04 Operational principles that debt collection service enterprises in Vietnam need to know

00:34, 10/07/2024

On June 14, 2007, the Government of Vietnam issued Decree 104/2007/ND-CP on debt collection services in Vietnam

guyên tắc hoạt động kinh doanh dịch vụ đòi nợ, Nghị định 104/2007/NĐ-CP

04 Operational principles that debt collection service enterprises in Vietnam need to know (Illustration)

According to Article 4 Decree 104/2007/ND-CP, there are 04 principles of debt collection service business operations in Vietnam that businesses need to take note of:

- Only businesses that have been granted a Certificate of Business Registration for debt collection services are allowed to operate debt collection services;

- Debt collection service businesses are not allowed to operate other industries, professions, and services apart from debt collection services;

- Debt collection service businesses are only allowed to implement debt resolution measures in accordance with the law;

- Debt collection service activities are carried out according to an authorization contract signed between the creditor or debtor and the debt collection service business within the legally recognized scope;

Additionally, this Decree also stipulates that debt collection service businesses must fulfill tax obligations, accounting, auditing, and reporting policies in Vietnam as follows:

1. Debt collection service businesses must fulfill tax obligations in accordance with tax laws.

2. Debt collection service businesses must comply with accounting, statistical, auditing, and reporting policies as stipulated by business law in Vietnam.

For more details, refer to Decree 104/2007/ND-CP which comes into effect in Vietnam from July 28, 2007.

Ty Na

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- The legal regulations in this article are according to Vietnamese Law;
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