Vietnam credit institutions requested to enhance consumer loans
On December 19, 2023, the State Bank of Vietnam (SBV) issued Document No. 9668/NHNN-CSTT requesting the credit institutions and the foreign bank branches to enhance consumer loans, as a measure to implement the Prime Minister’s Official Note No.766/CD-TTg dated August 24, 2023.
Accordingly, in order to continue implementing the Prime Minister's instructions as stated in Official Note No.766/CD-TTg dated August 24, 2023 on enhancing the measures to prevent, deter and eliminate the "black credit" activities, the SBV has requested the credit institutions and the foreign bank branches to implement the following:
Proactively balancing the capital resources; promoting the diversification of the credit programs and products for the specific target groups and customer segments, meeting particularly the people's legitimate demands for consumer loans.
Enhancing the digital transformation; strongly promoting the application of science and technology to accelerate the process of handling customers' loan dossiers; promoting the simplification of the internal processes and procedures to enable customers' maximum access to bank loans.
Immediately deploying solutions to apply data from the National Population Database in the provision of consumer loans; considering and determining the application of data from the National Population Database provided by the Ministry of Public Security for the appraisal of the borrowers, ensuring safe and effective lending operations, creating favorable conditions for the people to access bank loans.
Promoting the education and communication; disseminating clear and prompt knowledge and information about the credit programs and products, as well as how to access bank loans.
Reporting on a monthly basis to the SBV (via the Monetary Policy Department) by electronic means on the situations of customers' access to bank loans.
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