Buoyed by increasing interest in taking up loans for purchases among the Vietnamese population, recent years saw an impressive growth of personal finance companies in Vietnam, with FE Credit, Viet Credit, SHB Finance, and Easy Credit, among others, joining the market. The market is expected to thrive with some newcomers backed by giant Oriented Commercial Joint Stock Bank (OCB) and Asian Commercial Bank (ACB). It is interesting that many of the current businesses are an extension of the retail banking business of some banks. Their business network, IT, and risk control system, as well as strong capital foundations, bear the marks of commercial banks. For example, FE Credit, a consumer lending company of VPBank and one of the largest players in the industry, announced that its revenue made up 30 per cent of VND9.2 trillion ($400 million) of VPBank’s overall pre-tax profit. With its return on assets (ROA) and return on equity (ROE) of 2.5 and 22.9 per cent, respectively, the firm is VPBank’s frontline penetrating the consumer credit market. Meanwhile, HD Saison generated VND900 billion ($39.1 million) in profit, which is 73 per cent higher than in 2017. The firm’s revenue also accounted for 25 per cent of HDBank’s… Read full this story
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