Dr. Nguyen Quoc Hung, VNBA Vice Chairman cum Secretary General, presided over the meeting and outlined that VNBA currently comprises 76 members across four primary operational groups: banks and financial institutions, payment intermediaries, consumer finance, and training and communications. As credit information companies represent an emerging sector within the association, VNBA is exploring the establishment of a dedicated working group.
The meeting view
Dr. Hung emphasized that the meeting's objective was to introduce and connect credit information companies as new market entrants while facilitating candid discussions about challenges, obstacles, and recommendations. "VNBA seeks to better support these companies and collaboratively build a transparent, equitable, and dynamic credit information marketplace," he stated.
Ms. Nguyen Thi Tuyet Nhung, CEO of KCI Credit Information Joint Stock Company, expressed appreciation to VNBA for providing a platform to share aspirations and contribute to Vietnam's credit information market development. She advocated for robust market growth across three critical areas: comprehensive and diversified databases, enhanced products and services addressing diverse customer needs, and refined legal frameworks approaching international standards.
To actualize these objectives, Ms. Nhung proposed expanding data sources beyond traditional banking and financial institutions to include fintech platforms, pawn shops, public data from the National Data Center, and behavioral and digital data. Through collaborative data sharing among credit information companies, a comprehensive shared database could emerge within three years.
She also highlighted the need for product innovation beyond traditional credit reports, emphasizing big data analytics-based solutions to serve broader customer segments. Regarding legal frameworks, Ms. Nhung noted current limitations in credit information companies' operational scope and called for stricter regulations to prevent companies from merely collecting raw data while providing services, which creates costs for banks and potential legal risks.
During discussions, credit information companies shared insights and confirmed their commitment to collaborative ecosystem development, creating value-added products that support credit institutions in risk management and lending quality enhancement.
Addressing implementation strategies, participants acknowledged that comprehensive customer data sharing regulations cannot yet be incorporated into current legal documents due to insufficient legal force. The viable solution involves establishing pilot mechanisms within limited scope before broader implementation, balancing current legal frameworks while creating foundations for higher-level legislative upgrades.
The session concluded with all stakeholders committing to continued collaboration in researching, contributing to, and refining the legal framework for the credit information sector, ultimately expanding financial access and enhancing transparency and sustainability in Vietnam's credit market.
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