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베트남의 소비자 금융 시장(2020년)

Vietnam Consumer Finance Report 2020

리서치사 FiinGroup JSC
발행일 2020년 06월 상품 코드 946839
페이지 정보 영문 88 Pages
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US $ 2,500 ₩ 2,794,000 PDF (Single User License)


베트남의 소비자 금융 시장(2020년) Vietnam Consumer Finance Report 2020
발행일 : 2020년 06월 페이지 정보 : 영문 88 Pages

본 상품은 영문 자료로 한글과 영문목차에 불일치하는 내용이 있을 경우 영문을 우선합니다. 정확한 검토를 위해 영문목차를 참고해주시기 바랍니다.

2019년은 특히 다사다난했으며, 이전에는 활발하지 않은 적어도 2개의 FinCo(금융 기업)이 시장에서 부활하고(PTFinance, FCCOM), 기존 기업의 시장 점유율에 압력을 가하고 있습니다. CF는 2018년 19.6%에서 2019년에는 20.5%로 국채에 대한 기여를 증가시켰습니다. 현재 시장 규모를 생각하면 베트남에서의 CF 침투는 지역의 경쟁사와 비교해 현재 늦었다고 생각되며, 매력적인 성장 전망을 나타내고 있습니다.

베트남의 소비자 금융(CF) 시장에 대해 조사했으며, 시장의 최신 정보, 경쟁 상황, Covid-19의 영향, 개발 동향 및 규제 동향 등에 대해 분석했습니다.

제1장 베트남의 소비자 금융 시장 최신 정보

  • 시장 규모와 성장
  • 시장 세분화

제2장 소비자 금융 회사의 경쟁 상황

  • 시장 점유율, 시장 규모, 금융 회사의 성장
  • 제품 구성 분석
  • 재무 벤치마크
  • 운영 벤치마크

제3장 소비자 금융에서 은행의 경쟁 상황

  • 소매 금융과 소비자 금융의 주요 기업
  • 주요 은행의 소비자 금융 상품 분석
  • 사례 연구 : 주요 은행 기업간 소비자 금융의 소매 제품 믹스와 전략적 움직임

제4장 소비자 금융 회사에 대한 Covid-19의 영향

제5장 주요 개발 동향

  • 액티브한 FinCo(금융 기업)간 전략적이고 혁신적인 움직임
  • 구조 동향 : M&A와 활발하지 않은 FinCo(금융 기업)의 부활
  • P2P 플랫폼과 기타 대안 렌더의 출현

제6장 규제 업데이트

  • 금융 회사의 소비자용 대출 활동에 관한 Circular 18/2019, Circular 43/2016을 개정
  • 소비자용 대출에 관계된 기타 규제 변경
  • 금융 수용성 정책에 관한 최신 정보

제7장 부록

KSM 20.07.17

Vietnam Consumer Finance Report 2020: Challenges and opportunities for getting ahead

The 2019 has been particularly eventful, with the revival of at least two previously inactive FinCos to the market (PTFinance, FCCOM), putting pressure on the market shares of the incumbents. CF increased its contribution to national loan book to 20.5% in 2019, up from the 19.6% in 2018. Given the current market size, CF penetration in Vietnam is currently considered slow compared to its regional peers, signifying an attractive growth prospect.

Banks vs. FinCos in consumer finance

FinCos are starting to regain the momentum in 2019 despite tighter supervision. The CF Market is comprised of retail banks and FinCos, in which banks dominate the total market with around 92% market share thanks to its extensive retail network and long-term reputation. While banks target at customers with good credit history, FinCos focuses on low-income customer segments which are mostly the newly banked and unbanked, under-banked. However, over time, banks tend to wade down to explore lower-income segments, whereas FinCos try to go up, making the overlapped portion of target customer become bigger.

Product Composition

Cash loan is considered the go-to-market product of any new entrants with the aim of penetrating the market, especially those who do not have a strong customer base for upselling.

In 2019, cash loan market share was maintained despite the concern on SBV's intention to reduce the proportion of cash loans at FinCos to 30% at maximum in the draft Amendment of Circular 43.

