Hire Vietnamese as a representative
According to the draft of the “Report on the evaluation of the impact of some important types of sharing economy in the economy” implemented by the Ministry of Planning and Investment and is being consulted by the ministries, currently, Vietnam has approximately 100 P2P loan companies (including companies that are already officially operational and some in beta). In particular, some P2P loan companies originating from Russia, Singapore, Indonesia … and most are China.
In fact, many online loan applications after being investigated, the owner behind is Chinese. For example, in mid-April, the Ho Chi Minh City police prosecuted and arrested 5 suspects in the high-interest line through the app with interest rates of up to 90% per month. As a result of the investigation, three companies including V. Consulting Services Co., Ltd., BMV IT Co., Ltd., and DP Financial Consulting Co., Ltd. are owned by two Chinese named Li and Miao. hire a business license holder, established around April 2019. These two people hire two Chinese managers and hire some Vietnamese workers to work as interpreters, accountants, staff … The main trick of this group is that Li and Miao they create applications on electricity. Loan cell phones are called “Loantocdo”, “Moreloan” and “VD online”. Through the “Vaytocdo” app, customers can borrow from 1.7 to 2.75 million VND but with 1.7 million VND, in fact, the borrower only received 1.42 million VND for deducting fees of service of 272,000 VND.
8 days after receiving the money, the borrower must pay both the principal and interest of 2.04 million dong. If one day is late in payment, you will be fined 102,000 VND.
Also borrowed through the application “Moreloan” and “VD online”, the borrower can only borrow up to 1.5 million VND and only receive 900,000 VND, 600,000 VND is the service fee and prepaid interest for one week. After 7 days, the borrower has to pay the principal of VND 1.5 million, the late payment of the penalty of 2 to 5% per day. Calculated, the loan request is 3% / day, 90% / month. According to the results of the police agency investigation, after almost 6 months of operation, there were 60,000 borrowers through the 3 previous applications with a total amount of up to 100 billion VND. The main suspects live in China and operate only through the telephone network.
Also in June, the Ho Chi Minh City police also investigated the case at Cashwagon Co., Ltd. for people to borrow money through the app with high interest rates and perform acts of “terrorizing” customers who they did not pay debts. For example, to borrow 5 million dong on Cashwagon, the app pays out only 3.5 million dong, the amount of 1.5 million dong is deducted before the fee, the borrower needs to pay 5 million dong shortly time 7 – 14 days according to registration.
In case of on-time default, the interest will gradually increase by several hundred thousand dong and only a few days later it can exceed the borrower’s debt. Interest rates through the application sometimes up to 1,000%. The law enforcement agency determined that Cashwagon Company Limited and Lendtech Company Limited (the loan disbursing company) were set up to “legalize”, making a cover for “black credit” activities on the Internet. The legal representatives of both companies claimed to be solely hired. The case is currently being investigated by the police. Or in July, the Police of District 4 (Ho Chi Minh City) also destroyed the usury loan line through the VNCard application, ABLOAN operated by Chinese. Thai Binh Duong Financial Consulting Investment Co., Ltd is under the business license name of Ton Duc Tan’s wife (Sun YuXin) …
Peer-to-peer lending (or P2P for short) is a business model that uses online services to connect investors with people or businesses in need of loans.
Information in the newspaper South China morning post In October it was estimated that tens of millions of Chinese lost money due to the collapse of peer-to-peer lending programs in the country. Since the government began tightening its peer-to-peer lending more than three years ago, about 800 billion yuan ($ 119 billion) is still owed at the end of June. Currently, the peer-to-peer lending industry in China has almost completely disappeared, with only 15 platforms operational by the end of August.
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Block this app, grow another
Although many online loan services have been treated criminally, this activity continues to flourish and is publicly advertised on the Internet. Yesterday, 6.12, to find out how to borrow money on Senmo’s website, when customers first borrow, the system will consider lending 100,000 to 4 million VND in 10 days. Due to the first loan, the interest rate is 0%, but the account opening fee is 50,000 VND (one time only) and the SMS notification service fee is 20,000 VND.
When you borrow the second time thereafter, clients will be approved for a higher loan, up to 10 million VND in 10-30 days. An example given by this website if a customer borrows 2 million VND, within 90 days, the interest and service fee is 800,000 VND / month, equivalent to 40% / month. Senmo was introduced by Gofingo Company, specialized in financial consulting and solutions, with extensive experience in the field of financial technology in Europe and Asia, and began operating in Vietnam from 2019.
Also on the Tamo.vn loan page, if a customer borrows 10 million dong, after 1 month, the total amount to be paid will increase to 14.56 million dong, which is equal to 45.6 million interest and fees. % monthly. This loan service belongs to Sofi Solutions Co., Ltd. with the legal representative named Janis Ozols, the main industry is management consulting services, information technology services …
Recently, the Ministry of Public Security also announced that in about 100 companies that operate peer loans, there are services imported from abroad to Vietnam. These companies do not act as intermediaries that connect borrowers with borrowers (they do not enter into loan relationships), but rather collude with the lenders. The financial company sells data and personal information of the borrowers for advertising purposes, intermediation … in the form of traditional usury or of the owners of these companies who also own the establishments. financial business. Some peer-to-peer loan applications also avoid interest rates by charging additional service fees, driving interest rates plus fees up to 700% annually. Peer lending activities in Vietnam have not yet been regulated by law, potentially many risks, while most are operated by foreigners (mainly Chinese), they do not locate servers. Vietnam.
The risk of foreign domination of the car calling, room sharing and loan technology market
According to the Ministry of Planning and Investment, several important types of sharing economy (KTCS) are active in Vietnam today, including online transportation, shared hosting, and peer-to-peer lending. development in Vietnam, but has attracted the attention of domestic and foreign investors.
There is a tendency for large foreign corporations with capital and technology advantages to promote the acquisition of dominant shares in KTCS-type companies in Vietnam. Even foreign corporations accept short-term losses to dominate the market. Foreign investors play a leadership and dominance role in sharing business models in the country and in connecting with networks of other branches abroad.
Therefore, if a strategy to support domestic enterprises is not promulgated and implemented urgently, it may lead to the phenomenon of being completely dominated by foreign investors in the domestic market share of the domestic market. In addition, other partners of the KTCS model, when the information cannot be updated, the technology will become vulnerable, losing jobs … because they cannot keep up or are dominated by a new form of business. market share.
M. Phuong
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