The official launch took place on April 20, 2026, in Hanoi, bringing together representatives from VNBA, IFC, regulatory authorities, credit institutions, and legal experts.

Dr. Nguyen Quoc Hung, Vice Chairman cum Secretary General of VNBA

Central roles of VNBA and IFC

As the representative body of credit institutions, VNBA acts as the lead coordinator in drafting, issuing, and implementing the Code, while mobilizing broad participation across the banking system. According to Dr. Nguyen Quoc Hung, Vice Chairman and Secretary General of VNBA, the Code serves as an “additional layer of standards” to strengthen ethical practices in a sensitive and complex field.

Ms. Pham Lien Anh - Head of the Mekong Region Economic and Policy Advisory Program, IFC

Meanwhile, IFC—part of the World Bank Group—has played a critical role as a technical partner, ensuring that the Code reflects international best practices while remaining consistent with Vietnam’s legal framework. An IFC representative emphasized that establishing such standards is essential to “ensure fair, transparent, and respectful treatment of customers,” while also enhancing risk management capacity and institutional credibility.

A rigorous and inclusive drafting process

The Code was developed over approximately nine months, led by a dedicated drafting committee established under Decision No. 42/QĐ-HHNH dated June 17, 2025.

According to representatives of the drafting committee, the process included:

  • More than 370 comments from 48 member institutions;
  • Consultations with key authorities, including the State Bank of Vietnam, the Ministry of Public Security, the Ministry of Justice, the People’s Court, and the Procuracy;
  • Integration of independent legal expertise and international advisory support from IFC.

The Code was officially promulgated under Decision No. 15/QĐ-HHNH dated March 31, 2026, comprising 3 chapters and 11 articles, and built upon four core principles: legal compliance; respect for customer rights; protection of institutional reputation; and data confidentiality.

Lawyer Nguyen Hung Quang - Deputy Head of the Drafting Committee for the Code of Conduct

Establishing an ethical “guardrail” for debt collection

In recent years, debt collection activities have faced increasing pressure due to economic disruptions and rising credit demand. Against this backdrop, the Code is viewed as a necessary step to establish a clear ethical “guardrail” for the industry.

VNBA leadership acknowledged that certain inappropriate debt collection practices in the past have adversely affected the banking sector’s public image. The Code, therefore, aims not only to ensure compliance but also to promote higher standards of professional conduct and social acceptance.

Key provisions emphasize:

  • Respectful, transparent, and informative engagement with customers;
  • A strict prohibition of harassment, intimidation, or violations of personal data privacy;
  • A balanced approach between the legitimate right to recover debts and the protection of customer rights.

Perspectives from practitioners and experts

From a practical standpoint, industry representatives noted that effective debt recovery does not depend on increasing contact frequency, but rather on appropriate engagement strategies and quality control in customer interactions. As one industry expert highlighted, “the true value of the Code lies not in the document itself, but in the consistency of its implementation.”

Mr. Nguyen Dinh Duc - Chairman of the Consumer Finance Club, Deputy General Director of HD Saison

Participants broadly agreed that the Code goes beyond internal industry regulation, serving as a public commitment to ethical, transparent, and lawful debt collection practices.

Implementation outlook and long-term impact

Although not a legally binding document, the Code functions as a form of “soft discipline” with tangible implications, as violations may entail legal risks and reputational damage for credit institutions.

VNBA affirmed that the Code will be implemented across its member institutions, alongside ongoing efforts to:

  • Provide implementation guidance;
  • Collect feedback and address challenges;
  • Continuously review and refine the framework.

The collaboration between VNBA and IFC in developing and implementing the Code of Conduct for Debt Collection represents a meaningful advancement in strengthening ethical standards within Vietnam’s banking sector. Over the long term, this initiative is expected to enhance public trust, improve debt recovery effectiveness, and support the sustainable development of the financial system.

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