Nghị định 58/2021/NĐ-CP quy định về hoạt động cung ứng dịch vụ thông tin tín dụng

DECREE

ON PROVISION OF CREDIT INFORMATION SERVICE

Pursuant to Law on Governmental Organization dated June 19, 2015; Law on amendments to Law on Government Organization and Law on Local Governmental Organization dated November 22, 2019;

Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;

Pursuant to Law on Credit Institutions dated June 16, 2010 and Law on amendments to a number of Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to Law on Enterprises dated June 17, 2020;

Pursuant to Law on Investment dated June 17, 2020;

At request of Governor of the State bank of Vietnam;

The Government promulgates Decree on provision of credit information services.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

1. This Decree prescribes eligibility, procedures for issuing, reissuing, revising, and revoking certificate of eligibility for providing credit information service (hereinafter referred to as “certificate”); provision of credit information service of credit information companies and rights, obligations of relevant organizations and individuals.

2. Credit information affairs of State Bank of Vietnam (hereinafter referred to as “SBV”) is not regulated by this Decree.

Article 2. Regulated entities

1. Credit information companies.

2. Participating organizations.

3. Debtors.

4. Other relevant organizations and individuals.

Article 3. Term interpretation

In this Decree, terms below are construed as follows:

1. “credit information” refers to data, figures and information of debtors in participating organizations of credit information companies.

2. “provision of credit information” refers to when credit information companies provide credit information products to users on the basis of collecting, processing, and storing credit information of credit information companies according to this Decree.

3. “participating organizations of credit information companies” (hereinafter referred to a s “participating organizations” refer to organizations voluntarily providing credit information for credit information companies, including: credit institutions, branches of foreign banks; organizations other than credit institutions and branches of foreign banks that provide property rental service, installment purchase service, pawn service under conditions of interest, duration, rental, obligation fulfillment security as per the law (hereinafter referred to as “other participating organizations”)

4. “debtors” refer to organizations and individuals receiving extended credit by credit institutions or branches of foreign banks or receive property rental service, purchase installment service, pawn service under conditions of interest, duration, rental, obligation fulfillment security from other participating organizations as per the law.

5. “credit information company” refers to an enterprises established and operating according to Law on Enterprises in order to provide credit information service according to this Decree. Company name must consist of the phrase “thông tin tín dụng” (credit information).

6. “information infrastructure” refers to a combination of hardware, software, database, network system, and security systems to create, transmit, receive, collect, process, store, and exchange digital information serving one or many technical activities, provision of credit information service of credit information companies.

7. “identification information” refers to information identifying debtors according to regulations and law of the Government on maintaining confidentiality and providing customers’ information of credit institutions and branches of foreign banks.

8. “negative information regarding debtors” refers to credit information about bad debt, violations to payment obligations, violations to regulations and law, being charged, being filed for lawsuits, and other negative information affecting assessment of debtors.

9. “credit information products” refer to reports, publications, or other forms of credit information carriers created by credit information companies on the basis of credit information collected to provide for users.

10. “user” refers to an organization or an individual provided with credit information products and under agreement with credit information companies regarding provision of credit information

Article 4. Operating principles of provision of credit information

1. Credit information companies shall provide credit information only after receiving certificate issued by the SBV.

2. Provision of credit information must comply with regulations and law, ensure truthfulness, objectivity, and not affect legal rights and benefits of relevant organizations and individuals.

3. Agreements and commitments in provision of credit information specified under this Decree must be made into records or other equally legitimate forms as written documents as per the law.

4. Credit information companies shall only collect credit information of debtors from participating organizations when the debtors allow the participating organizations to provide their credit information according to Annex I attached hereto.

5. Principles of providing credit information products:

a) Credit information companies shall provide credit information products according to Article 21 hereof;

b) Credit information companies shall only provide credit information products which contain identification information of debtors to other participating organizations under consent of the debtors under Annex II attached hereto, except for cases where the organizations receive consent of the debtors according to Clause 4 of this Article;

c) Credit information companies shall not provide credit information products which contain identification information of debtors to other organizations and individuals under Point dd Clause 1 Article 21 hereof.

