P2P lending feared to trigger black creditVietNamNet Bridge - Peer to Peer Lending (P2P), under which lenders and borrowers connect via apps, has been developing rapidly in Vietnam. P2P lending has been developing rapidly in VietnamNguyen Thi Thinh, 20, a petty merchant in HCMC, said she borrowed money this way recently. Nguyen Tri Hieu, a banking expert, said P2P companies are not credit institutions, so they do not have to be put under the control of the State Bank of Vietnam. However, they carry out activities of mobilizing and lending capital, as currency brokers, and must be put under professional control by the State Bank of Vietnam. She borrowed VND18 million at the interest rate of 2.99 percent per month and though she paid debts for seven months, she still owes VND14 million.

Source: VietNamNet News May 24, 2018 05:37 UTC