However, the market witnessed leading players like FE Credit, Home Credit, HD Saison have shifted their focus on cross selling and upselling to existing customers whose good credit history has been validated rather than new customers. Thus, products like TW, CDs (offered to new customers) tend to decline, while credit cards are increasingly offered to customers with healthy credit history. Some FinCos are expected to launch credit card soon to reduce its reliance on cash loans and fulfil with SBV's prudent requirements.

Market Share

Market share of major players like HD Saison, Home Credit have been strained due to the fierce competition from younger players such as Mirae Asset, Shinhan Finance, Mcredit and newcomers such as Easy Credit, VietCredit, SHB Finance, Lotte Finance and the revival of previously inactive FinCos PTFinance, FCCOM. Overall, given the market's growth potential, Consumer Finance market maintains its attractiveness to both domestic and international investors.

Regulatory updates

Circular 18/2019 revising Circular 43/2016 on consumer lending activities among finance companies, which became effectively on Nov 2019, with restriction to proportion of cash loans is pushing FinCos to restructure their CF loan book. Accordingly, the dominant position of cash loans in credit institutions and FinCos are set up for a reduction scheme over a 3-year period. From 01/01/2024 onwards, the proportion of cash loans should be reduced to 30%

Profitability

FinCos' NPM slightly decreased in 2019 due to higher operating costs for recruitment of quality people, and higher investments in developing internal systems/procedures, and digitization. FinCos not only have to compete to gain market share but also face competition in recruiting and retaining competent staff as new entrants are hunting their quality workforce aggressively.

In the early months of 2019, the impact of Covid-19 was not clearly reflected in early reported financial indicators of some FinCos. However, earning quality of FinCos are forecasted to be hit in quarter 2 along with slow loan growth which affect interest income and higher operating cost to boost sales and higher provision set aside for loan loss during the Covid-time, which probably threat FinCos' net profit margin.

Asset quality

Average NPL declined in 2019, showing improvement in asset quality and risk management. In order to mitigate credit risk, some key players have switched to focusing more on existing customers whose credit history is validated rather than new customers, adopting AI, social rating to better score customers' credit and prevent fraud.

The rapid spread of Covid-19 caused many people to lose jobs, taking a punch on borrowers' ability to pay back debts. Thanks to Government and SBV's policy to support customers hit by Covid-19, weakening asset quality of banks and FinCos were not clearly revealed in NPL ratios, but it is predicted to be indicated in the coming quarters, especially when supporting policies are lifted.

Key market trends

The reactivation of previously inactive FinCos (PTFinance, FCCom) together with the anticipation of potential investors in the inactive HAFIC is expected to increase competition among FinCos.

FinCos are shifting their focus to credit cards and CF products linked with non-cash payment channels under high digitization of payments.

Macro-economic data illustrate the devastating magnitude of the economic and social challenges triggered by the Covid-19, hence affected FinCos' loan book growth and funding in the first quarter. The impact is expected to reveal more clearly in the coming quarters of 2020.

Table of Contents

Executive Summary

1. Updates of Vietnam consumer finance market

  • 1.1. Market size and growth
  • 1.2. Market segmentation

2. Competitive landscape of consumer finance companies

  • 2.1. Market share, market size and growth of finance companies
  • 2.2. Product mix analysis
  • 2.3. Financial benchmarking
  • 2.4. Operational benchmarking

3. Competitive landscape of Banks in Consumer finance

  • 3.1. Key players in retail banking and consumer finance
  • 3.2. Analysis of key banks' consumer finance products
  • 3.3. Case studies: Retail product mix and strategic moves in consumer finance among key bank players

4. Impacts of Covid-19 on consumer finance companies

5. Key development trends

  • 5.1. Strategic and innovative moves among active FinCos
  • 5.2. Structural trends: M&A and revival of inactive FinCos
  • 5.3. Emergence of P2P platforms and other alternative lenders

6. Regulatory updates

  • 6.1. Circular 18/2019 revising Circular 43/2016 on consumer lending activities among finance companies
  • 6.2. Other regulatory changes that matter consumer lending
  • 6.3. Updates on financial inclusion policies

7. Appendices

  • 7.1. Macro-economic factors
  • 7.2. Vietnam Retail Banking - Key Figures
  • 7.3. Profiles of some selected Fincos
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