This post is also available in: Tiếng Việt (Vietnamese)
Dear VMFWG’s members,
The State Bank of Vietnam issued Official Dispatch 5228/NHNN-CSTT on peer lending (P2P Lending).
Accordingly, Vietnamese law currently has not P2P Lending regulations; therefore, to ensure the safety of the system, the State Bank of Vietnam recommends credit institutions (CI) as follows:
– Research, understand the risks arising from P2P Lending operations to guide and inform within the CI about potential risks of P2P Lending activity.
– Be cautious in signing and implementing cooperation agreements with P2P Lending companies to ensure co-operation between credit institutions with these companies in accordance with the law.
– In the process of cooperation, the CI considers to propose P2P Lending companies to publish fully, transparently and honestly information about cooperation and transaction contents.
– Ensuring the cooperation, connection and transaction between credit institutions and safe, efficient P2P Lending companies, protecting legal rights of credit institutions and customers.
Official Dispatch 5228/NHNN-CSTT issued on July 8th, 2019.