The State Bank of Vietnam (SBV) issued a Circular 16/2010/TT-NHNN in early 2010 guiding the implementation of Decree 10/2010/NĐ-CP on credit information activity. The decree encourages private organizations to establish Credit Information Centers.

In July 2010 CRIF and PCB Investment JSC and the strategic partnership entered into a partnership with the aim of establishing the first world class credit bureau in Vietnam.   PCB Investment Joint Stock Company (PCB) was established in December 2007 by 11 leading commercial banks in Vietnam with a charter capital of 50 billion VND.

In December TransUnion announced the issuance of its business license for the establishment of TransUnion Vietnam. The new entity will work closely with its local business partner, Mozaik Corporation, and seeks to bring its range of credit reporting and risk management solutions to the fast growing South East Asian nation.  TransUnion is aiming to open its credit bureau in 2012.

Also in December 2010 Experian Group (Australia) in collaboration with MobiVi (the first non-banking organization licensed by SBV) had a meeting with representatives of more than 20 banks to present the operational model of the credit information center to be operated by Experian and MobiVi.  According to Dennis Martin, Managing director of Experian Credit Service Asia Pacific, the establishment of a credit information center is very practical in emerging markets, including Vietnam.

Obviously the race is now on in building credit bureaus in Vietnam.  Whether a developing market with a population of approximately 80 million will support three credit bureaus has yet to be determined.

Source:  TransUnion Press Release; BusinessWeek; Vietnambusiness Asia