Operation conditions required for credit information companies

On 25 June 2010, the State of Bank of Vietnam issued Circular No. 16/2010/TT-NHNN providing guidelines on implementation of Decree No. 10/2010/ND-CP of Government dated 12 February 2010 on credit information activities.

Accordingly, a credit information company shall be granted Certificate on Satisfaction of Business Condition if it meets the following conditions: having charter capital of at least VND 30 billion, having a standard infrastructure on information technology system, having a qualified management staffs and having at least twenty (20) commercial banks who undertake to furnish credit information. Credit information companies are allowed to collect credit information from lawful resources.

The Circular shall take effect since 09 August 2010.