With the second consecutive reduction in prices in 2019 by the National Credit Information Center of Vietnam (CIC), the prices of credit information products and services will have an average reduction of 15% as compared to the current prices. Previously, on April 17, 2019, the CIC announced a discount of 10% applied to all credit information products and services. This price reduction of the CIC is expected to assist credit institutions to reduce input costs, and at the same time to help banks enhance the inspection of their borrowers’ credit information.
CIC headquarters
As a close companion with the Vietnamese banking system in reducing the operating costs, thereby enabling businesses and individuals to access credit capital with appropriate interest rates, on September 30, 2019, the CIC issued Decision No. 203/QD-TTTD on the reduction of the prices of the credit information provided by the CIC to the credit institutions, foreign bank branches and other organizations.
Especially, the CIC will continue to apply the preferential policy to some special organizations, for example, the prices applied for people’s credit funds, micro finance organizations will be equal to 20% of the prices applied for the credit institutions for the same products. For Vietnam Bank for Social Policies (VBSP), the prices will be equal to 50% of the prices for the credit institutions for the same products.
This Decision took effect from October 1, 2019, and replaced Decision No. 105 / QD-TTTD dated April 17, 2019 on prices of credit information products and services provided to credit institutions, foreign bank branches and voluntary organizations that share credit information.
VA