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Vietnam consumer finance firms record broad business downturn

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 60 trillion or about US$2.4 billion.

This speaks to a broader downturn in consumer sentiment toward profligate spending and borrowing. Credit growth has slowed to a trickle in the economy overall in the last year or so and there are few signs it might pick up any time soon.

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