On December 15, 2022, Shinhan Vietnam Finance Company Limited (Shinhan Finance) was honored by the Vietnam National Credit Information Center of Vietnam (CIC) as a typical unit in credit information activities. Accordingly, Shinhan Finance is one of the few companies that received this award by CIC in the "Conference to summarize credit information activities in 2022" organized in Ho Chi Minh City.
Sharing at the conference, Pham Tien Dung - Deputy Governor assessed credit information activities as one of the important pillars of financial infrastructure. The recent CIC results show that the scale of the National Credit Information Database is growing in both breadth and depth. The quality and time of reporting credit information of credit institutions have been improved, contributing to improving the coverage of credit information.
In addition, the information source of CIC is increasingly important to the SBV units, contributing to providing information for the management and policy making of the SBV. The number of credit reports provided by CIC reached over 77 million (an increase of more than 53% compared to the previous year), the rate of automation and information was maintained at a high level.
According to CIC's credit information activity report, in 2022, the credit information database will grow and the quality of information reporting has improved significantly. Most credit institutions send complete, accurate and timely reports. The quality of information reporting is relatively good and is improving.
Besides the good implementation of credit information activities, as the 66th member of the Vietnam Banks Association (VNBA), Shinhan Finance has also made many contributions to the general prosperity of the financial industry and banks, as well as continues to affirm the important role of banking and financial institutions in the social economy.
In 2022, Shinhan Finance has strongly promoted communication, guided customers to secure user information, recommended people to be vigilant when progressing with black signal formulas, contributing to supporting user format awareness raising. Especially in December, Shinhan Finance accompanied the Viet Nam Competition and Consumer Authority (VCCA) and Trade Magazine to organize the "Understanding the Law on Consumer Protection in 2022" contest, for the competition and students at universities nationwide. This activity has helped Gen Z gain additional knowledge about the law, as well as better understand the purpose, meaning and importance of user rights protection.
The National Credit Information Centre of Vietnam is the public credit registry under The State Bank of Vietnam, which has functions of nationwide credit registry; collecting, processing, storing, analyzing credit information; preventing and limiting credit risk; commercial rating and consumer scoring with the aims of supporting SBV supervision functions and providing credit information services pursuant to SBV’s regulation and Vietnamese legal framework.
National Credit Data Warehouse managed by CIC stores credit profiles of nearly 47 million borrowers and is contributed by 100% of credit institutions in Vietnam, approximate 1,200 people credit funds, microfinance institutions, government offices, retailers as well as other companies inside and outside the banking systems. The data warehouse is periodically and occasionally updated based on modern technology and advanced collecting and automatic processing solutions.