Article 5. Principles of using credit information products

1. Credit information products shall be used solely for purposes under Clause 1 Article 21 hereof. Users shall not alter credit information products and must assume responsibilities for their decisions when using credit information products.

2. Users must not provide credit information products to a third party, except for entities specified under Point b Clause 1 Article 21 hereof.

3. Copying and using credit information products within organization users must conform to agreements with credit information companies.

Article 6. Restrictions in provision of credit information service

1. Do not illegally collect, provide information classified as Government secret.

2. Do not intentionally deviate credit information thereby affecting legal rights and benefits of relevant organizations and individuals.

3. Do not exchange credit information, or provide credit information for the wrong individuals, for the wrong purposes or illegally.

4. Do not exploit provision of credit information for personal gain, violating benefits of the Government, or legal rights and benefits of organizations and individuals.

5. Do not obstruct legal collection and use of credit information of organizations and individuals.

Article 7. Reports on provision of credit information

1. Credit information companies shall send the following reports in person at SBV, via post service, or electronically to SBV:

a) Financial statements as per law;

b) Reports on operation situations according to Annex III attached hereto;

c) Reports in case of major technical issues to information infrastructure (such as errors to hardware, software; database, network systems, security systems susceptible to attack and other issues which cause information infrastructure of credit information companies to function abnormally) according to Annex IV attached hereto;

d) Reports in case of any of the following changes: enterprise managers, members of Boards of Supervisors; number of participating organizations; agreement regarding procedures for collecting, processing, storing, providing credit information between credit information companies and participating organizations; information infrastructure under Annex IV attached hereto.

2. Report deadline:

a) Reports specified in Point a Clause 1 of this Article shall be submitted on a monthly, quarterly, and yearly basis. In which, monthly reports shall be submitted before the 10^th of the month following reporting month; quarterly reports shall be submitted before the 20^th of the month following the reporting quarter; annual financial statements shall be audited and submitted within 90 days from the date on which a fiscal year ends;

b) Reports specified in Point b Clause 1 of this Article shall be submitted on a quarterly, and yearly basis. In which, quarterly reports shall be submitted before the 20^th of the month following reporting quarter; annual operation reports shall be submitted within 30 days from the date on which a reporting year ends;

c) Reports specified in Point c Clause 1 of this Article must be submitted within the day on which the incidents occur. If the incidents occur at the weekend or on the public holidays, report immediately within the first working after the holidays;

d) Reports specified in Point d Clause 1 of this Article must be produced 07 days at the latest from the date of the changes.

3. Conclusion date of report figures:

a) With respect to the reports specified in Point a, Point b Clause 1 of this Article, figure conclusion date of each report period shall match with that of the accounting period specified under the Law on Accounting;

b) With respect to the reports specified in Point c, Point d Clause 1 of this Article, conclusion date of report figures shall be determined based on each content reported upon emergence or changes.

Article 8. Entitlement of regulatory agencies

1. SBV shall perform state management for provision of credit information service according to Law on State Bank of Vietnam, including:

a) Drafting, requesting competent authority to issue or issuing within their competence legislative documents on provision of credit information service;

b) Issuing, reissuing, revising, and revoking certificate of credit information companies;

c) Inspecting and supervising provision of credit information service of credit information companies.

2. Ministries, ministerial agencies, People’s Committees of provinces and central-affiliated cities shall perform state management for credit information companies according to Law on Enterprises and relevant law provisions.

Chapter II

ELIGIBILITY AND PROCEDURES FOR ISSUANCE, RE-ISSUANCE, REVISION, AND REVOCATION OF CERTIFICATE

Article 9. Eligibility for issuance of certificate

1. Having information infrastructure that satisfies the following minimum requirements:

a) Having at least 2 data transmission lines, each transmission line belongs to a separate service provider; and

b) Having information infrastructure that is capable of integrating and connecting to information systems of participating organizations; and

c) Having server systems located in Vietnam, computer software systems, and technical solutions that are capable of providing credit information for at least 5,000,000 debtors; and

d) Having information safety assurance solutions; and

dd) Having disaster aversion measures to guarantee uninterrupted provision of credit information service for more than 4 working hours.

