On January 28, 2013, the State Bank of Vietnam issued the Circular No. 03/2013/TT-NHNN providing on credit information activity of the State bank of Vietnam. One of the significant contents is regulation on the establishment of database of national credit information.
Under this Circcular, database of national credit information is a collection of credit information data and products of all kinds which are managed, saved and used on the information technology system. Credit information activity aims to create a database of national credit information in order to support the State bank of Vietnam in implementation of function on management and supervision of banking activity, contributing in assurance for safe Vietnam bank system; Credit institutions in risk prevention and limitation in business activity; Borrowers in accessing credit capital source of organizations of Credit extension, contributing in promotion for socio-economic development. Credit information activity aims to create a database of national credit information including: supply of credit information; Handling, storing of and keeping in safety for credit information; credit information use. For credit information use, the Circular also clearly points out that, borrowers are allowed to use on free their credit information once in year, including credit information activities: Information to identify the borrowers who are individuals, business households; information to identify the borrowers being enterprises, other organizations; information to identify the owners of credit card; The borrowers’ information of credit relationship; Information of account status of credit cards; Information of loan security.
This Circular takes affect from July 01, 2013 and replaces the Decision No. 51/2007/QD-NHNN, of December 31, 2007 of the Governor of the State bank on promulgation of Regulation on credit information activity.