-
 In
Australia and New Zealand, ANZ has already been using the
information from private credit information bureaus to make
decisions on increasing the number and amount of loans for
current clients as well as on extending loans to new clients for
several years. Based on “scorecards” (information about
borrowers' ages, professions, incomes, past credit status,
assets and advantages), we classify clients into different
groups for the purposes of establishing appropriate credit
limits.
Private credit bureaus can benefit banks in a number of ways.
First, their concentration of accurate information helps banks
enhance the quality of their credit services and minimize future
risks of non-payable loans. Also, it is easy for banks to access
this information (for example, a credit report can be downloaded
from the bureau's website in just few minutes or seconds), which
significantly reduces the cost of finding such data. In the
future, ANZ Vietnam will develop some new products, such as car
loans or housing loans. If such credit bureaus exist, the bank
will not have to spend a lot of time and expense collecting
information about a loan applicant from multiple sources before
making a decision. Having relatively accurate and timely
information on the bank's clients from such center is very
useful for us.
Mr. Chu Viet Cuong, Senior Manager
Electronic Banking Services Vietnam, ANZ
-
 Visa
is committed to extending the efficiencies of electronic
payments to communities and economies around the world.
Electronic payments reduce underground economies, bring greater
transparency, and attract capital and consumers to the banking
system. When coupled with the judicious use of credit,
electronic payment systems can play a critical role in helping
small business grow and stimulate macroeconomic growth by as
much as two percent. The development of strong private credit
bureaus is vital to that process. Credit bureaus are at the
heart of sound lending practices and benefit not just lenders
but also borrowers. The growth of Vietnam's economy depends
largely on lenders' abilities to sustain financing while
managing risks efficiently and effectively. Our experience,
along with the IFC's, teaches us that while it is valuable to
transfer knowledge between markets, solutions have to be
sensitive to local circumstances. For this reason, we will work
closely with the Vietnamese Government, regulators, banks and
other stakeholders to ensure that this project delivers exactly
what Vietnam needs.
Mr. Stuart Tomlinson, Country Manager for Vietnam,
Cambodia and Laos, Visa International Asia Pacific
-
 Credit
cards have been present in Vietnam since 1996. However, to date
there are only 100,000 credit card users. This number is very
small, especially when compared to the number of users of bank
cards (the majority of which are debit cards), which is about
two million people. Moreover, 70% of the 100,000 credit card
holders use a collateral-based credit card. The two main
explanations for the slow development of the credit card
industry in Vietnam are: (i) lenders' lack of necessary
information on borrowers and (ii) the collateral requirements
for loans.
Private credit bureaus may help retail banking services develop
further in the future. Sharing credit information is essential
for this. Vietcombank commits to immediately participating in
credit bureaus and for as long as they are available in Vietnam,
provided that a legal framework enabling the operation of
private credit bureaus is in place.
In my opinion, Vietnam can learn from the credit bureau model in
Singapore, where all banks are shareholders and the central bank
plays an important supporting role. This model is good in
ensuring commitment from all banks in the market; as
shareholders, banks will be more responsible in providing and
using information. These efforts towards providing transparent
and clear information will not only contribute to each bank's
business development but also towards establishing a sustainable
financial market.
Ms. Nguyen Tu Anh, Director of Card Center,
Vietcombank
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