Thursday, September 4, 2025 9:53:28 AM - Markets open
VN-INDEX 1,684.15 +2.85/+0.17%
HNX-INDEX 285.74 +3.04/+1.08%
UPCOM-INDEX 111.53 +0.48/+0.43%
VPB: FE Credit comes under inspection for wide-scale harassment
Vietnam Investment Review - 5/16/2018 9:59:21 AM
 (0 ratings. You must sign in to rate.)
During the inspection, the agency will look into claims of harassment where FE Credit contacts customers to demand payment for non-existent loans. This is stated by the Banking Supervision Agency in the feedback document for the Ministry of Industry and Trade’s Vietnam Competition Authority (VCA).
 
VCA received many feedbacks and comments from customers related to FE Credit, Vietnam Prosperity Joint Stock Commercial Bank (VPBank)’s wholly-owned subsidiary.
 
Customers complained of receiving phone calls and text messages asking for debt repayment even when they did not borrow from the bank. Some of them have been receiving calls for the last six months, at times ten calls a day. Customers claim this is tantamount to harassment and threatening.
 
“These calls and text messages are currently causing trouble, affecting the daily life and work of the people,” VCA stated.
 
While talking to the media, the communication representative of FE Credit acknowledged that some customers who had not taken up a loan did indeed receive calls and the bank is reviewing feedbacks to fix the issue. The representative said some customers or their relatives might have changed phone numbers or the bank staff could have mistyped numbers.
 
Reacting to customers’ comments, FE Credit said that they are upgrading and reviewing the entire system, and will take steps to discipline the officers violating banking regulations. “When this process is finished, we will report to the State Bank of Vietnam,” added the representative of FE Credit.
 
Earlier, numerous customers have reported becoming debtors of FE Credit after trying a free beauty service at Venessa Co., Ltd. They claimed to be swindled into buying DeAura skin care products and borrowing from FE Credit.
 
23,000 people have been swindled, many of whom are unemployed, freelancers or workers with very low incomes (VND2-3 million, around $100 per month). However, in the loan contract, their incomes were noted to exceed VND10 million ($440) to meet the loan conditions.
 
This shows that FE Credit has deliberately missed credit checks before lending money to customers, which violated the regulations on credit activities. Customers also want the authorities to intervene to clarify and protect them from fraud, as well as prevent the spread of these activities.
 
By Nguyen Huong
 
Read original article here
Newer News
25/08 CMC OpenAI expects to serve Vietnamese with top-tier reliability, data security
25/08 VPS calls for extraordinary shareholder meeting amid market surge
20/08 Vinamilk milks top spot as world’s most promising dairy brand
15/08 SHB posts 59 per cent jump in Q2 profit, accelerating growth
04/08 Coteccons ends FY2025 with $1.3 billion backlog, 32% jump in construction projects
29/07 Private enterprises to be a driving force behind VN's brands
28/07 VIC: Vingroup seeks shareholder approval for business expansion
11/07 HPG: Hòa Phát reported 5 million tonnes in sales during first half of 2025
11/07 Nearly 1,500 household businesses converted into enterprises in six months
07/07 VJC: Vietjet appoints new managing director
Older News
15/05 LCG: Licogi 16 aims for 110 million USD in consolidated revenue in 2018
14/05 BHN: Habeco requested to pay 1.85 trillion VND in tax liabilities
11/05 HVN: Vietnam Airlines aims to serve 24.3 million passengers in 2018
05/05 ACV targets over 5.6 trillion VND in 2018 profit
04/05 HSG: Bad performance spells doom for $10.6 billion Hoa Sen Group steel complex?
03/05 VNM: Vinamilk’s profit down by 9% in first quarter
02/05 VRE: Vincom Retail’s consolidated revenue up by 16%
02/05 PV Gas forecasts lower earnings for 2018
26/04 MSN: Masan Group shareholders approve ambitious sales targets
24/04 SAB: ThaiBev officially involves in Saigon Beer management
 
Newsletter Signup
Top Stories
Banks focus on increasing charter capital in second half of year
From pioneer to leader: Việt Nam's stock market hits 25-year milestone
New tax plan could discourage stock investment: insiders
MoF proposes 20% tax on capital gains from securities and equity transfers
HNX halts new stock listings in exchange restructuring
Market Update
Last updated at 9:50:01 AM
VN-INDEX 1,684.15 +2.85/+0.17%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.