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市場調查報告書

越南消費金融(2021)

Vietnam Consumer Finance Report 2021

出版商 FiinGroup 商品編碼 1014996
出版日期 內容資訊 英文 60 Pages
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越南消費金融(2021) Vietnam Consumer Finance Report 2021
出版日期: 2021年06月18日內容資訊: 英文 60 Pages
簡介

越南的消費金融(CF)市場在經歷了一年的磨難後,已經跌至兩位數的低增長率(同比10.7%)。動態的變化、激烈的競爭、嚴重影響收入的客戶以及根據第 18/2019 號通知/TT-NHNN 收緊現金貸款提取規定,給 CF 增長帶來壓力。然而,儘管存在這些不利因素,越南的 CF 仍獲得了該國 20% 以上的貸款餘額。

按產品類別劃分,儘管根據第 18/2019 號通知/TT-NHNN 制定了過渡路線圖,但現金貸款仍保持最大的增長貢獻。大多數金融公司現金貸款的溫和增長是由於相關成本較低、貸款程序更容易以及在經濟高度不確定時期有更多人需要現金。

此外,分期貸款(耐用消費品貸款、汽車貸款)出現負增長,這被認為是由於受疫情影響購買力下降,市場趨於飽和。另一方面,信用卡是唯一錄得兩位數增長的領域。隨著兩家新公司進入市場以及其他金融機構計劃進入信用卡業務,該領域的競爭預計將加劇。

本報告調查了越南的消費金融,並提供有關市場規模和增長、細分變化、趨勢、規則變化、競爭條件、主要公司概況等方面的信息。

目錄

執行摘要

第一章市場形勢——市場規模、增長和細分的變化

第二章金融公司 (FinCos) 的競爭狀況

  • 市場地位的變化
  • 產品組合遷移
  • FinCos 財務業績分析
  • FinCos 運營績效分析

第三章消費金融領域的關鍵主題

  • 數字化轉型趨勢
  • 併購焦點:2021 年或之後

第 4 章主要監管變化

  • 03/2021/TT-NHNN號文:債務重組、利率減免、債務分類
  • 02號指令/CT-NHNN:加強對銀行卡活動違規行為的預防
  • 23/2020/TT-NHNN 號通知:非銀行信貸機構的審慎監管和比率
  • 其他影響消費金融的監管變化

附錄:各金融公司簡介

目錄

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