This post is also available in: Tiếng Việt (Vietnamese)
Implementing Directive No. 11 / CT-TTg of the Prime Minister on urgent tasks and solutions to overcome difficulties for production and business, ensure social security, defend against Covid-19, on March 16, 2020, the National Credit Information Center of Vietnam (CIC) has just issued Decision No. 50 / QD-TTTD on the application of 50% discount on the total monthly payment of the credit institutions, foreign bank branches in Vietnam (CIs) from March 1, 2020 to December 31, 2020
This is the second time since the beginning of the year, CIC has implemented a deduction of credit information service fee for credit institutions, in order to help credit institutions reduce costs, lower lending rates, and improve their ability to access to capital of citizens and businesses, overcome the consequences caused by the COVID-19 pandemic and create motivation for the recovery and development of production and business activities. Previously, as soon as the Covid19 epidemic showed signs of negatively affecting all aspects of life and activities of the economy, CIC issued Decision No. 42 / QD-TTTD to reduce fees for exploiting credit centers from 5- 20% of the total monthly payment from January 1, 2020 to the end of April 30, 2020 according to the principle: the greater the level of exploitation, the greater the reduction rate.
With the application of the highest reduction of service fees so far, CIC has contributed to support credit institutions to reduce costs in credit provision activities, reduce interest rates in order to bring capital to the people in time and businesses in this difficult context.
In particular, CIC continues to maintain preferential policies for a number of organizations such as People’s Credit Funds, microfinance institutions which apply the price equal to 20%; Vietnam Bank for Social Policies: applying a price equal to 50% compared to the price of same services provided to Cis.
In addition, CIC is also 100% free for credit institutions and borrowers when joining the borrower connection portal at https://cic.gov.vn and smartphone application (CIC Credit Connect). Through this portal, CIC helps borrowers find information and compare, select and register suitable credit products of credit institutions quickly and conveniently. Through this connection portal, organizations and individuals are also allowed to exploit completely free credit reporting information and their own credit scoring results, in order to control information and prevent credit fraud.
CIC’s supporting policies in the current difficult situation are completely in line with the orientation and direction of the SBV to accompany with the Vietnamese banking system, join hands, contribute to the entire economy to minimize damages caused by the Covid19 pandemic and contribute quickly to recover all aspects of life, production and business activities throughout Vietnam.