Minimum Capital for Credit Information Activities is VND30 Billion

The Government has recently issued the Decree No. 10/2010/ND-CP dated February 12, 2010 on credit information activities, coming into force since April 15, 2010 on, clearly defines the information sharing among credit organizations, particularly in facilitating borrowers’ access to credit sources.

 

To acquire licenses for engaging in credit information activities, an organization must have proper IT infrastructure, the minimum charter capital of VND30 billion, managers with qualified knowledge of finance, banking and IT, feasible business plans and must not do any other business activities. It must also obtain commitment from at least 20 commercial banks to exclusively feeding it with their credit information and must have agreements on the process of gathering, processing, archiving and providing credit information with vowed organizations.

 

The credit information provider is only allowed to use credit information of borrowing customers in 5 latest years at most to form credit information products.

The decree will come into force on April 15, 2010.