Credit information market: Businesses complain that the legal system is too tight

Working with the Vietnam Banking Association (VNBA) recently, a number of credit information companies said that it is necessary to "open" the mechanism for the credit information market to develop more strongly.

Ms. Nguyen Thi Tuyet Nhung, General Director of KCI Credit Information Joint Stock Company, said that the credit information market needs to move towards stronger development in all aspects, including: increasingly complete and diverse database; more diverse products and services, meeting the needs of many customer groups; increasingly complete legal corridor, approaching international standards, creating a foundation for sustainable development.

To realize this goal, Ms. Nhung proposed that in addition to data from banks and financial institutions, there should be a mechanism to exploit data from fintech, pawnshops, public data from the National Data Center, and behavioral data and digital data. If credit information companies share, a comprehensive common database can be formed within the next 3 years.

From a product perspective, in addition to traditional credit reports, the market needs to develop new products based on big data analysis, helping to cover more customer segments.

Regarding the law, Ms. Nhung said that there are still limitations in the scope of operations of credit information companies. Therefore, stricter regulations are needed to avoid the situation of only collecting raw data but still providing services, causing costs for banks and potential legal risks.

Ms. Nhung hopes to promote long-term cooperation in three aspects: data, products and legal corridor. This will be the foundation for the Vietnamese credit information market to develop transparently, effectively and integrate internationally.

Many credit information companies also affirmed their readiness to cooperate to develop the national credit ecosystem and wish to create more value-added products, support credit institutions in risk management and improve loan quality.

Some opinions say that it is not possible to include the provision of sharing all customer data in the current legal documents because it is not yet effective enough. A feasible solution is to open a pilot mechanism, implementing it on a small scale before expanding. This approach is both suitable for the current legal framework and creates the premise to upgrade to legal documents with higher effectiveness.

In Vietnam, individual and corporate customers mainly access credit information from the National Credit Information Center of Vietnam (Credit Information Center), under the State Bank of Vietnam. The number of private credit information companies can be counted on the fingers of one hand.

KCI Credit Information Joint Stock Company was only inaugurated in June 2025, although it was established in 2021 and was granted Certificate No. 02/NHNN-GCN by the State Bank of Vietnam certifying its eligibility to operate on December 31, 2024. Diversifying the credit information market will help make the financial market transparent, provide accurate and fast credit information solutions, help financial institutions and businesses make effective decisions, and support individuals to access credit more easily.

Source: https://baodautu.vn/thi-truong-thong-tin-tin-dung-doanh-nghiep-che-chiec-ao-phap-ly-qua-chat-hep-d365229.html