2. Having charter capital of at least VND 30 billion.

3. Having enterprise managers and members of Boards of Supervisors that satisfy the following requirements:

a) Enterprise managers and members of Boards of Supervisors have not been sentenced for any serious crime or worse, sentenced for possession charges without having their criminal records expunged; enterprise managers and members of Boards of Supervisors of credit information companies having certificate revoked (except for cases of revocation under Point d, Point dd, or Point e Clause 1 Article 14 hereof);

b) Chairpersons of Board of Directors, Chairpersons of Board of Members, and Chairpersons of companies having at least university graduate degrees and at least 3 years of working in financial, banking, accounting, auditing, or information technology sector;

c) Members of Board of Directors, members of Board of Members, and general partners having at least university graduate degrees with 50 of the individuals having at least 3 years of working in financial, banking, accounting, auditing, or information technology sector;

d) General Directors, Deputy General Directors having at least university graduate degrees and at least 2 years of holding enterprise managerial positions and operating in financial, banking, accounting, auditing, or information technology sector;

dd) Members of Boards of Supervisors having at least university graduate degrees and at least 2 years of working in financial, banking, accounting, auditing, or information technology sector.

4. Having business measurers and not conducting other businesses other than provision of credit information service.

5. Having at least 15 participating organizations that are credit institutions, and branches of foreign banks (other than policy banks, cooperative banks, people's credit funds, and microfinance institutions). Participating organizations are under no commitment to provide credit information for other credit information companies.

6. Having written agreement on provision of credit information and credit information products between credit information companies and participating organizations which include at least the following information:

a) Contents and scope of provided credit information;

b) Time, location, means of provision and transmission of information, data, and credit information products;

c) Principles, scope, and purposes of credit information products;

d) Obligations to notify and agree with debtors on using credit information of debtors;

dd) Responsibilities of parties in revising and amending errors in updating, transmitting, processing, storing, extracting and using credit information;

e) Responsibilities of parties in reviewing, comparing, conducting quality control and storing credit information;

g) Responsibilities and cooperation of parties when revising errors of credit information of debtors;

h) Penalties for violations, settlement of disputes;

i) Effectiveness of agreements and unilateral termination of agreement implementation;

k) Other rights and obligations of parties in collecting, processing, storing and providing credit information.

Article 10. Principles of preparing and submitting documents

1. Documents must be made into 1 copy in Vietnamese. Document components in foreign languages must be consular legalized as per Vietnamese law (except for cases where consular legalization is exempted as per the law) and translated into Vietnamese. Translation from foreign languages to Vietnamese must be certified for translation or translators’ signatures as per the law.

2. Document components that are unverified copies or copies not issued from original copies, credit information companies shall attach original copies for comparison; individuals making comparisons shall countersign on the copies and assume responsibilities for consistency between the copies and the original copies.

3. Documents shall be submitted at single-window divisions of SBV or via post service to SBV.

Article 11. Procedures for issuance of certificate

1. Credit information companies shall submit applications for issuance of certificate to SBV, including:

a) Application form under Annex V attached hereto;

b) Charter of enterprise (copies);

c) Contracts with network service providers (copies);

d) Documents on charter capital (copies), including: Documents proving consistency with contributing method: Verification of commercial institutions, branches of foreign banks regarding account balance in case of cash; appraisal results of professional price appraisal bodies for other properties for contribution according to Law on Prices, Law on Enterprise and relevant law provisions; or the latest audited financial statements;

d) List and personal background of individuals holding managerial positions in enterprises, members of Boards of Supervisors under Annex VI attached hereto;

e) Criminal records (copies) of individuals holding managerial positions in enterprises, members of Boards of Supervisors:

For individuals holding Vietnamese nationality: Criminal records are issued by supervisory agencies of criminal record database and include all information on past criminal activities (include those that have been expunged and those that have not) and information on restrictions on holding positions, establishing, or managing enterprises, cooperatives;

