Berjaya Corporation Bhd's (Bcorp) joint venture in Vietnam – Berjaya Gia Thinh Investment Technology Joint Stock Company (Berjaya GTI) – launched its lottery operation in Vietnam in mid-July with its first game, Mega 6/45 Lotto Jackpot Game.BCorp hoped the jackpot game with a minimum VND12 billion (US$533,300) jackpot will excite a new generation of Vietnamese lottery players as well as create a more convenient lottery solution for existing players. "Within the first month of operations, 800 point of sale terminals for Mega 6/45 tickets will be available throughout Ho Chi Minh City with some 10,000 point of sale terminals planned nationwide within the next five years," it said in a statement at the official launch of the lottery operations.BCorp had established a partnership via a business cooperation contract with the Vietnam Computerised Lottery One Member Company Ltd (Vietlott).According to Vietlott, in Ho Chi Minh City there are only five first-level agents who … [Read more...] about 800 American-style lottery points of sales set up in Saigon in two weeks
Point of sale finance
Vincom Shopping Centre in Ha Noi. Viet Nam's consumer loans hit a five-year record high of US$15.12 billion last year — VNS Photo Truong ViThe amount, which was up 44 per cent against 2014, accounted for 10.4 per cent of the country's GDP and 6.8 per cent of the economy's total outstanding loans, the report said. StoxPlus attributed the boom to a significant change in Vietnamese borrowing behaviour and the high demand for housing loans from middle-income earners. The Vietnamese have been turning to finance companies instead of relying on their relatives, friends or the informal finance market to lend them money for spending on goods and services. In addition, as a result of the VND30 trillion preferential lending package from the commercial banks for housing loans, consumer finance companies have tried to increase sales in this segment by offering lower interest rates, resulting in a growth in the consumer loans market. As Viet Nam's consumer finance market grows … [Read more...] about Vietnam’s consumer finance market soars
“All individuals and organizations are banned from trading securities, vehicles, and land in cash” is the draft content on cash payments that will be submitted to the Government by the State Bank of Vietnam (SBV) in 2013. Mr. Bui Quang Tien, Director of Payment Department, SBV is under the preparation and finalisation of draft decree on cash payment. The latest submission date shall be June 30, 2013 so that the decree can be promulgated this year. In addition to this Decree, in 2013, SBV also has a number of plans to speed up non-cash payment scheme. It is expected that Vietnam will have 250,000 POS (point of sale). The draft decree of the Government of Vietnam for the cash payment has been put forward to gain the ideas of enterprises. The new point in this draft is the regulation on the disallowance of cash payment for the purchase of securities, houses, land and vehicles including cars, motorcycles, electric vehicles which are applied to all the … [Read more...] about Vietnam May Prohibit Purchase of Securities, Houses, Vehicles in Cash
Themed ‘Improving Vietnam’s competitiveness during international integration,’ the 2006 Mid-term Vietnam Business Forum was held by the International Finance Company and the Ministry of Planning and Investment in Hanoi on June 5. The forum is annual activity at threshold of the Mid-term Consultative Group Meeting in Nha Trang on June 9-10. Investment environment improved but not enoughMost donors said that the Vietnamese investment environment had improved significantly. According to annual survey by the Japan External Trade Organisation (Jetro), costs for business and production in Vietnam and in 2005 are lower than other countries in the region. According to Jetro, salary for workers and engineers, as well as managers in 2005 tended to increase in Vietnam, from US$120 in 2004 to US$135, but the increase was lower than other countries. International call charge reduced from the fair level in the region in 2004 (US$1.95 against US$1.66) to a lower level … [Read more...] about Vietnam Business Forum: A Turning Point of International Integration
The global economic crisis challenged banks in Vietnam to adapt to new contexts to survive, including enhancement of governance, administration, IT application to expand banking services, and market expansion. IT investment is now a top investment priority for most banks. Remarkable achievementsMr. Nguyen Toan Thang, Vice Governor of the State Bank of Vietnam (SBV), said the banking innovation project and interbank e-payment system as well as sub-projects conducted by SBV have achieved considerable results. The project aims to transform the traditional payment practices of financial institutions and individuals nationwide. This will enhance competitiveness within the whole economy as well as the banking system and meet the nation’s development goals. Banking Vietnam 2009 Opens in Hanoi The Information Technology Department of the Bank and the International Data Group co-organize the … [Read more...] about Finance and Banking Products and Services: Growth Outlooks
Following a robust surge in 2014, Vietnam’s Consumer Finance Market in 2015 continued to experience the fastest growth for the past 5 years. The outstanding loan balance soared from $10.5 billion in December 2014 to $15.12 billion at the end of 2015, signifying 44.1 per cent growth.Figure 1: Consumer Loan Balance ($bn), %Consumer Loans/GDP, %Consumer Loans/Loan BookAccording to StoxPlus’s analysis, the robust growth of the Vietnamese Consumer Finance Market resulted from the significant change in customer behaviour and the middle class’respectively high demand for housing loans. The transition in the borrowing behaviour of customers from borrowing from relatives, friends or the informal finance market to more formalized methods at finance companies also had a positive implication on the lending market.Despite the favourable environment, the Vietnamese Consumer Finance Market has become more and more competitive with an increasing number of participants. Indeed, the … [Read more...] about FinTech – Solution or Challenge to Vietnamese Consumer Finance companies?
