Calls for legal framework on consumer credit - Move to protect rights of borrowers and lenders in Vietnam

Improvement needed: A cyclo-driver rides past a lamp shop in Hanoi. Experts say the existing legal framework on consumer credit is inadequate and lacks transparency. — AFP

HANOI: It is critical to develop a proper legal framework for consumer credit to protect the legitimate rights of both borrowers and lenders.

Ngo Xuan Duy from Vietnam International Debt Trading Company said that the existing legal framework was inadequate and lacked transparency, causing difficulties for the operation of companies in this field.