05 prohibited acts in credit information activities as of January 1, 2025 in Vietnam

05 prohibited acts in credit information activities as of January 1, 2025 in Vietnam
Trần Thanh Rin

What is credit information activity? What are the prohibited acts in credit information activities as of January 1, 2025 in Vietnam? – Que Tran (Ninh Thuan)

05 prohibited acts in credit information activities as of January 1, 2025 in Vietnam

05 prohibited acts in credit information activities as of January 1, 2025 in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

On December 5, 2023, the Governor of the State Bank of Vietnam issued Circular 15/2023/TT-NHNN regulating the credit information activities of the State Bank of Vietnam.

What is credit information activity?

According to Clause 1, Article 3 of Circular 15/2023/TT-NHNN, Credit information activities of the State Bank (hereinafter referred to as credit information activities) are the activities of collecting, exchanging, processing, storing, and securing credit information, creating credit information products, and providing credit information services to the State Bank.

In particular, credit information is a collection of data related to the credit grant of borrowers at credit institutions and the debt of borrowers managed by organizations voluntarily participating in credit information activities. .

Credit information activities aim to create a national credit information database to:

- The State Bank performs state management functions in the monetary and banking fields.

- Support credit institutions and voluntary organizations in business activities.

- Support borrowers in accessing credit capital to meet their life, economic, and social needs in accordance with the law.

- Support other organizations in accessing credit information according to the provisions of the law.

(Article 4 of Circular 15/2023/TT-NHNN)

05 prohibited acts in credit information activities as of January 1, 2025 in Vietnam

According to Article 7 of Circular 15/2023/TT-NHNN, prohibited acts in credit information activities are as follows:

(1) Illegally collecting, providing, exchanging, and using information within the scope and list of state secrets.

(2) Intentionally falsifying the content of credit information, affecting the legitimate rights and interests of relevant organizations and individuals.

(3) Exchanging or providing credit information to the wrong person or to a third party contrary to the provisions of law.

(4) Taking advantage of credit information activities to violate the interests of the State, the legitimate rights and interests of organizations and individuals.

(5) Obstructing the collection and exploitation of legal credit information by organizations and individuals

Regulations on subjects and scope of providing credit information in Vietnam

According to Article 12 of Circular 15/2023/TT-NHNN, the subjects and scope of providing credit information are as follows:

- Units of the State Bank are provided with credit information products to serve the state management requirements of the State Bank.

- Other state management agencies are allowed to provide credit information according to the provisions of the law.

- Credit institutions and voluntary organizations are allowed to provide credit information services on the basis of contracts signed with CIC.

- Borrowers are provided with their own credit information according to CIC's instructions.

- Foreign credit information organizations are allowed to provide, exploit, and exchange credit information about borrowers on the basis of the memorandum of understanding, cooperation agreement, and contract signed with CIC in accordance with relevant provisions of Vietnamese law and the laws of the country in which the foreign credit information organization is established and operates.

- In addition to the subjects specified in the above clauses, when organizations exploit credit information services about borrowers, they must have the consent of that borrower according to relevant laws and ensure compliance with the contract agreed with CIC. The borrower's consent must be expressed in a format that can be printed or reproduced in writing, including in electronic or verifiable format.

Circular 15/2023/TT-NHNN takes effect on January 1, 2025.

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