Private lender Eximbank asked to clarify inflated 11-year credit card debt

State Bank of Vietnam (SBV) Governor Nguyen Thi Hong has requested private lender Eximbank to urgently handle a controversial case regarding an 11-year credit card debt to protect a customer's legitimate interests.

The debt, incurred by Pham Duy Anh, a resident in Quang Ninh province, has increased to VND8.8 billion ($354,980) from only VND8.5 million ($343) in 2013.

The chairman and general director of Eximbank, listed on the Ho Chi Minh Stock Exchange (HoSE) as EIB, were asked to instruct staff to respond to media and public enquiries about the bank's responsibilities and directions for handling the case.

"Eximbank needs to urgently verify the case to protect the legitimate rights and interests of the customer and the bank," according to the central bank’s document.

In response, Eximbank on Wednesday said that its representative had met customer Pham Huy Anh in Hanoi and discussed the matter frankly in the spirit of cooperation, understanding and sharing. The parties agreed to coordinate to resolve the case, ensuring reasonable interests for both as soon as possible.

The bank also noted that it is urgently reviewing and adjusting policies, processes and contracts, including methods of calculating interest and fees for credit cards.

It will re-examine its customer care process to provide timely support for customers, ensuring harmonious benefits for all parties, it added.

On the stock market, EIB closed the Wednesday session at VND18,500 ($0.75) per share.