Police urgently searched the headquarters of Phap Viet Law Company Limited due to acts of debt collection, mental terrorism, and serious violations of the law and professional ethics.
In the context of debt collection activities at credit institutions still having many shortcomings, potential risks in professional ethics and legal conflicts, the Vietnam Banking Association (VNBA) has officially initiated the process of building a Code of Conduct in debt collection activities.
According to Dr. Nguyen Quoc Hung - Vice President and General Secretary of VNBA, the recent offensive incidents related to debt collection methods have not only affected the image of the banking industry but also raised questions about professional standards and ethics in this sensitive field. While each bank and financial company is currently developing its own internal rules, there is no consensus on behavioral standards, handling procedures and how to treat customers during debt collection.
"Debt collection is currently a big challenge, as credit institutions must simultaneously promote credit growth and control bad debt. Meanwhile, the absence of a common set of standards makes this activity prone to disputes, affecting the reputation of the organization," said Dr. Nguyen Quoc Hung.
The Code of Conduct is being implemented by VNBA with technical support from the International Finance Corporation (IFC), aiming to build a system of civilized, transparent standards of conduct, in accordance with current laws and international practices. Although not legal, the Code of Conduct will be an important internal guidance document to help the banking system operate debt collection operations in a more responsible, professional and humane manner.
Lawyer Nguyen Hung Quang - IFC legal expert, member of the drafting team - said the draft code revolves around three pillars: Clearly defining permitted and prohibited acts when collecting debts; Establishing a monitoring and compliance mechanism; and a transparent and traceable complaint receiving and handling process.
In particular, the code proposes a complete ban on collecting cash directly from customers to ensure transparency and avoid ethical risks. At the same time, it strictly prohibits officials from accepting gifts or "grease" in any form during the process of working with debtors. Regarding language, attitude, and how to contact customers, especially in sensitive situations, the code will provide detailed regulations to ensure respect and humanity.
At the meeting, many bank representatives said that the current debt collection process lacks standardization, especially in distinguishing between individual and corporate customers. Vietcombank representatives suggested clearly defining each group of debt collection subjects, while VietinBank emphasized the role of corporate culture in this business. HD SAISON suggested strengthening the legality in customer contact, suggesting adding regulations on the use of authorization letters and legal letters of introduction in addition to work cards.
Not only stopping at business behavior, the code of conduct is also required to integrate personal data security content according to Decree 13/2023/ND-CP and the Law on Personal Data Protection to be issued soon. Situations that are likely to cause conflicts between business requirements and security obligations will be analyzed, and specific instructions will be provided for appropriate handling.
In addition, many banks emphasize the role of inviting officers who are directly involved in debt collection to participate in drafting, to increase practicality, instead of just building on theory. However, this participation needs to be carefully screened to avoid overloading or being formal.
According to VNBA, to develop the above code, Ms. Chu Thi Quynh Hoa - Deputy Head of VNBA Legal and Professional Affairs Department - was assigned as Head of the Code Drafting Team. A specialized support team was also proposed to be established to support faster and more practical completion. Dr. Nguyen Quoc Hung requested the Drafting Team to make a detailed plan, assign tasks and organize multiple rounds of collecting opinions from the membership community before submitting to legal agencies. After completion, the Code will be applied uniformly throughout the banking system that is a member of VNBA.
Dr. Nguyen Quoc Hung emphasized, "The Code of Conduct not only protects the legitimate rights and interests of credit institutions and customers, but is also an important step forward in building the image of the Vietnamese banking industry as humane, professional and exemplary in the eyes of society."
According to VTV.VN
Source: https://baohoabinh.com.vn/12/202078/Hiep-hoi-Ngan-hang-xay-dung-quy-tac-cho-thu-hoi-no.htm
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