Tiếng Việt

Legal update relating to Finance and Credit (Monthly Legal Update – 07/2021)

by | Jul 8, 2021 | Banking, EN, Legal Update | 0 comments

1. LEGAL DOCUMENTS ARE ISSUED IN 06/2021

Decree No. 58/2021/ND-CP on provision of credit information service

  • Name of legal document: Decree 58/2021/ND-CP dated June 10, 2021 of the Government on provision of credit information service (referred to as the “Decree No. 58/2021/ND-CP”).

  • Effective date: 15/08/2021.

Some content should be noted:

  • Firstly, stipulating on operating principles of provision of credit information.

Specifically, Article 4 of Decree No. 58/2021/ND-CP stipulates: “Article 4. Operating principles of provision of credit information

  1. Credit information companies shall provide credit information only after receiving certificate issued by the SBV.

  2. Provision of credit information must comply with regulations and law, ensure truthfulness, objectivity, and not affect legal rights and benefits of relevant organizations and individuals.

  3. Agreements and commitments in provision of credit information specified under this Decree must be made into records or other equally legitimate forms as written documents as per the law.

  4. Credit information companies shall only collect credit information of debtors from participating organizations when the debtors allow the participating organizations to provide their credit information according to Annex I attached hereto.

  5. Principles of providing credit information products:a) Credit information companies shall provide credit information products according to Article 21 hereof;b) Credit information companies shall only provide credit information products which contain identification information of debtors to other participating organizations under consent of the debtors under Annex II attached hereto, except for cases where the organizations receive consent of the debtors according to Clause 4 of this Article;c) Credit information companies shall not provide credit information products which contain identification information of debtors to other organizations and individuals under Point dd Clause 1 Article 21 hereof.”

  • Secondly, stipulating on restrictions in provision of credit information service.

Specifically, Article 6 of Decree No. 58/2021/ND-CP stipulates: “Article 6. Restrictions in provision of credit information service

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

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

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

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

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