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Consumer finance retains attractiveness

Consumer finance retains attractiveness Consumer finance groups are attempting to diversify funding sources According to a report by brokerage SSI Research, HD Saison - the consumer finance arm of HDBank and Japan’s Credit Saison - will enjoy an increase of 15 per cent on-year in its profit for 2021, reaching VND1.15 trillion ($50 million). Although there are still areas of concern associated with new cash loans disbursed in 2020, HD Saison’s board also expected that this year, loans to buy motorbikes and home appliances will rise, especially when customer incomes increase along with economic recovery. The report also showed that cash lending activities of HD Saison has increased strongly in the past year (up 47.8 per cent). SSI Research believed that this is a remarkable point because this is a segment that often has a higher non-performing loans ratio than motorcycles and home appliances loans.

Fundraising on the up in consumer finance

Fundraising on the up in consumer finance 12:07 | 02/03/2021 Consumer finance companies are taking different approaches to raise cash and gain a bigger slice of the landscape. Black credits, such as from loan sharks, could be reduced significantly by promoting consumer finance, photo Le Toan SSI Research has cited information from VPBank’s Board of Management that the due diligence process for FE Credit sale has been conducted. FE Credit, Vietnam’s largest consumer finance firm, is in negotiation with its potential partners, though the discussion progress is somewhat interrupted due to the pandemic. However, VPBank expects the negotiation to be completed in the second quarter of 2021. If the two sides cannot reach a mutual agreement, VPBank would consider an initial public offering (IPO) for FE Credit by the end of this year.

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Banks scaling up charter capital goals

Banks scaling up charter capital goals 11:57 | 23/02/2021 International and domestic financial institutions have strengthened their charter capital to boost financial capacity and ramp up business activities in Vietnam. Domestic and foreign lenders have been ramping up their charter capital to compete in the country. Photo: Le Toan The Vietnamese banking system was supplemented with more than VND33 trillion ($1.43 billion) of charter capital in 2020. By the end of last year, 18 Vietnamese banks recorded charter capital of over VND10 trillion ($434.8 million). Earlier this month, digitally-led local lender TPBank was approved by the State Bank of Vietnam to increase its charter capital to more than VND10.71 trillion ($466 million), and is now eligible to open four more branches and two transaction offices nationwide in 2021.

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