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市场调查报告书

越南消费金融(2021)

Vietnam Consumer Finance Report 2021

出版商 FiinGroup 商品编码 1014996
出版日期 内容资讯 英文 60 Pages
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价格
越南消费金融(2021) Vietnam Consumer Finance Report 2021
出版日期: 2021年06月18日内容资讯: 英文 60 Pages
简介

越南的消费金融(CF)市场在经历了一年的磨难后,已经跌至两位数的低增长率(同比10.7%)。动态的变化、激烈的竞争、严重影响收入的客户以及根据第 18/2019 号通知/TT-NHNN 收紧现金贷款提取规定,给 CF 增长带来压力。然而,尽管存在这些不利因素,越南的 CF 仍获得了该国 20% 以上的贷款余额。

按产品类别划分,尽管根据第 18/2019 号通知/TT-NHNN 制定了过渡路线图,但现金贷款仍保持最大的增长贡献。大多数金融公司现金贷款的温和增长是由于相关成本较低、贷款程序更容易以及在经济高度不确定时期有更多人需要现金。

此外,分期贷款(耐用消费品贷款、汽车贷款)出现负增长,这被认为是由于受疫情影响购买力下降,市场趋于饱和。另一方面,信用卡是唯一录得两位数增长的领域。随著两家新公司进入市场以及其他金融机构计划进入信用卡业务,该领域的竞争预计将加剧。

本报告调查了越南的消费金融,并提供有关市场规模和增长、细分变化、趋势、规则变化、竞争条件、主要公司概况等方面的信息。

目录

执行摘要

第一章市场形势——市场规模、增长和细分的变化

第二章金融公司 (FinCos) 的竞争状况

  • 市场地位的变化
  • 产品组合迁移
  • FinCos 财务业绩分析
  • FinCos 运营绩效分析

第三章消费金融领域的关键主题

  • 数字化转型趋势
  • 并购焦点:2021 年或之后

第 4 章主要监管变化

  • 03/2021/TT-NHNN号文:债务重组、利率减免、债务分类
  • 02号指令/CT-NHNN:加强对银行卡活动违规行为的预防
  • 23/2020/TT-NHNN 号通知:非银行信贷机构的审慎监管和比率
  • 其他影响消费金融的监管变化

附录:各金融公司简介

目录

Consumer finance in Vietnam, 2020 review

Vietnam's consumer finance (CF) market has dipped to low double-digit growth (10.7%YoY) after a year of hardship. Changing dynamics, intense competition, customers with affected income amid COVID-19, and tightening regulations on cash loans disbursement under Circular No. 18/2019/TT-NHNN jointly exerted pressure on CF growth. However, despite the headwinds, Vietnam CF managed to secure over 20% of the country loan book.

Product Composition

By product category, cash loans remained the largest contribution to growth despite its transition roadmap under Circular No. 18/2019/TT-NHNN. The modest growth of cash loans at most FinCos is driven by low associated expense, simple lending procedures, and rising need for cash during periods of economic uncertainty. Meanwhile, installment loans (Consumer durables loans, Vehicles loans) recorded negative growth, which could be attributed to weakening purchasing power along with market saturation under the impact of the pandemic. Credit card, on the other hand, is the only segment that witnessed double-digit growth. The entrance of two new players, as well as other FinCos' plans to penetrate the credit card business, are expected to intensify competition in this segment.

Loanbook growth and Market Share

Following the spread of the pandemic, most FinCos witnessed slower growth due to unfavourable market conditions as well as their cautious lending strategy over the fear of mounting bad debts. Notably, some even experienced negative growth. However, there are still some outperformers who achieved robust growth thanks to lean business models.

Regulatory updates

Given the lingering effect of COVID-19 on the economy, SBV has been responsive to roll out supportive policies to address both FinCos and customers affected by the pandemic. The most recent regulation is Circular No. 03/2021/TT-NHNN on debt rescheduling, interest rate exemption and reduction, and debt classification assisting customers affected by COVID-19. 2021 is considered the year of changes for FinCos as this is the first year in the 3-year roadmap on the reduction of cash loans disbursement as stipulated under Circular No. 18/2019/TT-NHNN. Moreover, 2021 is also the year that Circular No. 22/2020/TT-NHNN with the transition into chip-based card comes into effect.

Earnings quality

Sector NIM followed the downward trend as the market has gradually grasped and absorbed the impact of COVID-19. The contraction of NIM could be attributed to a more conservative strategy as well as the deceleration of the installment market. However, the impact of the pandemic to profitability varies among FinCos in which some FinCos with steady growth combined with the advantage of low cost of funds outperformed the others.

Asset quality

Higher exposure to bad debts amidst COVID-19 has been translated into FinCos' balance sheet, with sector NPL trending upward across the board. Most FinCos witnessed the increase in NPL, however, the increase in NPL has been more significant to those posting modest loan growth. As a result, most FinCos set aside larger provisions to address accelerating NPL to guard themselves against the rising pressure on asset quality.

Key development trends

Besides enabling FinCos to reshape their businesses to adapt to the new normal, the unprecedented COVID-19 outbreak accelerated the following key trends in the CF market:

  • The pandemic prompted the acceleration of digital transformation of customer journey amongst FinCos
  • The launch of mobile money and the booming of digital payment brought both challenges and opportunities for FinCos, especially their credit card business
  • M&A emerged as the game-changer to foster future growth given the strong growth potential of the CF market and the Government's policies that support sector consolidation and expansion of FinCos to repel black credit market.

Table of Contents

Executive Summary

1. Market status - changes in market size, growth and segmentation

2. Competitive landscape of Finance Companies (FinCos)

  • 2.1. Changes in market positioning
  • 2.2. Transition in product portfolio
  • 2.3. Analysis of FinCos' financial performance
  • 2.4. Analysis of FinCos' operational performance

3. Key themes in the consumer finance sector

  • 3.1. Digital transformation trends
  • 3.2. M&A spotlight: 2021 and beyond

4. Key regulatory changes

  • 4.1. Circular No. 03/2021/TT-NHNN on debt rescheduling, interest rate exemption and reduction, and debt classification
  • 4.2. Directive No. 02/CT-NHNN on enhancing the prevention of violations in bank card activities
  • 4.3. Circular No. 23/2020/TT-NHNN on prudential limits and ratios of non-bank credit institutions
  • 4.4. Other regulatory changes that affect consumer lending

Appendix: Profiles of selected Finance Companies