On August 21, 2018, the National Credit Information Center of Vietnam (CIC) issued decision No.210/QD-TTTD on the reduction of the prices of its credit information services for all products and services developed and provided by the CIC to the credit institutions, foreign bank branches (referred generally as CIs), and organizations that have joined the credit information sharing scheme. The new prices will be applicable from September 1, 2018.
CIC continues to reduce prices of various products and services
Accordingly, the average price reduction of all CIC products and services is 20% as compared to the current prices. Also from September 1st, the CIC will apply a preferential policy to some special organizations, such as people’s credit funds, micro finance organizations, with the applicable prices equal to just 20% of the full prices of the same products and services provided to other credit institutions. For Vietnam Bank for Social Policies, the CIC will apply the prices equal to 50% of the full prices of the same products and services applied to other credit institutions.
This is the second consecutive price reduction by the CIC in 2018. The first one took place on January 15, 2018 when the CIC reduced the prices of all of its products and services by 12%.
Since early 2018, with the support and finance funded by the World Bank (WB), the CIC has put into operations the latest technologies in line with the international standards, and thereby has improved remarkably the automation of its professional processes and considerably increased the number of entries and searches for information by the credit institutions. This has created an important ground for the CIC to reduce the prices of its products and services. This is also a timely response of the CIC to the direction of the SBV toward reducing the expenses of banking operations in order to create more opportunities for the enterprises and individuals to access the bank credits in a fair and transparent manner.
MH