DECREE

AMENDING AND SUPPLEMENTING ARTICLE 7 OF THE GOVERNMENT’S DECREE NO. 10/2010/ND-CP OF FEBRUARY 12, 2010, ON CREDIT INFORMATION-RELATED ACTIVITIES

Pursuant to the June 19, 2015 Law on Organization of the Government;

Pursuant to the June 16, 2010 Law on the State Bank of Vietnam;

Pursuant to the June 16, 2010 Law on Credit Institutions;

Pursuant to the November 26, 2014 Law on Enterprises;

Pursuant to the November 26, 2014 Law on Investment;

At the proposal of the Governor of the State Bank of Vietnam;

The Government promulgates the Decree amending and supplementing Article 7 of the Government's Decree No. 10/2010/ND-CP of February 12, 2010, on credit information- related activities.

Article 1. To amend and supplement Article 7 of the Government’s Decree No. 10/2010/ND-CP of February 12, 2010, on credit information-related activities, as follows:

“Article 7. Conditions for a credit information company to obtain a certificate of eligibility for credit information-related activities

1. Having an information technology infrastructure system that meets the following minimum requirements:

a/ Having at least 2 data transmission lines operated by two different service providers to ensure the uninterrupted transmission of digital information;

b/ Having information technology facilities that are compatible with technological equipment of the system of credit providers and able to integrate and connect with credit providers;

c/ Having a server system, computer software system and technical solutions to update, process and store credit information and provide credit information services to at least 5 million borrowers:

d/ Having a plan to ensure information security and safety;

dd/ Having a backup plan to respond to catastrophes and ensure that major operational activities shall never be interrupted for over 4 working hours.

2. Having a charter capital of at least VND 30 billion.

3. Having managers and the Supervisory Board’s members who must meet the following conditions:

a/ For the chairperson of the Board of Directors, the chairperson of the Members’ Council or the president

Possessing a university or higher degree in economics, accounting, finance, banking or information technology, and having at least 3 years’ experience in the field of finance, banking or information technology.

b/ For members of the Board of Directors, members of the Members’ Council or general partners

Possessing a university or higher degree, at least 50 percent of whom must possess a university or higher degree in economics, accounting, finance, banking or information technology; and having at least 3 years’ experience in the field of finance, banking or information technology.

c/ For the general director (director) and deputy directors general (deputy directors)

Possessing a university or higher degree in economics, accounting, finance, banking or information technology, and having worked for at least 2 years as a manager or a chief executive officer of an enterprise operating in the field of finance, banking or information technology.

d/ For members of the Supervisory Board

Having a university or higher degree in economics, accounting, finance, banking or information technology, and having at least 2 years’ experience in the field of finance, accounting, audit, banking or information technology.

The period of working in a field prescribed at Point a, b, c or d of this Clause is the period during which a person is recruited, appointed or assigned to work in such field.

4. Having a feasible business plan and refraining from conducting business lines other than the credit information-related activities prescribed in this Decree.

5. Having at least 20 commercial banks that commit to provide credit information exclusively to the company.

6. Having a written agreement with the credit providers as committed, on the process to collect, process, store and provide credit information, which must at least have the following contents:

a/ Contents and scope of credit information to be provided;

b/ Time, location and method of providing or transmitting information, data or credit information products;

c/ Principles, scope and purposes of the use of credit information products;

d/ Obligation to notify borrowers of their use of credit information;

dd/ The parties’ responsibilities for adjusting or rectifying errors in the course of update, transmission, processing, storage, exploitation and use of information;

e/ The parties’ responsibilities for checking, comparison, quality inspection and storage of credit information;

g/ The parties’ responsibilities for and coordination in settling complaints of borrowers;

h/ Handling of violations and settlement of disputes;

i/ Effect of the written agreement or unilateral termination of agreement implementation;

k/ Other rights and obligations of the parties in the course of collection, processing, storage and provision of credit information.”

Article 2. Effect

This Decree takes effect on July 1, 2016.

Article 3. Transitional provision

Within 12 months after the effective date of this Decree, credit information companies established and operating before the effective date of this Decree shall meet the conditions prescribed in this Decree. If failing to meet these conditions, credit information companies shall terminate credit information-related activities.

Article 4. Implementation responsibility

Ministers, heads of ministerial-level agencies, heads of government-attached agencies, chairpersons of provincial-level People’s Committees and related organizations and individuals shall implement this Decree.-