Circular No. 27/2014/TT-NHNN On Amending and Supplementing Certain Articles of Circular No. 16/2010/TT-NHNN dated June 25, 2010 guiding the implementation of Decree No. 10/2010/NĐ-CP dated February 12, 2010 of the Government on credit information activities

CIRCULAR

Regarding amendments and supplements to certain provisions of Circular No. 16/2010/TT-NHNNdated June 25, 2010 on guiding the implementation of Decree No. 10/2010/NĐ-CP dated February 12, 2010 of the Government on credit information activities credit information

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Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Enterprise Law 2005;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to Decree No. 10/2010/NĐ-CP dated February 12, 2010 of the Government on credit information activities;

At the proposal of the General Director of the National Credit Information Center of Vietnam,

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions of Circular No. 16/2010/TT-NHNN dated June 25, 2010 on guiding the implementation of Decree No. 10/2010/NĐ-CP dated February 12, 2010 of the Government on credit information activities.

Article 1. Amending and supplementing certain provisions of Circular No. 16/2010/TT-NHNN as follows:

"3. Having a management team consisting of individuals with expertise in finance, banking, and information technology, specifically:
a) For members of the Board of Directors, members of the Board of Members, and members of the Limited Liability Company

Holding a bachelor's degree or higher, including: at least fifty percent (50%) of the members must hold a bachelor's degree or higher in one of the fields of finance, banking, or information technology, and have at least three (03) years of direct work experience in the field of finance, banking, or information technology;
b) For the Chairman of the Board of Directors, Chairman of the Board of Members

Holding a bachelor's degree or higher in one of the fields of finance, banking, or information technology, and having at least three (03) years of direct work experience in the field of finance, banking, or information technology;
c) For the General Director (Director)

Holding a bachelor's degree or higher in one of the fields of finance, banking, or information technology, and having at least three (03) years of experience in holding a managerial position in a business operating in the field of finance, banking, or information technology;
d) For Deputy General Director (Deputy Director)

Holding a bachelor's degree or higher in one of the fields of finance, banking, or information technology, and having at least two (02) years of experience in holding a managerial position in a business operating in the field of finance, banking, or information technology;
đ) For members of the Supervisory Board

Holding a bachelor's degree or higher in one of the fields of finance, banking, or information technology, and having at least two (02) years of direct work experience in the field of finance, accounting, auditing, banking, or information technology;
e) The period of direct work experience in the fields specified in points a, b, c, d, đ of Clause 3 of this Article is the time when they were recruited, appointed, or assigned to work in those fields;
g) In addition to the criteria and conditions stipulated in points a, b, c, d, đ of Clause 3 of this Article, individuals appointed to positions within the management team must also meet other criteria and conditions as prescribed by current laws."

"2. The enterprise shall submit five (05) sets of application files for the issuance of the Certificate directly or through postal service to the State Bank of Vietnam (through the Banking Inspection and Supervision Authority), including:

a) At least two (02) sets of which:

i) The documents specified in points a, c(iii), c(iv), c(v), c(vii) of Clause 1 of this Article and the summary resume of the management team according to Form 02/TTTD are original copies;

ii) All other documents specified in Clause 1 of this Article are copies. In cases where the documents are copies that are not certified true copies or copies issued from original records, the enterprise must present the originals for verification, and the verifier must sign to confirm the accuracy of the copy compared to the original and bear responsibility for the accuracy of the copy.

b) The remaining sets of files shall be photocopied from the documents specified in point a of Clause 2 of this Article and stamped with a matching seal."

3. Amending and supplementing Article 7 as follows:

"Article 7. Procedure for reviewing the application dossier for issuing the Certificate

1. The Banking Inspection and Supervision Agency receives the application dossier for issuing the Certificate; serves as the main point of contact and coordinates with the National Credit Information Center, the Directorate of Information Technology, and the Legal Department to review the application dossier for issuing the Certificate.

2. Review procedure:

a) The Banking Inspection and Supervision Agency receives and checks the completeness and validity of the application dossier for issuing the Certificate. Within five (05) working days from the date of receipt of the enterprise's application dossier for issuing the Certificate, the Banking Inspection and Supervision Agency shall handle as follows:

i) In case the dossier is incomplete or invalid, the Banking Inspection and Supervision Agency shall issue a document requesting the enterprise to supplement relevant documents according to regulations;

ii) In case the dossier is complete and valid, the Banking Inspection and Supervision Agency shall review the conditions regarding the charter capital, management team, and risk management capacity of the enterprise, and issue a document requesting related units to cooperate in reviewing the following contents:

- The Directorate of Information Technology shall provide comments on the conditions regarding information technology infrastructure; technological processes, software for processing, storing, and providing products and services that meet the security and safety requirements of the enterprise applying for the Certificate;

- The Legal Department shall provide comments on the dossier, procedures, and legal issues related to the application dossier for issuing the Certificate;

- The National Credit Information Center shall provide comments on the business plan conditions; the content of the agreement on the process of collecting, processing, storing, and providing credit information between the enterprise and credit institutions that have committed to such agreements.

b) Within a maximum period of fifteen (15) working days from the date of receipt of the document requesting the review of the application dossier for issuing the Certificate from the Banking Inspection and Supervision Agency, the participating units must submit their review comments in writing to the Banking Inspection and Supervision Agency;

c) Within ten (10) working days from the date of receipt of all review comments from the units, the Banking Inspection and Supervision Agency shall compile the comments, draft a document to be submitted to the Governor of the State Bank of Vietnam (the Governor) for deciding to issue the Certificate; in case of refusal, the State Bank shall issue a document with the reasons stated clearly."

