The Ministry of Public Security has warned about the risk of black credit provided by online lending applications which could threaten social security.

Debt-collecting businesses are to be banned in Vietnam as part of local government action to protect customers’ rights, with the upsurge of predatory lending services triggering heated debate and eroding public trust.

Vietnam’s Prime Minister Nguyen Xuan Phuc has signed a directive to fight against usury which has caused serious social unrest over the past years.