Consumer outstanding balance reaches 640 trillion VND

At the workshop (Source: baomoi.com)

Hanoi (VNA) – By the end of 2016, Vietnam’s outstanding consumption loans reached 640 trillion VND, making up 11.7 percent of the country’s total outstanding loans.

The information was released at a workshop on retail finance development held by Investment Newspaper on July 12 in Hanoi. 

In financial companies, the ratio of non-collateral consumption credits only makes 12.4 percent but serves more than 60 percent of people at working age, equivalent to more than 30 million customers, with loans below 100 million VND.

To develop the consumption finance market, the State Bank of Vietnam should complete the legal framework, said financial experts at the workshop, adding that financial companies should improve the appraisal process and solvency assessment to ensure the safety of customers. -VNA

VNA