In 2023, the State Bank of Vietnam implemented measures to promote consumer lending for daily needs. To encourage banks to increase their lending activities, including consumer lending, the State Bank issued Circular No.
The ongoing rise of digital banking will, in turn, support consumer lending. Digital banking is widely believed to enhance convenience for individuals by offering fast approvals and simplified procedures, particularly so for the younger generations such as Gen Z, who are tech-savvy, and who may not have been able to previously access such credit.
In 2023, the increase of gross lending has not exceeded the initial projections, despite the efforts of the government and the State Bank of Vietnam to cut interest rates on loans. This is because the effects of the COVID-19 pandemic, which have been felt over the previous three years, are still creating challenges today.
Buy now pay later (BNPL) has gained popularity among Vietnamese consumers, especially with young people who have limited funds but who wish to invest in luxury goods as social status symbols (e.g.
The State Bank of Vietnam’s issuing of Circular No. 06/2023/TT-NHNN to expand lending, notably consumer loans, is expected to support consumer credit further over the forecast period.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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