Consumer finance fight with black credit Actual situation of consumer credit Speaking at the seminar about solutions to repel black credit, which took place in the head office of VIR on March 15, Dr Can Van Luc, chief economist of BIDV, said that the Vietnamese financial market has been developing at a tremendous pace in the past 20 years. The financial depth shown by the size of credit amounted to VND7.2 quadrillion ($313.04 billion), equivalent to 131 per cent of the GDP by the end of 2018. Dr Can Van Luc, chief economist of BIDV Consumer lending was formally authorised in Vietnam in 1995, and has grown strongly in the last 10 years, promoting economic growth (including consumption, production, and services), increasing access to credit, reducing the rate of black credit, and limiting cash payments. Besides, there are still problems that need to be solved. Consumer finance is a part of consumer credit. The Vietnamese consumer finance market was born in the late 1990s, when commercial banks began integrating such loans into their retail banking products. However, the market has only really began to develop since 2007, when consumer finance companies joined the market. By the end of 2012, the… Read full this story
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