For individuals not holding Vietnamese nationality: Criminal records or equivalent documents (containing all information on past criminal activities; information on restrictions on holding positions, establishing, or managing enterprises, cooperatives) must be issued by Vietnamese or foreign competent agencies. In case criminal records or equivalent documents issued by foreign competent agencies contain no information on restrictions on holding positions, establishing, or managing enterprises and cooperatives, credit information companies must provide written presentation for not receiving this information from competent agencies that issue criminal records or equivalent documents and guarantee to assume legal responsibilities for the fact that the individuals are not prohibited from holding positions as per Vietnamese laws;  

Criminal records or equivalent documents must be issued by competent agencies within 6 months up to the date where credit information companies apply for issuance of certificate;

g) Business solutions according to Annex VII attached hereto;

h) Written commitment to provide credit information of participating organizations according to Annex VIII attached hereto;

i) Written agreement on provision of information and credit information products between credit information companies and participating organizations (copies).

2. Within 5 working days from the date on which applications of credit information companies are received, SBV shall request applicants to revise the applications in case of inadequate applications according to Clause 1 of this Article.

3. Within 30 working days from the date on which adequate applications are received, SBV shall issue certificates for credit information companies according to Annex IX attached hereto. In case of rejection, SBV shall provide written respond and reason.

Article 12. Procedures for re-issuance of certificate

1. Credit information companies shall request SBV to reissue certificates in following cases:

a) Certificate is lost;

b) Certificate is damaged.

2. Application for re-issuance of certificate consists of:

a) Application form under Annex X attached hereto;

b) Damaged certificate (except for cases of missing certificate).

3. Within 3 working days from the date on which applications of credit information companies are received, SBV shall request applicants to revise the applications in case of inadequate applications according to Clause 2 of this Article.

4. Within 10 working days from the date on which adequate applications are received, SBV shall re-issue certificates for credit information companies according to Annex IX attached hereto.

Article 13. Procedures for revision of certificate

1. Credit information companies shall request SBV to revise certificates for following information:

a) Name of credit information company;

b) Copies of enterprise registration certificate;

c) Charter capital;

d) Head office;

dd) Legal representative;

2. Credit information companies shall produce application for revision of certificate and submit to SBV prior to changing any information under certificate, including:

a) Application form under Annex X attached hereto;

b) Resolutions of General Meeting of Shareholders, Board of Directors, Board of Members, or Chairpersons of the companies regarding revision of certificate (original copies);

c) Documents proving retention of eligibility for operation in case details applied for revision under certificate involve operating conditions of credit information companies must satisfy requirements under this Decree (copies).

3. Within 5 working days from the date on which applications of credit information companies are received, SBV shall request applicants to revise the applications in case of inadequate applications according to Clause 2 of this Article.

4. Within 15 working days from the date on which adequate applications are received, SBV shall issue decisions on revising certificate according to Annex XI attached hereto (decisions on revision of certificate are inseparable from the certificate); in case of rejection, SBV shall respond in writing and provide reasons.

Article 14. Procedures for revocation of certificate

1. Credit information companies shall have their certificate revoked by SBV in following cases:

a) Committing fraud or falsifying documents proving eligibility for issuance of certificate in application for issuance of certificate;

b) Seriously violating any of restriction under Article 6 hereof;

c) Failing to maintain eligibility under Article 9 hereof after adopting remedial measures under Point b Clause 2 of this Article;

d) Failing to initiate credit information service within 12 months from the date on which certificate is issued;

dd) Credit information companies dissolving as per the law;

e) Credit information companies dividing, being merged, being amalgamated according to Clause 4 Article 15 hereof.

2. SBV shall revoke certificate as follows:

a) In case credit information companies violate regulations under Points a and b Clause 1 of this Article, SBV shall decide to revoke their certificate based on inspection, supervision conclusion of SBV or at request of other competent authority;

b) In case credit information companies violate regulations under Point c Clause 1 of this Article, SBV shall request the credit information companies to develop rectifying measures, send to SBV, and organize implementation within 12 months from the date on which SBV requests the credit information companies to develop rectifying measures.  

SBV shall decide to revoke certificate of a credit information company if they deem the credit information company fails to rectify the violations within 1 month from the date on which rectifying measures are fully adopted.

c) In case a credit information company commits any violation under Point d Clause 1 of this Article, SBV shall decide to revoke their certificate within 15 days from the date on which business initiation under Clause 1 Article 16 hereof concludes;

d) In case a credit information company dissolves according to Point d Clause 1 of this Article, the credit information company shall inform SBV in writing about enterprise dissolution and attach relevant documents within 7 working days from the date on which Decision on enterprise dissolution is approved or the date on which Decision on revocation of enterprise registration certificate is received or the date on which Decision on dissolution of the court is received according to Law on Enterprises.

