consumer finance news

Of note, over the last two years in the wake of a broader economic downturn brought on by higher interest rates in key export markets and the near-collapse of Vietnam’s real estate market, everyday Vietnamese have turned to saving rather than spending their excess income. This is problematic in that local consumption has been an important growth driver over the last decade or so. Retail sales, month on month, however,  have been more or less stagnant since the beginning of the year. This latest data from the SBV suggests this could last a while longer…

Of note, the Buy Now, Pay Later–BNPLY–market is projected to grow at a compound annual growth rate of 29.2 percent from 2024 to 2029, according to a report from Markets and Research. The gross merchandise value of buy now pay later in Vietnam is expected to rise from US$1.32 billion in 2023 to US$6.89 billion by 2029…

BNPL services are an attractive option for young and budget-conscious shoppers. Major players like Fundiin, Kredivo, and Atome are expanding their presence in Vietnam, partnering with retailers to offer flexible payment options. This trend is expected to continue as digital adoption and consumer demand for flexible credit solutions increase…

Of note, demand for credit has plummeted over the last year or two as thrifty Vietnamese have tightened their belts. By the end of March credit growth was at just 1.34 percent. That said, credit cards have not proven to be very popular in Vietnam in general, with consumers tending to spend only what they have. In fact, just 6 percent of Vietnamese had a credit card according to a 2021 report from the World Bank…

Indeed, demand for credit has plummeted over the last year or two as thrifty Vietnamese have tightened their belts. By the end of March credit growth was at just 1.34 percent. That said, credit cards have not proven to be very popular in Vietnam in general, with consumers tending to spend only…

The consumer finance market in Vietnam has taken a dive with most of the big players recording losses or sharp falls in profits in 2023, Doanh Nhan Vietnam is reporting. Outstanding debt to the sector, according to Nguyen Quoc Hung, General Secretary of the Vietnam Banking Association, is down VND

Vietcombank Securities Company (VCBS) has released a report in which it found the share of retail loans of total credit in Vietnam had fallen from 47 percent in 2022 to 46 percent at the end of November, Vietnam Plus is reporting. Of note, the situation has changed dramatically since this

In December 36,350 cars were sold by members of the Vietnam Automotive Manufacturers Association (VAMA), representing a 20 percent increase on December of 2022, Just Auto is reporting. The publication goes on to say that this is the first positive month in over a year. Of note, Vietnamese banks engaged

Banks in Vietnam are offering hefty discounts on consumer loans and credit cards to reach credit growth targets, VN Express is reporting. Key points As of December 13, credit increased by 9.87% compared to the end of 2022 (target is 14 percent); To try and hit their limits banks are

Tuoi Tre is reporting on the phenomenon of borrowers forming groups for tips on advice on how to avoid repaying loans. This phenomenon is attributed to a crackdown on loansharking activities, particularly threatening customers with violence or confiscating personal belongings in lieu of payment. It is mostly focused on short-term