently study and amend the relevant legal documents to improve the effectiveness of preventing and strictly handling "black credit" activities.

(3) Ministry of Information and Communications:

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

Closely cooperate with the Ministry of Public Security, applying population data to enhance the review and verification of Internet and mobile phone subscriptions, immediately eliminate "junk" SIMs to prevent perpetrators from using them for "black credit" activities.

- Continue to cooperate with the Central Propaganda Department to direct news agencies and the press to increase airtime for propaganda, dissemination, legal education on asset loans, debt collection, consequences of "black credit", and the results of struggles and handling by authorities to raise awareness and alertness of the people; promptly detect, reflect, and recommend to authorities to handle law violations related to "black credit" activities.

(4) Ministry of Public Security shall direct the police units and localities to apply effective preventive measures, promptly detect, and strictly handle according to the law the actions related to "black credit" to deter, educate, and prevent; launch campaigns to suppress crimes and law violations related to "black credit" and promptly report the results to the Prime Minister of the Government of Vietnam and arising issues.

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

- Focus on directing, issuing, and promptly implementing effective social welfare policies, rural development, poverty reduction, job creation, and livelihoods for workers; direct relevant agencies, organizations, and grassroots governments to enhance propaganda, dissemination, and legal education on "black credit" methods, tricks, and consequences; improve state management at the grassroots level.

- Regularly grasp the situation, strengthen inspection and control activities of financial companies, enterprises, law firms, conditional business establishments to promptly detect "black credit" activities, strictly handle violations according to the law; focus leadership and direction in crime prevention and combat, building a movement for all people to protect national security, building communes, wards, and commune-level towns free from "black credit" activities.

(6) Vietnam General Confederation of Labor:

- Actively grasp the situation of "black credit" activities related to workers, regularly propagate, disseminate, and educate laws, methods, tricks, and consequences of "black credit" to raise awareness and alertness of workers; listen to and understand their aspirations and guide, support them in accessing safe and preferential loan sources.

- Closely cooperate with the Ministry of Public Security and local authorities to promote the movement All people protect national security and solutions to ensure security and order; prevent, monitor, promptly reflect, and recommend to authorities to handle "black credit" activities related to workers according to the law.

(7) Ministers of ministries, heads of agencies under the Government of Vietnam, Chairpersons of provincial and municipal People's Committees under central authority, and related agencies to thoroughly understand, promptly guide, and seriously implement this Official Telegram.

(8) The Office of the Government of Vietnam shall regularly monitor, urge, inspect, closely cooperate with related ministries and central authorities, and monthly report to the Prime Minister of the Government of Vietnam on the criminal situation and law violations related to "black credit" activities.

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