SBV shall decide to revoke certificate of the credit information company within 5 working days from the date on which relevant notice and documents of the credit information company are received;

dd) In case a credit information company reorganizes according to Point e Clause 1 of this Article, the credit information company shall inform SBV in writing about reorganizing the enterprise and attach relevant documents within 7 working days from the date on which decision on division is approved or acquisition contract is approved or amalgamation contract is approved as per Law on Enterprises.

SBV shall decide to revoke certificate of the credit information company within 7 working days from the date on which relevant notice and documents of the credit information company are received.

3. SBV shall issue decision on revocation of certificate of credit information companies according to Annex XII attached hereto. Credit information companies must immediate cease to provide credit information service and return certificate within 7 work days from the date on which decisions on revocation of certificate are effective.

4. Within 10 working days from the date on which decisions on revocation of certificate are effective, credit information companies whose certificate is revoked shall develop measures for dealing with credit information stored in the credit information companies by:

a) Transferring to other credit information companies upon receiving consent of participating organizations and not violating agreements with debtors. Credit information companies shall send notice on transfer results to SBV within 5 working days from the date on which transfer is concluded; or

b) Transferring to SBV upon receiving consent of participating organizations and not violating agreements with debtors. Management and use of credit information shall be transferred according to regulations and law on credit information activities of SBV; or

c) Organizing disposal, assuming legal responsibilities for adequacy, safety, security of disposed credit information, and sending notice on disposal results to SBV within 5 working days from the date on which the disposal concludes.

Article 15. Reorganization of credit information companies

1. Credit information companies shall reorganize according to Law on Enterprises and relevant law provisions.

2. New credit information companies formed as a result of full division; credit information companies formed by separation and amalgamated credit information companies shall request SBV to issue certificate according to Article 11 hereof.

3. Credit information companies alter legal format; separated credit information companies, acquiring credit information companies shall request SBV to revise certificate according to Article 13 hereof.

4. Divided, acquired, amalgamated credit information companies shall have their certificate revoked by the SBV according to Article 14 hereof.

Article 16. Initiation of operation and declaration on issuance, revision, revocation of certificate

1. Within 12 months from the date on which certificate is issued, credit information companies must initiate credit information service and send notice on initiation to SBV within 5 working days from the date on which credit information companies initiate operations.

2. Credit information companies shall publicize information related to issuance and revision of certificate on information carriers of SBV, credit information companies and a central or local newspaper where the credit information companies are based in for at least 3 consecutive issues or Vietnamese online newspaper for at least 7 working days from the date on which SBV issues or revises certificate.

3. SBV shall inform business registration agencies where credit information companies are based in case of not issuing certificate of eligibility for providing credit information service according to Clause 3 Article 11 hereof.

4. SBV shall publicize decision on revocation of certificate of credit information companies on media of SBV and send to business registration agencies where credit information companies are based in.

Chapter III

PROVISION OF CREDIT INFORMATION SERVICE

Article 17. Internal regulations

1. Pursuant to this Decree and relevant law provisions, credit information companies shall develop and issue internal regulations for provision of credit information service of credit information companies, ensure control mechanisms for each process and measure for dealing with emergencies.

2. Internal regulations on provision of credit information service of credit information companies must contain following basic information:

a) Regulations on provision of credit information service, including solutions for inspecting legitimacy of credit information collected according to Point d Clause 1 Article 18 and regulations on right to refuse providing credit information products for users according to Clause 2 Article 21 hereof;

b) Regulations on information technology security and safety in provision of credit information service, including minimum information on safety assurance regarding physical aspect and installation environment; management for operation and information exchange; access management; management of information technology provision of third party (if any); management of information safety incidents; assurance of continuous operation of information system, internal inspection and reporting regime;

c) Regulations on decentralization, responsibilities for managing, supervising of individuals holding managerial positions in enterprises, members of Boards of Supervisors; specific departments and individuals in providing credit information service, especially procedures for managing, supervising affairs related to credit information safety and security;

d) Regulations on amending errors of credit information, including minimizing details on procedures and responsibilities of individuals and departments in rectifying errors and storing documents relating to error rectification;

dd) Regulations on processing credit information in case credit information companies have their certificate revoked according to Clause 4 Article 14 hereof, including details on methods of processing; procedures for implementation (including methods of notifying and gathering consensus of participating organizations); responsibilities of departments and individuals in organizing, implementing, supervising and securing credit information during implementation.

