As the development of consumer finance is becoming an indispensible trend in Vietnam, the lack of financial knowledge and the lack of information to track debtors remain two of the biggest obstacles for ensuring consumers’ financial security. Consumer finance remains unsafe for many people FE Credit has caused a huge stir recently Recent news that FE Credit will be inspected for disturbing consumers and its relation to the cosmetic brand DeAura which swindled customers into taking up sizeable loans, have dented people’s faith in the safety of consumer finance. Newswire vnexpress.vn reported that many people received calls and messages from FE Credit to recover debts despite not having taken up loans. Some people even received 10 calls a day in the past six months. In addition, the threatening behaviour of FE Credit staff while attempting to collect debts was tantamount to harassment. “This harassment is causing trouble, affecting people’s daily lives … [Read more...] about Information asymmetry and lack of knowledge hampers consumer finance
In 2017, the Ministry of Industry and Trade’s Vietnam Competition Authority received a large number of complaint letters related to the quality of goods and services of Lazada, while DeAura has made its name by swindling thousands of customers into debt. Lazada received the most complaints in 2017, according to VCA According to the Vietnam Competition Authority (VCA)’s annual report released on its website, the authority processed about 1,000 requirements and feedbacks from customers in 2017 received via its hotline, email, its website, and post. Some of the businesses hit by the most complaints are Recess Co., Ltd. (lazada.vn), Cat Hung Thinh Trading Co., Ltd., and DeAura Vietnam Co., Ltd. Accordingly, VCA has received a large number of complaint letters on the quality of products and services at lazada.vn, as well as delays in delivery, goods being different from the advertisements, delivering used/old items or the wrong articles, repudiating liability, … [Read more...] about Lazada and DeAura the biggest pains for customers in 2017
Annoying consumers is one of the major contents reviewing of the State Bank of Vietnam’s Banking Supervision Agency when inspecting FE Credit. Some customers receive phone calls ten times a day from FE Credit During the inspection, the agency will look into claims of harassment where FE Credit contacts customers to demand payment for non-existent loans. This is stated by the Banking Supervision Agency in the feedback document for the Ministry of Industry and Trade’s Vietnam Competition Authority (VCA). VCA received many feedbacks and comments from customers related to FE Credit, Vietnam Prosperity Joint Stock Commercial Bank (VPBank)’s wholly-owned subsidiary. Customers complained of receiving phone calls and text messages asking for debt repayment even when they did not borrow from the bank. Some of them have been receiving calls for the last six months, at times ten calls a day. Customers claim this is tantamount to harassment and threatening. “These … [Read more...] about FE Credit comes under inspection for wide scale harassment
After the scandal brought out, DeAura spas have been renamed to Lily, Aphrodite Eros, Camellia, and Venus DeAura swindles customers to sign loan agreement DeAura set foot in Vietnam just two years ago, during which a lot of scandals point out dishonest business practices. Dozens of customers have visited the company headquarters to ask for a refund on DeAura's skincare products. Nguyen Thi Hoi coming from Thach That district (Hanoi) was very tired and said that after clicking “Like” on facebook by accident, she was invited to try DeAura’s beauty services and put into loan trap of VND43 million ($1,900). After trying the product on half of her face, she was invited to buy a set of skincare products at the preferential price of VND43 million ($1,900) (the original price was VND73 million–$3,200). Hoi denied numerous times because she was unemployed at the time. However, DeAura officers enticed her with sweet words that she should spend only VND50,000 ($2.2) a … [Read more...] about DeAura scam hard case to punished?