CIC accrues credit information on 36.8 million borrowers

HÀ NỘI — Việt Nam’s National Credit Information Centre (CIC) had compiled credit information on more than 36.8 million borrowers by the end of June, rising nearly two million against the end of last year, CIC’s director Đỗ Hoàng Phong said.

Besides data from credit institutions, the CIC had expanded its sources to using data from the Ministry of Planning and Investment, Phong said.

By the end of June, CIC also had automatic credit ratings on over 700,000 small- and medium-sized enterprises and over 2,000 large-sized enterprises and corporations.

The centre provided more than 15.7 million credit reports to credit institutions in the first half of this year, up 41 per cent on-year, and credit information on more than 4,000 borrowers.

The improvement had helped Việt Nam’s credit registry coverage reach over 51 per cent, according to the World Bank’s 2018 assessment.

According to the World Bank’s Doing Business 2018 report, Việt Nam’s Access to Credit Index in 2018 also ranked 29 out of 190 economies surveyed, reaching 75 points on a scale of 100. In terms of both score and ranking, Việt Nam’s index was well above the average of the Organisation for Economic Cooperation and Development and East Asia-Pacific countries.

Compared to the 2017 report, the 2018 index rose five points and three levels, and is the second-highest index of the 10 indicators used. Together with five other high-ranking indexes, the Getting Credit Index has helped lift Việt Nam’s position in terms of the business environment by 14 places compared to 2017, standing at 68 out of 190 countries. — VNS