Beginning on February 21, the State Bank of Vietnam (SBV) will require provincial and municipal branches to actively increase access credit, based on Directive No. 01/CT-NHNN on Credit Access which was issued in January. They are required to coordinate with the Department of Planning and Investment and other regional authorities.
In addition, SBV branches must facilitate dialogues between businesses and customers, including by providing hotlines and email addresses to receive public feedback. Under this Directive, banks or credit institutions’ branches receive a mandate to register their credit plans to SBV at the beginning of each year and create favorable policies for customers to access bank credit resources. They are also required to participate in the Bank - Enterprise Connection Conferences in their region.
Focusing on data safety, SBV issued draft Circular No: 2023/TT-NHNN which requires credit institutions to protect against loss of, unauthorized access to, or disclosure of credit information and restore data in case of damage. credit institutions must also share borrowers’ identity and financial information with the National Credit Information Centre. Any negative record can only be retained for up to five years. Members interested in sharing their views on this draft Circular can submit their comments to Phong3_ttgsnh4@sbv.gov.vn. The official announcement can be found here and the draft Circular here, both only available in Vietnamese.
