The Vietnam Banks' Association (VNBA) recently issued a code of conduct to concretize Resolution 181, aiming to standardize behavior in debt recovery and bad debt resolution activities. This decision took effect from 31/3.

According to the code, debt collectors must not use or hire third parties to use force, threats, harassment, insults, deception, or coercion against customers or related individuals to recover debt.

Prohibited actions include: threatening, restraining, assaulting, or destroying property; making calls or sending messages at inappropriate frequencies or times; displaying banners, discarding animal carcasses, spray painting, drawing, writing, or posting offensive images. Debt collectors are also forbidden from disturbing peace at residences or workplaces, or using social media to defame customers.

Additionally, the code prohibits employees from verbally abusing, humiliating, providing false information, forging state agency documents, or misleading customers about the legal consequences of non-payment.

Actions such as suggesting usurious loans, creating fake loan applications, or engaging in illegal acts to repay debt are also strictly prohibited.

Regarding customer information, the VNBA also requires that customer data must not be disclosed publicly or on social media, provided to third parties, or used for personal purposes.

To establish the basis for this code, Nguyen Quoc Hung, Vice Chairman and Secretary General of the Vietnam Banks' Association, chaired several meetings. He received nearly 200 opinions from more than 30 credit institutions, along with recommendations from the International Finance Corporation (IFC) and agencies such as the State Bank of Vietnam, the Ministry of Public Security, and the Ministry of Justice.

Member organizations must implement the code throughout their entire system, even when delegating to third parties, and internally handle cases of violations.

By Quynh Trang