CIC Credit Connect

We, the National Credit Information Centre of Vietnam (CIC in abbreviation), is a government office under the management and direction of The State Bank of Vietnam.

We are in charge of all credit reporting activities within Vietnam as a non-profit body but for banking safety operation, financial inclusion and economic development in general.

We were directed by the Prime Minister and Governor of The State Bank of Vietnam in deploying programs and solutions to promote Vietnam competitive ability via boosting transparent credit reporting system, equal lending opportunities for every individual and enterprises to avoid illegal lending and therefore, CIC Credit Connect application (together with website htttps://cic.gov.vn) were developed to meet such requirements.

The CIC Credit Connect Application is considered the best solution for us at this time regarding “equal access to credit for all” with the following criteria:

- CIC plays two roles, (i) a provider of some free credit reporting services such as credit reports, credit scoring and rating to data subjects and (ii) an intermediate in providing a free playfield for borrowers and lenders, which are Credit Institutions approved by 2017 Vietnam Credit Institution Law.

- CIs who listed on the app must follow the Vietnam legal framework on lending activities including Circular 39/2016 and other decisions promulgated by the Governor such as negotiable interest rate, terms of lending for short, medium or long terms, application processing time... They are legal entities and supervised not only by CIC on listing and credit reporting activities but also by the Banking Supervisory Agency of the State Bank of Vietnam for the rest.

- Borrowers who register on the app are protected by the law on privacy issues and are free to select a lender with a suitable offer to be supported free-of-charge.

Personal loan products and services

Credit Institutions publishing their information on service packages on our website and mobile phone application must commit to abide by Vietnamese laws and regulations of the State Bank of Vietnam in each specific period on loan-related issues, including, but not limited to:

- Provisions on loan term: (i) Short-term loan (less than 01 year); (ii) Medium-term loan (from 01 to 05 years); and (iii) Long-term loan (05 years or more);

- The negotiable interest rate agreement between the lender and the borrower stipulated by the State Bank of Vietnam;

- Provisions on agreements on early repayment before the loan due date under credit contracts.