Independence Freedom Happiness

No. 104/2007/ND-CP

Hanoi, June 14, 2007





Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the June 14, 2005 Civil Code;
Pursuant to the November 29, 2005 Law on Enterprises;
Pursuant to the July 2, 2002 Ordinance on Handling of Administrative Violations;
At the proposal of the Minister of Finance,


Chapter I


Article 1. Scope of regulation

1. This Decree governs the provision of debt collection services in the territory of the Socialist Republic of Vietnam.

2. Debt collection services defined in this Decree may only be provided for debts that:

a/ Are proved lawful on sufficient grounds;

b/ Are overdue.

3. Not subject to this Decree are debts currently udder legally effective court judgments or rulings; debts owed to or payable by political organizations, socio-political organizations, state agencies or peoples armed forces units, or debts between Vietnam and international organizations or other countries.

Article 2. Subjects of application

This Decree applies to economic organizations and individuals involved in debt collection services in Vietnam, including:

1. Creditors;

2. Debtors;

3. Debt collection service enterprises;

4. Other related organizations and individuals.

Article 3. Interpretation of terms

In this Decree, some terms are construed as follows:

1. Debt means a liability that must be fulfilled by an economic organization or individual toward another;

2. Creditor means an economic organization or individual that has the right to claim a debt;

3. Debtor means an economic organization or individual that is obliged to pay a debt;

4. Overdue debt means a debt not yet paid by the debtor to the creditor upon the expiration of the time limit for debt payment as agreed upon by the creditor and the debtor or decided by a competent state agency.

Article 4. Principles for provision of debt collection services

1. Only enterprises possessing debt collection service registration certificates may provide debt collection services.

2. Debt collection service enterprises may not conduct other business lines and provide services other than debt collection services.

3. Debt collection service enterprises may only take debt settlement measures compliant with law.

4. Debt collection services are provided under mandate contracts between creditors or debtors and debt collection service enterprises within the scope of rights recognized by law.

Article 5. Fulfillment of tax obligation and observance of accounting, auditing and reporting regulations

1. Debt collection service enterprises shall fulfill tax obligations according to the tax law.

2. Debt collection service enterprises shall conduct accounting, statistical, auditing and reporting activities according to relevant provisions of law applicable to enterprises.

Chapter II


Article 6. Specific debt collection services

1. Representing creditors in identifying debts and contents related to the fulfillment of the debt payment obligation by debtors; urging debtors to pay debts; collecting debts.

2. Representing creditors in working with related organizations or individuals for the purpose of collecting debts.

3. Representing debtors in identifying debts and measures to settle debts with creditors.

4. Providing legal consultancy to creditors or debtors on identifying debts, or measures and procedures for settling debts.

Article 7. Measures to be taken in debt collection services

1. Debt collection service enterprises may represent creditors in:

a/ Taking appropriate measures to collect, analyze and compare relevant information for clearly identifying debts;

b/ Notifying debtors of the debt collection and requesting them to supply information, coordinating with, supporting, or applying appropriate and lawful measures against debtors to make them pay debts;

c/ Receiving under authorization by creditors assets handed over by debtors or other related organizations or individuals for performing debtors debt payment obligation.

2. Debt collection service enterprises that represent debtors may apply appropriate measures specified in Clause 1 of this Article to negotiate with creditors on matters as mandated by debtors.


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Chapter VI


Article 27. Effect

This Decree takes effect 15 days after its publication in CONG BAO.

Article 28. Applicability to enterprises licensed to provide debt collection services before the effective date of this Decree.

1. For enterprises engaged only in debt collection service provision:

a/ Enterprises that fully satisfy the conditions specified in Articles 13, 14 and 15 of this Decree are not required to carry out business registration procedures anew but shall make and send, within 60 days from the effective date of this Decree, dossiers evidencing their satisfaction of these conditions to business registry offices. A dossier comprises:

A document evidencing satisfaction of the condition on capital: The accounting balance sheet of the enterprise at the end of the latest month;

Documents evidencing satisfaction of the condition on criteria of managers and branch directors of the enterprise as stipulated in Clause 2, Article 16 of this Decree.

b/ Enterprises that do not fully satisfy the new conditions for providing debt collection services shall strive, within 60 days from the effective date of this Decree, to fully satisfy these conditions and send their dossiers made under Item a, Clause 1 of this Article to business registry offices. Failing to do so, they will have their business registration certificates revoked.

2. Enterprises that have been granted registration certificates for various business lines, including debt collection service provision, shall strictly comply with the provisions of this Decree.

Article 29. Organization of implementation

1. The Minister of Finance shall guide the implementation of this Decree.

2. Ministers, heads of ministerial-level agencies, heads of government-attached agencies and presidents of provincial/municipal Peoples Committees shall implement this Decree




Nguyen Tan Dung