If credit information companies reorganize in Vietnam, will certificate of eligibility for providing service be revoked?

1. If credit information companies reorganize in Vietnam, will certificate of eligibility for providing service be revoked?

Pursuant to Article 15 of Decree 58/2021/ND-CP stipulating the reorganization of credit information companies as follows:

1. Credit information companies shall reorganize according to Law on Enterprises and relevant law provisions.

2. New credit information companies formed as a result of full division; credit information companies formed by separation and amalgamated credit information companies shall request SBV to issue certificate according to Article 11 hereof.

3. Credit information companies alter legal format; separated credit information companies, acquiring credit information companies shall request SBV to revise certificate according to Article 13 hereof.

4. Divided, acquired, amalgamated credit information companies shall have their certificate revoked by the SBV according to Article 14 hereof.

Thus, for cases of reorganization such as division, acquired, amalgamated credit information companies shall have their certificate revoked by the SBV. For new credit information companies, after reorganization, they will request SBV to issue certificate according to Article 11 hereof in Vietnam.

2. What are regulations on initiation of operation and declaration on issuance, revision, revocation of certificate in Vietnam?

Pursuant to Article 16 of Decree 58/2021/ND-CP stipulating initiation of operation and declaration on issuance, revision, revocation of certificate as follows:

1. Within 12 months from the date on which certificate is issued, credit information companies must initiate credit information service and send notice on initiation to SBV within 5 working days from the date on which credit information companies initiate operations.

2. Credit information companies shall publicize information related to issuance and revision of certificate on information carriers of SBV, credit information companies and a central or local newspaper where the credit information companies are based in for at least 3 consecutive issues or Vietnamese online newspaper for at least 7 working days from the date on which SBV issues or revises certificate.

3. SBV shall inform business registration agencies where credit information companies are based in case of not issuing certificate of eligibility for providing credit information service according to Clause 3 Article 11 hereof.

4. SBV shall publicize decision on revocation of certificate of credit information companies on media of SBV and send to business registration agencies where credit information companies are based in.

Best Regards!