At StoxPlus Executive Breakfast event on “Vietnam Consumer Finance Market 2016” last week, the representative from the State Bank of Vietnam (SBV) together with 20 high-profile executives from foreign, local consumer finance companies, e-wallet and payment companies gathered for the first time and had a very active discussion on the strong growth of Vietnam’s consumer finance market throughout last year. Specifically, according to StoxPlus’ latest report on the market, the total outstanding consumer loans in 2015 reached $15.12 billion, with CAGR of 44.1 per cent.However, consumer finance companies only accounted for $2 billion of these loans, showing that there is still significant room for growth. Leading companies in the market are FE Credit, Home Credit and HD Saison Finance.StoxPlus noted that the most important distribution channel for consumer finance companies is point-of-sale (POS) via retail stores. “However, consumer finance companies now face … [Read more...] about StoxPlus promotes consumer finance
The amount, which was up 44 % against 2014, accounted for 10.4 % of the country’s GDP and 6.8 % of the economy’s total outstanding loans, the report said.StoxPlus attributed the boom to a significant change in Vietnamese borrowing behaviour and the high demand for housing loans from middle-income earners. The Vietnamese have been turning to finance companies instead of relying on their relatives, friends or the informal finance market to lend them money for spending on goods and services.In addition, as a result of the VND30 trillion preferential lending package from the commercial banks for housing loans, consumer finance companies have tried to increase sales in this segment by offering lower interest rates, resulting in a growth in the consumer loans market.As Vietnam’s consumer finance market grows strongly, it has also become more competitive with the participation of more players.According to the report, the market last year witnessed the acquisition of many … [Read more...] about Consumer finance market soars
HA NOI (Biz Hub) — Consumer Finance Market (CF) in Vietnam has witnessed the fastest growth in 2015 - domestic and foreign-owned finance companies in Vietnam are in a fierce competition for a slice of the consumer loans market.Following a robust surge in 2014, VietnamConsumer Finance Market in 2015 continued to experience the fastest growth for the past 5 years. The outstanding loan balance soared from US$10.5bn in December 2014 to US$15.12bn at the end of 2015, with 44.1% growth.According to StoxPlus's analysis, the robust growth of VietnamConsumer Finance Marketresulted from the significant change in customer behavior and the respectively high demands for housing loan of middle class. The transition from borrowing behavior of customers from borrowing from relatives, friends or informal finance market to more formalized method at finance companies also had a positive implication on lending market. In addition, as a result of the VND30,000 billion preferential lending … [Read more...] about FinTech – Solution or Challenge to Vietnam Consumer Finance companies?
Home Credit Vietnam Finance Limited Company has been named “Best Consumer Finance Company” and “Most Innovative Consumer Finance Company” in Viet Nam by UK’s Global Banking & Finance Review, thanks to the company’s business effectiveness, customer product benefits, and execution activities that enhance financial knowledge among the community where enterprises grow.In April 2015, Home Credit was the first consumer finance company introducing zero per cent loans for purchases made via mobile phones. The product, which was welcomed by many customers, launched a new trend in the country’s consumer finance company community.The company still leads in the number of products allowed with a zero percent installment loan for purchasing. As of now, more than 70 per cent of purchases for consumer durables have been lent by the company at a zero per cent interest rate.At the end of 2015, the company was the first consumer finance company to launch … [Read more...] about Home Credit Vietnam Finance named “Best Consumer Finance Company”