06 Cases of revocation of certificate of eligibility for providing credit information service in Vietnam

06 Cases of revocation of certificate of eligibility for providing credit information service in Vietnam
Trần Thanh Rin

What are the cases of revocation of certificate of eligibility for providing credit information service in Vietnam? - Thuy Hang (Khanh Hoa, Vietnam)

06 trường hợp thu hồi Giấy chứng nhận đủ điều kiện hoạt động cung ứng dịch vụ thông tin tín dụng
06 Cases of revocation of certificate of eligibility for providing credit information service in Vietnam (Internet image)

Regarding this issue, LawNet responded as follows:

1. What is provision of credit information?

According to Clause 2, Article 3 of Decree 58/2021/ND-CP, provision of credit information refers to when credit information companies provide credit information products to users on the basis of collecting, processing, and storing credit information of credit information companies according to Decree 58/2021/ND-CP.

2. Cases of revocation of certificate of eligibility for providing credit information service in Vietnam

Specifically, in Clause 1, Article 14 of Decree 58/2021/ND-CP, credit information companies shall have their certificate revoked by SBV in following cases:

(1) Committing fraud or falsifying documents proving eligibility for issuance of certificate in application for issuance of certificate;

(2) Seriously violating any of restriction under Article 6 of Decree 58/2021/ND-CP including:

- Do not illegally collect, provide information classified as Government secret.

- Do not intentionally deviate credit information thereby affecting legal rights and benefits of relevant organizations and individuals.

- Do not exchange credit information, or provide credit information for the wrong individuals, for the wrong purposes or illegally.

- Do not exploit provision of credit information for personal gain, violating benefits of the Government, or legal rights and benefits of organizations and individuals.

- Do not obstruct legal collection and use of credit information of organizations and individuals.

(3) Failing to maintain eligibility under Article 9 of Decree 58/2021/ND-CP after adopting remedial measures under Point b Clause 2 of Article 14 of Decree 58/2021/ND-CP;

(4) Failing to initiate credit information service within 12 months from the date on which certificate is issued;

(5) Credit information companies dissolving as per the law;

(6) Credit information companies dividing, being merged, being amalgamated according to Clause 4 Article 15 of Decree 58/2021/ND-CP.

3. How does the State Bank of revoke the Certificate in Vietnam?

SBV shall revoke certificate as follows:

- In case credit information companies violate regulations under Points a and b Clause 1 of Article 14 of Decree 58/2021/ND-CP, SBV shall decide to revoke their certificate based on inspection, supervision conclusion of SBV or at request of other competent authority;

- In case credit information companies violate regulations under Point c Clause 1 of Article 14 of Decree 58/2021/ND-CP, SBV shall request the credit information companies to develop rectifying measures, send to SBV, and organize implementation within 12 months from the date on which SBV requests the credit information companies to develop rectifying measures.  

SBV shall decide to revoke certificate of a credit information company if they deem the credit information company fails to rectify the violations within 1 month from the date on which rectifying measures are fully adopted.

- In case a credit information company commits any violation under Point d Clause 1 of Article 14 of Decree 58/2021/ND-CP, SBV shall decide to revoke their certificate within 15 days from the date on which business initiation under Clause 1 Article 16 of Decree 58/2021/ND-CP concludes;

- In case a credit information company dissolves according to Point d Clause 1 of Article 14 of Decree 58/2021/ND-CP:

The credit information company shall inform SBV in writing about enterprise dissolution and attach relevant documents within 7 working days from the date on which Decision on enterprise dissolution is approved or the date on which Decision on revocation of enterprise registration certificate is received or the date on which Decision on dissolution of the court is received according to Law on Enterprises.

SBV shall decide to revoke certificate of the credit information company within 5 working days from the date on which relevant notice and documents of the credit information company are received;

- In case a credit information company reorganizes according to Point e Clause 1 of Article 14 of Decree 58/2021/ND-CP:

The credit information company shall inform SBV in writing about reorganizing the enterprise and attach relevant documents within 7 working days from the date on which decision on division is approved or acquisition contract is approved or amalgamation contract is approved as per Law on Enterprises.

SBV shall decide to revoke certificate of the credit information company within 7 working days from the date on which relevant notice and documents of the credit information company are received.

(Clause 2, Article 14 of Decree 58/2021/ND-CP)

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