Procedure for issuing the Certificate of eligibility for credit information service provision by credit information companies in Vietnam

Procedure for issuing the Certificate of eligibility for credit information service provision by credit information companies in Vietnam​ (Image from the internet)

On October 24, 2024, the State Bank of Vietnam issued Decision 2351/QD-NHNN announcing the revised and supplemented administrative procedures in the field of credit information operation to be implemented at the Single-Window Department under the managerial authority of the State Bank of Vietnam.

Procedure for issuing the Certificate of eligibility for credit information service provision by credit information companies in Vietnam

- Execution Sequence:

Step 1: The credit information company prepares and submits the dossier to the State Bank;

Step 2: Within 5 working days from the date of receipt of the company's dossier, the State Bank shall send a written request to the credit information company to supplement the dossier if the submitted dossier is incomplete or invalid according to regulations.

Step 3: Within 30 working days from the receipt of a complete and valid dossier, the State Bank shall issue the Certificate to the credit information company. In cases where the Certificate is not issued, the State Bank shall provide a written response with clear reasons.

- Method of Implementation:

+ At the administrative headquarters (directly at the Single-Window Department); or

+ By postal service.

- Dossier Components:

- Application form for the issuance of the Certificate as per Appendix V;

- Enterprise's charter (copy);

- Contract with the network service provider (copy);

- Documents regarding the level of charter capital (copy) including: Documentation corresponding to the form of capital contribution: Confirmation from a commercial bank or foreign bank branch regarding the account balance for cash; valuation results from a professional valuation organization regarding other contributed assets in accordance with the provisions of the Law on Prices, Law on Enterprises, and related laws; or an audited financial report at the time closest to the time of dossier submission;

- List and resume of each individual who is a business manager, member of the Supervisory Board according to Appendix VI;

- Judicial record report (copy) of each individual who is a business manager, member of the Supervisory Board:

+ For individuals with Vietnamese nationality: Judicial record report issued by the judicial record database management agency, which must contain complete information about criminal record status (including expunged and unexpunged criminal records) and information on prohibition from holding positions, establishing, managing businesses, or cooperatives;

+ For individuals without Vietnamese nationality: Judicial record report or an equivalent document (containing complete information about criminal record status; information on prohibition from holding positions, establishing, managing businesses, or cooperatives) must be issued by a competent agency of Vietnam or a competent agency abroad according to regulations. If the judicial record report or equivalent document issued by a foreign competent authority does not contain information on the prohibition from holding positions, establishing, managing businesses, or cooperatives, the credit information company must provide an explanatory document stating the lack of information from the competent foreign authority and commit to taking legal responsibility for ensuring that the individual is not subject to position prohibitions under Vietnamese law;

+ The judicial record report or equivalent document must be issued by a competent agency within 6 months from the time the credit information company submits the dossier for certificate issuance;

- Business plan as per Appendix VII;

- Written commitment to provide credit information of participating organizations as per Appendix VIII;

- Agreement document on information provision, credit information products between the credit information company and participating organizations (copy).

Refer to detailed content in Decision 2351/QD-NHNN effective from November 1, 2024.

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