The directive comes in the wake of a high-profile case in which a customer owed VND8.5 million on a credit card issued by the Vietnam Export Import Commercial Joint-Stock Bank (Eximbank) and ended up owing VND8.8 billion after 11 years even though he reportedly had no physical card delivered by the bank.
The directive aims to bolster the security of bank card transactions and address issues like overdue debt, the local media reported.
Banks, including foreign bank branches, are instructed to review their internal procedures related to credit card issuance and usage to ensure compliance with regulations. This includes thorough scrutiny of transaction processes and monitoring systems to identify anomalies such as long overdue debt and inactivity.
In instances where anomalies are detected, card issuers must communicate with card holders and collaborate with relevant parties to promptly resolve any issues that arise.
They are also told to review fee structures, interest rates, and calculation methods to enhance transparency, particularly concerning credit cards. The SBV emphasized that issuers must promptly address customer complaints in accordance with relevant laws.
These measures underscore the importance of maintaining the integrity and security of Vietnam’s card payment ecosystem, which boasts over 140 million payment cards, including 10.2 million credit cards. Credit card transactions surpassed VND1 quadrillion in 2023.
Saigon Times