PRESS RELEASE FROM FE CREDIT

VPBANK FINANCE COMPANY LIMITED (FE CREDIT)

2nd Floor, Ree Tower Bldg, 9 Doan Van Bo, Wrd 12, Dst 4, HCMC

Ho Chi Minh, 29 June, 2020

PRESS RELEASE

Vietnam Prosperity Finance Limited Company (FE CREDIT) would like to send to you the sincerest greetings.

Over the past few days, a website has been continuously posting information about the case of a person named Le Thanh Tam committing suicide, citing the possible reason to his decision is due to the loan he has with FE Credit. The case is currently under investigation by authorities. As a credit institution lending to Mr. Tam, FE CREDIT expresses our sincerest condolences to his family. At the same time, we hope to bring some clarifications to the information involved.

Mr. Tam currently has 02 overdued loans with an outstanding total of VND51 million at FE Credit (overdued days for the 02 loans were 257 and 347 days respectively). In addition, the Credit Information Centre (CIC) record shows that the Customer has delinquent loans at 03 other institutions with outstanding total of VND83 million.As currently practiced by FE CREDIT, all delinquent loans (over 180 days) will be charged off to our collection partners as agreed with Customers in the Loan Contract, complying with “Consumer Protection Act”.

We, therefore, confirm that the staff of FE Credit did not collect loans at customer Tam’s house as noted by the website.

All Partners to whom FE Credit worked with are legal and professional companies. These agencies are either law firms or firms that are legally registered with full authority to conduct deb collection services under Decree No. 104/2007 / ND-CP.

FE Credit is confident that we have built a strict internal system when it comes to implementing this cooperation model with the debt recovery partners. The system includes regular check on partners’ compliance. To partners that violate our regulations, FE CREDIT has strict penalties in place. For the 02 delinquent contracts mentioned of customer Le Thanh Tam, FE CREDIT has transferred to 02 partners for debt recovery.

The articles posted on the said website quoted misrepresented information and content that are false with catchy titles: “FE CREDIT ruthless collection practice; paying back FE Credit loan with one’s life; Unable to pay off debt by FE CREDIT, one chose death; Signs of kidnapping a debtor, FE CREDIT not respond to questions … ”

We, hereby, confirm that the information posted on this website are completely unfounded, present many anomalies and did not give business a voice. This has negatively affected the reputation of FE CREDIT, the moral of nearly 20,000 employees and has given bad impression of consumer finance industry as a whole.

With our years of experience in consumer credit and more than 15 million loans across the country, FE CREDIT always respect the law of the land. FE CREDIT staff of nearly 20,000 tirelessly strives to improve the quality of products and services to provide the best to our customers who would otherwise not qualify for bank loans.

FE Credit welcomes comments and constructive contributions to improve our services. We strive to better ourselves and become an organisation that benefits society.As the case is being investigated by authority, FE Credit welcomes the decision and pledge our fullest support and cooperation. We hope to deliver to the family of our customer, the press and the public the complete and official information upon investigation conclusion.

While we all wait for such news, FE Credit hopes the media would limit to publish information that are objective and verified by authority, these would greatly assist FE Credit in continuing to provide its much needed services to consumers following COVID-19 pandemic.

FE Credit sincerely hopes to have your kind support through this time.

Sincerely,

Deputy CEO cum Treasury Division Director

NGUYEN THANH PHUC


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