The country’s credit registry coverage has been continually improved with last year seeing an increase of more than 2.9 million new borrowers - Illustrative image (Source: Internet) Hanoi (VNS/VNA) – Vietnam’s credit registry coverage increased to 59.6 percentin 2020 from 41.8 percent in 2015, said Do Hoang Phong, director of the VietnamCredit Information Centre (CIC).
The rate was higher than the average level of the Asia Pacific region and theOrganisation for Economic Co-operation and Development (OECD) countries, Phongnoted.
Phong said the country’s credit registry coverage had been continually improvedwith last year seeing an increase of more than 2.9 million new borrowersagainst the previous year, bringing the total number of customers in thenational credit information data to more than 45.6 million. The numbers were 30percent higher than the targets set in the industry’s development project forthe 2015-20 period.
CIC has launched a portal connecting borrowers and credit institutions so thatborrowers can now easily choose credit packages and register loan needs at theappropriate credit institutions through the online portal. On the borrowerconnection portal, borrowers are allowed to view their own credit informationand credit scores, helping them monitor their credit levels as well as preventfraud.
Besides enlarging the credit registry coverage, CIC last year also cut theprice of its credit information products and services given to creditinstitutions during the COVID-19 pandemic, to help the institutions cutoperating costs, enabling them to lower interest rates so as to help borrowersin accessing bank credit.
CIC has this year targeted to increase the credit registry coverage throughfurther expanding the database and promoting the collection ofnon-traditional information from relevant ministries and branches.
The centre will also strengthen research to enable new technologytrends in database construction, information provision and customer support.
However, Nguyen Kim Anh, deputy governor of the State Bank of Vietnam, said thedevelopment of the nation’s credit registry coverage must be associated withensuring cybersecurity and credit information safety to protect legal rights ofparties participating in the national credit information system./.
VNA
