CIC continues to issue many policies to support credit institutions and customers
In implementation of the Directive No. 11/CT-TTg of the Prime Minister on urgent tasks and solutions to remove difficulties for production and business, ensure social security, and respond to Covid-19 outbreak, on March 16, 2020, Vietnam National Credit Information Center (CIC) issued a decision to apply 50% discount on the total monthly payment amount of credit institutions and foreign bank branches in Vietnam during the period from March 1 to December 31, 2020.
This is the second time since the beginning of the year that CIC has reduced credit information service charges for credit institutions in order to help credit institutions reduce costs, lower lending rates, improve access to capital for people and businesses, overcome the consequences caused by the COVID-19 outbreak and create motivation for the recovery and development of production and business activities.
Earlier, as soon as the Covid-19 outbreak showed signs of negatively affecting all aspects of life and activities of the economy, CIC issued Decision No. 42/QD-TTTD on reduction of credit information fees from 5-20% of the total monthly payment amount for the period from January 1 to April 30, 2020 based on the principle that with greater level of information use, the greater the reduction rate shall be applied.
With the application of the highest reduction of service fees ever, CIC has contributed to supporting credit institutions to reduce costs in credit provision activities, reducing interest rates in order to bring capital to people and businesses in a timely manner in this difficult context.
In particular, CIC continues to maintain preferential policies for a number of organizations such as People's Credit Funds, microfinance institutions, which apply the service fee equal to 20%; Vietnam Bank for Social Policies: applying a service fee equal to 50% of the service charges for similar products and services provided to the credit institutions.
In addition, CIC also provides 100% free of charge to credit institutions and borrowers participating in the connection on the borrowers' portal at https://cic.gov.vn and smartphone applications (CIC Credit Connect). Through this portal, CIC helps borrowers find information, compare, select and register suitable credit products of credit institutions in a rapid and convenient manner. Also through this portal, organizations and individuals can use completely free of charge credit information reports and their own credit scoring results, in order to control information and prevent credit fraud.
The supporting policies of CIC in the current difficult context are completely consistent with the orientation and direction of the State Bank of Vietnam, i.e. to accompany Vietnam's banking system, join hands, contribute to the economy to mitigate the impact caused by the Covid19 outbreak, and contribute to the recovering all aspects of life, production and business activities throughout the territory of Vietnam.
- The State Bank of Vietnam continued to reduce policy interest rates
- The State Bank and enterprises join hands to promote cashless payments
- Credit growth plummeted due to the impact of COVID-19 pandemic
- Controlling inflation is a top priority
- More positive forecasts about exchange rate stability in 2020
- SBV tightened information security in banking operations
- Helping businesses access capital more easily but not by lowering lending standards
- BVSC: Interest rates are likely to move sideways in the near term
- Digital banking and electronic payment are set to boom in the time of Covid-19
- Non-cash payments have recorded positive changes