Governor Le Minh Hung of the State Bank of Vietnam (SBV) affirmed that the credit information provided by the Credit Information Center of Vietnam (CIC) has helped the SBV perform well its state management functions related to the monetary and banking operations, especially in the implementation and management of the monetary policies and the banking inspection and supervision, ensuring safety in the banking operations of the credit institutions, helping banking operations to be safer, sounder and more sustainable.
On September 18, 2019 at the headquarters of the State Bank of Vietnam (SBV), the National Credit Information Center of Vietnam (CIC) held a ceremony celebrating the 20th anniversary of its establishment, and receiving the Labor Medal First Class. Attending the ceremony were SBV Governor Le Minh Hung, Deputy Governor Nguyen Kim Anh, Deputy Governor Doan Thai Son, General Secretary of Vietnam Banking Association Nguyen Toan Thang and representatives from the ministries, government agencies and international organizations.
Promoting traditions and breakthroughs in operations and technology
In his opening speech, Mr. Do Hoang Phong, CIC General Director, briefed on the outstanding results of the CIC over the past 20 years. The CIC is preparing for a transformation to operate under the new directions and mechanisms. The CIC's operations will undergo positive changes in the quality, promoting the traditions, and creating breakthroughs in various aspects of professional skills, financial capabilities, technology, organization, personnel and executive management towards modern international standards and practices.
The CIC has formulated a system of legal documents to meet the requirements of bringing credit information activities in line with the development strategy of the banking industry by 2020, with a vision to 2035 and in accordance with the international practices in the process of integration. The CIC has also built a national credit information database which stores a large amount of credit information of borrowers with various information indicators and a long information history. The borrowers’ credit information has been collected and updated frequently and automatically. Up to now, the national credit information database has collected and updated information of more than 40 million borrowers, including individual customers, legal customers and credit cardholders. The CIC has also actively participated in the periodical and annual activities organized by the World Bank, the IFC, the associations, the international credit centers, etc to access international experience and practices of credit information activities, bringing Vietnam credit information activities closer to the international standards and practices. The CIC's activities have contributed to improving the culture of credit and promoting financial inclusion in Vietnam.
CIC's credit information is large-scale and in-depth
Speaking at the ceremony, SBV Governor Le Minh Hung praised and congratulated on the excellent achievements that the CIC has obtained over the past 20 years, and spoke highly of the CIC's enormous efforts in implementing the assigned tasks, achieving the operational targets on growth, reducing service prices, helping the credit institutions reduce their operating costs, lending rates, and supporting the businesses and individuals under the directions of the Government and the SBV; applying information technology to its operations for improved service quality.
Governor Le Minh Hung awards the Labor Medal First Class to the CIC
Governor Le Minh Hung affirmed that credit information provided by the CIC has helped the SBV perform well its state management functions related to the monetary and banking operations, especially in the implementation and management of the monetary policies and the banking inspection and supervision, ensuring safe and sound banking operations of credit institutions, helping banking operations to be safer and more sustainable. With the positive results that the CIC has achieved, the prestige of the CIC has been constantly rising. Therefore, the WB has recently assessed that Vietnam's credit information coverage has been continuously improved from 2009 to the present. Recognizing the important results that the CIC has achieved in the recent years, the Government and the banking industry have given many noble awards to the CIC teams and individuals, and has decided to award the Labor Medal First Class to the CIC on the occasion of its 20th anniversary.
In order to further affirm its important role in the national financial infrastructure and providing more effective support for the state management of the SBV and the development of a prudent system of credit institutions, SBV Governor Le Minh Hung required the CIC to set up specific goals, orientations, solutions and development roadmaps in the coming period in accordance with the Development Strategy of the Banking Industry to 2025, with orientations to 2030, thereby creating favorable conditions for people and businesses to access sound banking services. He also required the CIC to strive to improve the depth index and the coverage of the credit information, which has been assessed by the World Bank Group to be among the top countries in ASEAN and Asia. The SBV Governor believed that, with the achievements obtained over the past 20 years and the determination of the Board of Directors to innovate and integrate, the CIC would continue to develop strongly in the coming time and would successfully accomplish the assigned tasks, greatly contributing to the development of the country and the banking industry.
Le Hang