Vietnamplus

The Korean credit issuer Hyundai Card has struck a deal that allows it to buy half of total shares at the consumer finance firm FCCOM for nearly 42 million USD.

Seeing the potential from a population of 96 million and the 2018 per capita GDP of 2,590 USD, Vietnamese banks are racing to develop retail markets.

The Vietnam Chamber of Commerce and Industry (VCCI) has suggested the State Bank of Vietnam (SBV) reconsider a proposal on limiting unsecured personal loans in cash by consumer finance companies.

GoBear, Asia’s first and only metasearch engine for insurance and banking products, and FE Credit, the largest lender in Vietnam’s consumer finance market, have signed a deal to drive greater financial inclusion for Vietnamese people.

Many banks have seen their employee efficiency increase significantly, with each member of staff earning them more than 1 billion VND (43,000 USD) in pre-tax profit on average last year.

VP Bank Finance Company Limited (FE CREDIT), one of the largest credit card issuers in Vietnam, scored a hat-trick of gongs at the 5th Annual Cards and Electronic Payments International (CEPI) Asia Awards 2018.

Consumer finance companies have been cutting credit growth to focus more on tightening internal governance and selecting solvent customers to target a safer and healthier development.

Consumer finance companies are offering various promotions to customers, aiming to enlarge their share in an increasingly competitive market.

The State Bank of Vietnam (SBV) has asked credit institutions to review the implementation of its regulations on consumer loan management.

Several banks are keen to establish consumer finance arms to grab a bigger share of a market that is expected to reach 1,000 trillion VND (4.38 billion USD) by 2020 and grow at 29 percent annually.

The banking sector will enjoy another strong year in 2018, experts told a seminar in Ho Chi Minh City this week.

Anphabe, a career network of management professionals, and market research firm INTAGE Vietnam recently announced the list of 100 Best Places to Work in Việt Nam for last year.

Commercial banks are expecting the revenue from fees and retail banking services to become their main income sources this year, as a result of rising market demands.

Prudential Plc announced that it had reached an agreement to sell 100 percent of its Prudential Vietnam Finance Company (PVFC) to Shinhan Card Co Ltd at a cost of 151 million USD.

Consumer loans have increased sharply in Ho Chi Minh City in recent years, said Nguyen Hoang Minh, Director of the State Bank of Vietnam’s HCM City Branch.

Germany’s Deutsche Bank will provide a guaranteed loan worth 100 million USD for the VPBank Finance Company Ltd (FE Credit) to strengthen its leading position in consumer finance.

Consumer finance is proving to be an attractive sector with the number of foreign companies rising through mergers and acquisitions, the news site cafef.vn reported.

Researchers at the Vietnam National University (VNU) – Hanoi have presented results of a consumer lending survey showing that the majority of Vietnamese people have never used a consumer loan.

Foreign investors have been acquiring major stakes in financial companies in Vietnam in recent years and the trend is expected to continue in 2017.

VPBank Finance Company Limited (FE CREDIT) has announced that it had completed a syndicated loan procedure with Switzerland’s Credit Suisse Group.