State Bank gives "hot" instructions regarding Eximbank's bad credit card debt

Eximbank branch in Quang Ninh. (Photo: Vietnam+) — Eximbank Branch in Quang Ninh

Regarding bad credit card debt of a customer at Vietnam Export Import Commercial Joint Stock Bank (Eximbank), the State Bank has sent a document to the leader of this unit.

According to the document, in recent days, the mass media and social networks have posted a lot of information related to the case of customer PHA's credit card debt at Eximbank Quang Ninh. Accordingly, Eximbank AMC sent a dispatch to Mr. PHA informing that the customer's payment obligation is estimated to be over VND 8 billion by October 31, 2023 (including principal debt: VND 8,554 million and interest debt of VND 8,83 billion).

Immediately after the information was shared by customers, hundreds of articles were posted on mass media and social networks with a high level of spread. Many diverse and harsh comments were made about the incident related to Eximbank's interest calculation method...

To promptly resolve the issue of public concern, the Governor of the State Bank of Vietnam requested the Chairman of the Board of Directors and General Director of Eximbank to arrange for Eximbank leaders to directly respond or inform the press and public about their responsibilities, powers and directions for handling the incident in a spirit of openness, listening and accepting people's opinions. Urgently verify the incident, protect the legitimate rights and interests of customers and the bank.

Eximbank must report to the Governor of the State Bank the results of handling the case (through the State Bank Office, Communications Department) before March 21, 2024.

Previously, social networking sites circulated a notice from Eximbank Debt Management and Asset Exploitation One Member Limited Liability Company (Eximbank AMC) sent to a customer named PHA (address in Cam Tay ward, Cam Pha city, Quang Ninh) with a debt of more than VND 8.8 billion.

According to the information provided by Eximbank, customer PHA opened a MasterCard at Eximbank Quang Ninh Branch on March 23, 2013 with a limit of VND 10 million and had 2 payment transactions on April 23, 2013 and July 26, 2013 at a transaction acceptance point. Since September 14, 2013, the debt on the card has been converted to bad debt and the overdue period up to the time of notification has been nearly 11 years.

On March 14, the State Bank of Vietnam, Quang Ninh branch, also sent a document requesting Eximbank headquarters in Ho Chi Minh City and Eximbank Quang Ninh branch to verify, clarify, report information related to this incident and inform the media.

On the afternoon of March 20, Eximbank informed the press that on the morning of March 19, Eximbank representatives met with PHA customers in Hanoi. The two sides had a frank discussion in the spirit of cooperation, agreeing to coordinate to resolve the case, ensuring reasonable and equitable benefits for both.

As soon as the information appeared in the press, Eximbank has been urgently checking, reviewing, evaluating and adjusting policies, regulations, procedures, contracts, agreements, including methods of calculating interest and fees in lending, granting credit via cards as well as customer care procedures to promptly support, share, and ensure harmonious benefits for both the bank and customers.

“In the coming time, Eximbank will continue to implement transparent, complete, and clear communication programs about the rights and responsibilities of cardholders as well as customers using the bank's services,” the Eximbank leader emphasized.

Speaking to reporters, lawyer Ta Anh Tuan - Director of Emme Law Firm (Hanoi Bar Association) - representing Mr. PHA said that during the discussion, both sides listened, understood and shared the entire content of the incident. The parties agreed to coordinate to resolve the incident, ensuring the rights of both parties in the shortest time.

TB (according to Vietnam+)

Source