3. Internal regulations must be reviewed and assessed once every 6 months or irregularly in terms of adequacy and compliance with regulations and law (if necessary).

Article 18. Collection of credit information

1. Credit information companies shall collect credit information from:

a) Participating organizations according to commitment and agreements on providing credit information;

b) Other credit information companies agree with the credit information companies;

c) Regulatory authorities as per the law;

d) Other legal sources of information as per the law.

2. Collected credit information includes:

a) Identification information of debtors and relevant individuals of debtors as per the applicable laws;

b) Information on history of credit extension, property rental, installment purchase, pawning;

c) Information on debt repayment, due and undue debt, payment deadline, credit limit, debt group, debt sale, off-balance commitment, and ranking scores of debtors;

d) Information on security for fulfillment of debt repayment obligations of debtors;

dd) Other relevant information guaranteeing no violations to legal rights of debtors, excluding information on debtors classified as government secret.

3. Credit information under Clause 2 of this Article does not include information on using risk backup to deal with risks for extended credit of credit institutions and branches of foreign banks.

Article 19. Processing credit information

1. On the basis of collected and stored credit information, credit information companies shall analyze, assess, and consolidate information to create credit information products.

2. Examination, classification, and update of credit information must not alter nature and contents of credit information.

3. Negative information on debtors shall only be used to create credit information products for at most 5 years from the date on which the negative information is concluded unless otherwise specified by the law.

Article 20. Storage of credit information

1. Credit information must be stored safely, and securely to avoid possible accidents, disasters and prevent illegal external access.

2. Credit information shall be stored for at least 5 years from the date on which the information is collected by credit information companies.

Article 21. Provision of credit information products

1. Credit information companies shall provide credit information products to the following users:

a) Participating organizations to serve searching for debtors, assessing debtors, and other legal purposes as per the law.

b) Debtors provided with credit information products regarding themselves for their legal purposes;

c) Other credit information companies to collect credit information according to Article 18 hereof for provision of credit information;

d) Competent regulatory agencies to serve state management as per the law;

dd) Other organizations and individuals to serve legal purposes as per the law.

2. Upon obtaining consent of users under Clause 1 of this Article, credit information companies may refuse to provide credit information products and issue written notice on reasons for rejection (attach relevant documents if any) to users at least 20 working days prior to ceasing to provide credit information products in case users are found to infringed signed agreements, this Decree, or relevant law provisions.

Article 22. Rectification of errors to credit information of debtors

1. Credit information companies shall rectify errors in following cases:

a) Credit information companies detect faulty credit information and rectify error according to internal regulations of the credit information companies;

b) Participating organizations detect faulty credit information, request credit information companies in writing to rectify, and attach relevant documents. Credit information companies must send notice on results of error rectification in person, via post service, or other electronic methods to participating organizations within 5 working days from the date on which written request for error rectification of participating organizations is received;

c) Debtors detect faulty credit information, request credit information companies or participating organizations in writing to rectify, and attach relevant documents. Credit information companies or participating organizations must inform debtors in writing about rectification process and results in person, via post service, or other electronic forms within 5 working days from the date on which rectification concludes according to Clause 2 of this Article.

2. Credit information companies shall rectify errors at request of debtors as follows:

a) In case of errors caused by information processing activities of credit information companies, credit information companies shall rectify errors within 5 working days from the date on which written request for error rectification of debtors is received;

b) In case of errors caused by collection process in participating organizations, credit information companies shall inform debtors about the process (including sources of errors) within 5 working days and cooperate with participating organizations in rectifying errors within 10 working days from the date on which written request for error rectification of debtors is received.

