New Text Notification

To require strict measures to prevent illegal use of bank cards in Vietnam

Lê Hải

14:58, 11/05/2021

On April 29, 2021, the State Bank of Vietnam issued Official Dispatch 3029/NHNN-TTGSNH on some issues in the operation of credit institutions, foreign bank branches.

According to the Official Dispatch, the State Bank of Vietnam requires credit institutions to well control the quality of credit for consumption purposes, especially paying attention to the quality of credit granting activities through the form of credit card issuance, including measures to control, prevent, and stop acts of using bank cards against the law in Vietnam, such as:

- Short payment transactions at card acceptors;

- Use credit card to top up, credit to payment account, debit card, prepaid card, etc.

In addition, regarding loans for life and consumer credit:

- Improve the quality of application review, especially loan conditions, to limit arising risks;

- Strengthen supervision of the use of loan capital, ensuring the right purpose, especially for loans for housing-related living needs;

- Not allow customers to use loans for life for the wrong purposes to invest in securities, trade in real estate, or for other purposes;

- Research and allocate the necessary capital to develop loan product packages to meet the needs of a legitimate life, helping customers to access bank credit conveniently, limiting people to seeking credit. black;..

See Vietnam's Official Dispatch 3029/NHNN-TTGSNH, issued on April 29, 2021, for more details.

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