Vietnam’s market for credit information-related provision has been considered to be underdeveloped with little competition. (Photo: investopedia.com) Hanoi (VNS/VNA) – Private organisations will be encouraged to provide credit information in Vietnam to improve transparency in the credit information market, under a new draft decree. The draft decree replacing Decree 10/2010/ND-CP was opened for public comments by the State Bank of Vietnam (SBV). Vietnam’s market for credit information is considered underdeveloped and lacks competition. To date, only two companies are eligible to provide credit information in Vietnam, including the Credit Information Centre (CIC) under the management of the central bank and Vietnam Credit Information Joint Stock Company (PCB) – a joint venture founded by 11 local banks. Demand for credit information is increasing, along with expansion of the financial market and the digital economy. A total 42 banks, 27 finance and financial leasing companies, 51 branches of foreign banks and about 1,200 people’s credit funds are operating and need credit information for service expansion. In recent years, consumer lending has been developing rapidly along with various types of loans, including asset leasing transactions, installment and deferred payment. In addition, the debt trading market is developing to support the restructuring and handling of bad debts, which… Read full this story
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