Singaporean authorities are currently investigating 112 suspects in connection with loan-sharking activities.

Though Vietnam’s outstanding consumer credit almost tripled over the last decade, its share of total outstanding loans is yet to keep pace with that of its regional nations. There is plenty room for improvement in the time to come, industry insiders have said.

With peer-to-peer lending becoming increasingly popular in Vietnam, experts said a legal framework is needed to regulate the activity to prevent loan-sharking.

Increasing the limits of unsecured loans given by banks will prevent people from approaching loan sharks, an online conference hosted by the State Bank of Viet Nam (SBV) heard on December 26.