3. In case debtors fail to receive written response within the time specified under Clause 2 of this Article or do not agree with the written response sent by credit information companies, debtors have the rights to demand settlement or adopt procedures for filing lawsuits to referees or courts as per the law.

Chapter IV

RIGHTS AND OBLIGATIONS OF ORGANIZATIONS AND INDIVIDUALS

Article 23. Rights and obligations of users

Exercise rights and obligations according to agreements with credit information companies specified under this Decree and relevant law provisions.

Article 24. Rights and obligations of credit information companies

1. Rights of credit information companies

a) Exchange credit information with other credit information companies in a manner satisfactory to this Decree and relevant law provisions;

b) Enter into contracts with organizations and individuals on collecting, providing credit information, and charging fee for provision of credit information according to this Decree and relevant law provisions.

2. Obligations of credit information companies

a) Guarantee principles, conditions, contents of provision of credit information service throughout operation;

b) Issue warnings to allow users to acknowledge the principles of using credit information products;

c) Cooperate with participating organizations in detecting and dealing with errors in credit information; processing documents on rectifying credit information errors at request of debtors;

d) Openly post price for provision of credit information according to Law on Prices and relevant law provisions;

dd) Publicize information according to Law on Enterprises, this Decree, and relevant law provisions.

3. Exercise other rights and obligations according to agreements with organizations, individuals specified under this Decree and relevant law provisions.

Article 25. Rights and obligations of participating organizations

1. May use credit information products provided by credit information companies according to this Decree and relevant law provisions.

2. Obligations of participating organizations

a) Provide adequate, accurate, and timely credit information for credit information companies according to agreements with credit information companies;

b) Cooperate with credit information companies in detecting and dealing with errors to credit information that has been collected, stored, and provided; processing documents on rectifying errors to credit information of debtors.

3. Exercise other rights and obligations according to agreements with credit information companies specified under this Decree and relevant law provisions.

Article 26. Rights and obligations of debtors

1. Rights of debtors

a) Be provided with credit information of debtors by credit information companies for free at least once (if necessary);

b) Request credit information companies to review, revise credit information of debtors if errors are detected, and inform participating organizations about results of error rectification (if any).

2. Debtors are obliged to fully and truthfully provide their credit information for relevant organizations and individuals in the process of processing documents on rectifying errors of credit information of debtors.

3. Exercise other rights and obligations according to this Decree and relevant law provisions.

Chapter V

IMPLEMENTATION

Article 27. Transition clauses

1. From the effective date hereof, Clause 4 and Point b Clause 5 Article 4 hereof shall not apply to previous collection and provision of credit information products of credit information companies.

2. Within 2 months from the effective date hereof, credit information companies that have been established and operating before the effective date hereof must submit reports on meeting eligibility for issuance of certificate under Article 9 hereof to SBV and assume legal responsibilities for the reports.

a) In case of eligible, credit information companies may continue to provide credit information service according to certificate of eligibility for providing credit information service issued by SBV and according this Decree.

b) In case of failing to fulfill any eligibility, credit information companies must submit reports on implementation plans for satisfying all eligibility within 24 months from the effective date hereof.

Credit information companies that fulfill all eligibility under Article 9 hereof after the plan concludes may continue to provide credit information service according to certificate of eligibility for providing credit information service issued by SBV and according to this Decree.

Credit information companies that fail to satisfy eligibility under Article 9 hereof within the plan period shall have their certificate revoked by SBV according to Clause 3 Article 14 hereof.

3. Within 6 months from the effective date hereof, credit information companies that have been established and operating before the effective date hereof must issue internal regulations according to Article 17 hereof and send to SBV.

4. For agreements and commitments signed before effective date hereof, credit information companies may comply with these agreements and commitments until said agreements and commitments expire, and must not extend the agreements or commitments.  Revisions to these agreements and commitments shall only be implemented if they conform to this Decree and relevant law provisions.

Article 28. Entry into force

1. This Decree comes into force from August 15, 2021.

2. Annul Article 4 of Decree No. 16/2019/ND-CP dated February 1, 2019 of the Government on amendment to Decrees on conditions for businesses under state management of SBV.

