What tasks do debt collection service enterprises in Vietnam have carry out from July 28?

What tasks do debt collection service enterprises in Vietnam have carry out from July 28? (Illustration)

Article 7 of Decree 104/2007/ND-CP stipulates that debt collection service enterprises, on behalf of creditors, execute the following measures in debt collection services in Vietnam:

- Implement appropriate measures to collect, analyze, and compare related information to clearly identify debts;

- Notify debt collection and request debtors to provide information, cooperate in support, or apply appropriate and lawful measures for debtors to fulfill their debt repayment obligations;

- Receive assets from debtors or related organizations or individuals to meet the debtor's repayment obligations as authorized by the creditor.

Debt collection service enterprises representing debtors: are allowed to apply appropriate measures according to the above provisions to negotiate with creditors about the contents authorized by the debtors.

Additionally, this Decree also stipulates the content of debt collection service activities including:

- Representing creditors to identify debts and relevant details regarding the fulfillment of the debtor's repayment obligations; urging debtors to repay; collecting debts.

- Representing creditors to work with related organizations or individuals to collect debts.

- Representing debtors to identify debts and debt handling measures with creditors.

- Providing legal advice to creditors or debtors on debt identification; methods, processes, and procedures for handling debts.

Details can be found at Decree 104/2007/ND-CP which took effect in Vietnam from July 28, 2007.

Ty Na

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