4. Amend and supplement Clause 2, Article 8 as follows:

"2. Credit Information Companies are responsible for preserving the Certificate intact throughout their operations. In case the Certificate is lost, completely burned, torn, or damaged in other ways, the Credit Information Company shall prepare one (01) set of documents and submit it directly or through postal service to the State Bank (through the Banking Inspection and Supervision Agency) to request reissuance of the Certificate, specifically as follows:

a) In case the Certificate is lost or completely burned, the dossier includes:

i) A document requesting reissuance of the Certificate, detailing the reason for loss or burning;

ii) A confirmation document from the competent police authority regarding the Credit Information Company's declaration of loss or complete burning of the Certificate.

b) In case the Certificate is torn or damaged in other ways, the dossier includes:

i) A document requesting reissuance of the Certificate, detailing the reason for tearing or damage;

ii) The torn or damaged Certificate.

c) Within fifteen (15) working days from the date of receipt of the complete and valid dossier from the Credit Information Company, the Banking Inspection and Supervision Agency shall submit to the Governor for consideration and reissuance of the Certificate."

5. Amending and supplementing Article 10 as follows:

"Article 10. Documents for Requesting Changes to the Content of the Certificate

1. The credit information company shall prepare one (01) set of documents to be sent directly or through postal service to the State Bank (through the Banking Inspection and Supervision Authority) requesting consideration and approval for changes to the content of the Certificate, including:

a) A document proposing changes to the content of the Certificate from the credit information company, clearly stating the reasons and necessity for changing the content of the Certificate;

b) Resolutions of the Shareholders' Meeting, Board of Directors, or Board of Members regarding the change in the content of the Certificate;

c) Relevant documents and papers proving the continued maintenance of sufficient conditions for operation if the proposed changes to the Certificate relate to the operating conditions of the credit information company (changes related to which operating condition should include supporting documents proving compliance with that condition). Depending on the specific change, the credit information company shall submit original or certified copies of the documents and papers according to point a, Clause 2, Article 5 of this Circular;

Example: If there is a change in the legal representative, then provide documents proving that person meets the prescribed conditions; if there is a change in the charter capital, there must be documents proving the source of increased capital is real and the charter capital after the change is not less than 30 billion VND...

d) Other relevant documents and papers proving the changes to the content of the Certificate (if any).

2. Within ten (10) working days from the date of receipt of complete and valid documents, the Banking Inspection and Supervision Authority shall present to the Governor for consideration and decision on changes to the content of the Certificate; in case of refusal, the State Bank shall issue a reply letter clearly stating the reasons.

"Article 17. Reporting on credit information activities

1. The credit information company shall be responsible for submitting to the State Bank the following reports:

a) Quarterly and annual financial statements as prescribed by law;

b) Report on operational status, including at least the following contents: product list, product structure; detailed list of information sources; list of financial institutions committed to providing information; number of borrowers by customer group (small and medium enterprises, households, individuals); number of products provided to each user group; operation status of technological equipment, ensuring data security;

c) Report when a major IT incident occurs (such as software/hardware failure; system hacking... causing the system to become unreliable, operating abnormally), or when any of the following changes occur: management team; agreement on the process of collecting, processing, storing, and providing credit information between the credit information company and financial institutions that have committed; information technology infrastructure;

d) Other reports as required by the State Bank.

2. Time limit for submitting reports:

a) Reports specified in points a and b, Clause 1 of this Article shall be submitted periodically every quarter and annually. Quarterly reports must be sent to the State Bank before the 20th day of the month immediately following the reporting quarter; annual reports must be sent to the State Bank before February 15 of the year immediately following the reporting year;

b) Reports specified in point c, Clause 1 of this Article must be submitted no later than seven (07) working days from the date of change, except in cases of reports on major IT incidents, which must be reported immediately on the day of the incident. If the incident occurs on a weekly holiday or public holiday, it must be reported on the first working day after the holiday period.

3. The credit information company shall submit the reports stipulated in Clauses 1 and 2 of this Article in writing to the State Bank.

4. The Banking Inspection and Supervision Authority shall be the entity receiving reports from the credit information company and shall be responsible for forwarding them to relevant units of the State Bank to serve state management activities related to credit information.

12/2025/TT-BNNMT dated June 19, 2025 issued by the Minister of Agriculture and EnvironmentReplace the phrase "Credit Information Center" in Clause 5, Article 4, point d, Clause 1, Article 12, Clause 2, Article 16, and Article 19 of Circular No. 16/2010/TT-NHNN with the phrase "National Credit Information Center of Vietnam".

Article 3. Effectiveness

This Circular takes effect from November 1, 2014.

Article 4. Implementation Organization

The Director of the Office, the Director of the Banking Inspection and Supervision Authority, the General Director of the National Credit Information Center of Vietnam, the Heads of Units under the State Bank, the Governors of the State Bank Branches in provinces and centrally-administered cities, the Chairmen of the Boards of Directors, Boards of Members, and General Directors (Directors) of credit organizations, the Chairmen of the Boards of Directors, Boards of Members, and General Directors (Directors) of credit information companies are responsible for organizing the implementation of this Circular./.