Credit information provided for CIC in Vietnam as of January 1, 2025

Credit information provided for CIC in Vietnam as of January 1, 2025 (Internet image) 

Regarding this matter, 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 on credit information-related activities of State Bank of Vietnam.

Credit information provided for CIC in Vietnam as of January 1, 2025

- Credit institutions shall provide all of the information from the system of credit information categories in each period for CIC under decisions of the Governor of SBV. Credit information categories include:

+ Information on the identification of borrowers;

+ Information on related persons of borrowers (to whom credit is extended by credit institutions capable of credit extension);

+ Information on loans and other credit extension operations (excluding the groups of categories prescribed in Points d and dd);

+ Information on credit cards;

+ Information on purchase and authorized purchase of corporate bonds (excluding credit institutions);

+ Information on measures to guarantee credit extension;

+ Information on the handling of bad debts on the balance sheet;

+ Information on the off-balance sheet;

+ Annual financial statement (according to the financial statement submitted to the tax authority or the audited financial statement) of the borrower that is an enterprise.

- Voluntary organizations shall provide all or part of the information from the system of credit information categories for CIC as prescribed in Clause 1 of Article 9 of Circular 15/2023/TT-NHNN based on information exchange contracts with CIC.

- The provision of credit information prescribed in Clause 1 and Clause 2 of Article 9 of Circular 15/2023/TT-NHNN shall be carried out in the form of electronic data files according to the system of credit information categories.  In case several or all of the groups of credit information categories are unable to provide information in the form of electronic data files, credit institutions and voluntary organizations may provide information in writing based on agreements with CIC.

(Article 9 of Circular 15/2023/TT-NHNN)

Frequency of provision of credit information in Vietnam as of January 1, 2025

The frequency of provision of the information in the categories prescribed in Clause 1 Article 9 of Circular 15/2023/TT-NHNN is as follows:

- Credit institutions shall provide information with the frequency prescribed in the system of credit information categories enclosed with decisions of the Governor of the SBV, excluding regulations prescribed in Clause 2 and Clause 3 of Article 10 of Circular 15/2023/TT-NHNN. 

- The Vietnam Bank for Social Policies shall provide credit information twice a month.

- The People’s Credit Fund and microfinance institutions shall provide credit information once a month.

(Article 10 of Circular 15/2023/TT-NHNN)

Eligible recipients of credit information and scope thereof in Vietnam as of January 1, 2025

Eligible recipients of credit information and scope thereof are stipulated in Article 12 of Circular 15/2023/TT-NHNN as follows:

- Units of SBV may be provided with credit information products to serve the state management requirements of SBV.

- Other state management authorities may be provided with credit information according to laws.

- Credit institutions and voluntary organizations may be provided with credit information services based on contracts concluded with CIC.

- Borrowers may be provided with their credit information according to the guidelines of CIC.

- Foreign credit information organizations may be provided with and utilize and exchange credit information products concerning borrowers based on memorandums of understanding, cooperation agreements, and contracts concluded with CIC in conformity with relevant Vietnamese laws and laws of countries where such organizations are established and operated.

-. Aside from the subjects mentioned above, any organization utilizing credit information services concerning borrowers shall gain the consensus of such borrowers according to relevant laws and shall comply with agreement contracts with CIC. Borrowers' consensus shall be displayed in a format that can be printed and copied in writing, including electronic forms or verifiable formats.

Nguyen Ngoc Que Anh

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