Decree No. 58/2021/ND-CP the provision of credit information services
Credit information company must have a minimum charter capital of VND 30 billion
The Decree No. 58/2021/ND-CP promulgating regulations on the provision of credit information services is issued on June 10, 2021 by the Government.
Specifically, a credit information company shall be granted a certificate of eligibility for providing credit information services if satisfying the following conditions: Having a minimum charter capital of VND 30 billion; Having a business plan that ensures to perform no business lines other than the provision of credit information services; Having at least 15 participating organizations including credit institutions, foreign bank branches.
Concurrently, an information infrastructure system of the company must have at least 02 data transmission lines, each transmission line of 01 service provider; have a server system located in Vietnam, a computer software system and technical solutions capable of performing the provision of credit information services for at least 5,000,000 borrowers; have a disaster contingency plan in order to ensure that the provision of credit information services is not interrupted for more than 04 working hours, etc.
Noticeably, within a maximum period of 12 months from the date on which the certificate is issued, the credit information company must start the provision of credit information services and send a written notification of the opening of operation to the State Bank within 05 working days from the date on which the credit information company starts its operation. The company that fails to start providing credit information services within 12 months from the date of granting the certificate shall have its certificate revoked.
This Decree takes effect on August 15, 2021.
For further details of the Decree 58/2021/ND-CP, Click here
translation of the Official Gazette of the Vietnam News Agency
THE SOCIALIST REPUBLIC OF VIETNAM
Hanoi, June 10, 2021
On the provision of credit information services
Pursuant to the June 19, 2015 Law on Organization of the Government; and the November 22, 2019 Law Amending and Supplementing a Number of Articles of the Law on Organization of the Government and the Law on Organization of Local Administration;
Pursuant to the June 16, 2010 Law on the State Bank of Vietnam;
Pursuant to the June 16, 2010 Law on Credit Institutions; and the November 20, 2017 Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions;
Pursuant to the June 17, 2020 Law on Enterprises;
Pursuant to the June 17, 2020 Law on Investment;
At the proposal of the Governor of the State Bank of Vietnam;
The Government promulgates the Decree on the provision of credit information services.
Article 1. Scope of regulation
1. This Decree provides conditions and procedures for grant, re-grant, modification and revocation of certificates of eligibility for provision of credit information services (below referred to as certificates); provision of credit information services by credit information companies, and rights and obligations of related organizations and individuals.
2. Credit information activities of the State Bank of Vietnam (below referred to as the State Bank) are not regulated by this Decree.
Article 2. Subjects of application
1. Credit information companies.
2. Participating organizations.
4. Other related organizations and individuals.
Article 3. Interpretation of terms
In this Decree, the terms below are construed as follows:
1. Credit information means relevant data, statistics and facts of borrowers at participating organizations of credit information companies.
2. Provision of credit information services means provision by a credit information company of credit information products to users on the basis of its activities of collecting, processing and storing credit information in accordance with this Decree.
3. Participating organization of a credit information company (below referred to as participating organization) means an organization that willingly commits to providing credit information to latter. Participating organizations include credit institutions, foreign bank branches; and organizations other than credit institutions or foreign bank branches that provide services of asset lease, purchase of goods with deferred payment or instalment payment, or pawning accompanied with conditions on interest rate, term, rental and obligation security measure in accordance with law (below referred to as other participating organizations).