3. Decree No. 10/2010/ND-CP dated February 12, 2010 of the Government on credit information activities; Decree No. 57/2016/ND-CP dated July 1, 2016 of the Government on amendment to Article 7 of Decree No. 10/2010/ND-CP dated February 12, 2010 of the Government on credit information activities expire from the effective date hereof.

Article 29. Organization for implementation

Ministers, heads of ministerial agencies, heads of Governmental agencies, Chairpersons of People’s Committees of provinces and central-affiliated cities; Chairpersons of Boards of Directors; Chairpersons of Boards of Members and General Directors of credit institutions, branches of foreign banks; Chairpersons of Boards of Directors; Chairpersons of Boards of Members, Presidents and General Directors of credit information companies, and relevant organizations, individuals are responsible for implementation of this Decree.

ANNEX I

AGREEMENT ON PROVISION OF CREDIT INFORMATION FOR CREDIT INFORMATION COMPANIES
(Attached to Decree No. 58/2021/ND-CP dated June 10, 2021 of the Government)

Pursuant to regulations of the Government on provision of credit information service and other relevant law provisions, participating organizations and debtors shall negotiate and agree on signing agreement in order to provide credit information for credit information companies with following basic information (2 parties may agree to add other criteria satisfactory to regulations and law):

1. Party A: Owner of credit information

a) For debtors that are individuals, basic information includes: Full name; ID number/Citizen Identity Card/passport; residence; phone number/fax/email.

b) For debtors that are organizations, basic information includes: Name, number, date of issue of enterprise registration certificate (if any); head office address; legal representatives.

2. Party B: Participating organizations, basic information includes: Name, number, date of issue of enterprise registration certificate (if any); head office address; legal representatives.

3. Agreement include:

a) Party A agrees to allow Party B to provide credit information of Party A to a credit information company to which Party B is a participating organization (or expected to be a participating organization).

b) Party B is responsible for informing Party A about the credit information company under Point a of this Clause (including: Name of credit information company; number and date of issue of enterprise registration certificate and other relevant information):

- At the time of signing this agreement (if information is available);

- Within 10 working days from the date on which Party B guarantees to provide credit information for a credit information company.

c) Contents of provided credit information and provision of credit information for the credit information company by Party B (guarantee compliance with regulations of the Government on provision of credit information activities and other relevant law provisions).

d) When the credit information company (under Point b of this Clause) has their certificate revoked, Party B shall cease to provide credit information of Party A to the credit information company and party A agrees to have their credit information in the credit information company dealt with according to regulations of the Government on provision of credit information service.

Party B is responsible for informing Party A about processing of Party A’s credit information within 10 working days from the date on which Party B receives notice of the credit information company about methods of processing credit information.

dd) Other information agreed upon by both parties.

ANNEX II

AGREEMENT ON PROVISION OF CREDIT INFORMATION BY CREDIT INFORMATION COMPANIES
(Attached to Decree No. 58/2021/ND-CP dated June 10, 2021 of the Government)

Pursuant to regulations of the Government on provision of credit information service and other relevant law provisions, participating organizations and debtors shall negotiate and agree on signing agreement regarding the fact that credit information companies provide credit information containing identification information of debtors to participating organizations with following basic information (2 parties may agree to add other criteria satisfactory to regulations and law):

1. Party A: Owner of credit information

a) For debtors that are individuals, basic information includes: Full name; ID number/Citizen Identity Card/passport; residence; phone number/fax/email.

b) For debtors that are organizations, basic information includes: Name, number, date of issue of enterprise registration certificate (if any); head office address; legal representatives.

2. Party B: Parties that require credit information, basic information includes: Name, number, date of issue of enterprise registration certificate (if any); head office address; legal representatives.

3. Agreement consists of:

a) Party A agrees to allow Party B to be provided with credit information containing Party A’s identification information (identification information includes: Name of credit information company, number and date of issue of enterprise registration certificate).

b) Details of provided credit information, use of credit information products containing Party A’s identification information which is provided by credit information company (guarantee compliance with regulations of the Government on provision of credit information and other relevant law provision).

4. Other information agreed upon by both parties.