| THE GOVERNMENT | SOCIALIST REPUBLIC OF VIET NAM Independence – Freedom - Happiness |
| No. 104/2007/ND-CP | Hanoi, June 14, 2007 |
DECREE
ON PROVISION OF DEBT COLLECTION SERVICES
THE GOVERNMENT
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,
DECREES:
Chapter I
GENERAL PROVISIONS
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.
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