Consumer finance arms race
Consumer finance companies are offering various promotions to customers, aiming to enlarge their share in an increasingly competitive market.
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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.
Consumer credit in HCM City has grown by an average of 20 percent per year during 2012-2015, according to the State Bank of Vietnam.
Vietnam’s consumer loans hit a five-year record high of 15.12 billion USD last year, according to a new report from local market research company StoxPlus.
