The State Bank of Vietnam (SBV) is seeking feedback on the draft Decree amending and supplementing a number of articles of Government Decree No. 58/2021/ND-CP dated June 10, 2021 (Decree 58) regulating the provision of credit information services.
Some notable changes in the draft include:
Credit information services must comply with the law on personal data protection and other relevant legal regulations, ensuring honesty, objectivity, and not affecting the legitimate rights and interests of relevant organizations and individuals.
Credit information service providers must have security plans to ensure information safety; and disaster recovery plans to ensure that credit information service operations are not interrupted for more than 4 working hours.
Credit information companies must have written agreements on credit information products between the credit information company and participating organizations, as specified in Appendix XIII attached to this decree.
The draft also adds regulations on the protection of personal data in the provision of credit information services. These include provisions on data subject consent, data processing upon withdrawal of consent, assessment of the impact of personal data processing, updating of impact assessment records, and regulations on cross-border personal data transfer and violation notification.
According to the State Bank of Vietnam, the addition of the principle of compliance with legal regulations on personal data protection aims to ensure that the provision of credit information services complies with and is consistent with the provisions of the Law on Personal Data Protection (effective from January 1, 2026) and related documents.
At the same time, the State Bank of Vietnam also proposed amending regulations on information infrastructure plans to simplify business conditions.
Source: https://vietnamnet.vn/dich-vu-thong-tin-tin-dung-khong-duoc-gian-doan-qua-4-gio-2511055.html
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