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20150706-Vietnam-Consumer-Finance-2015_Demo-Final_20150706185045

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20150706-Vietnam-Consumer-Finance-2015_Demo-Final_20150706185045

  1. 1. ‹#› Published on: 1 April 2014 Vietnam Consumer Finance Market 2015 @ 2015 StoxPlus Corporation. All rights reserved. All information contained in this publication is copyrighted in the name of StoxPlus, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. Date of report: 15 June 2015 Part of StoxPlus’s Market Research Report Series for Vietnam www.stoxresearch.com
  2. 2. 2Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. This page is intentionally left blank
  3. 3. 3Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Table of Contents Part Content Page Executive Summary 5 – 7 1 Consumer Finance Market 8 – 25 1.1 Sector Structure 9 1.2 Market Size and Growth 10 -16 1.3 Competition Dynamics 17 – 22 1.4 Informal finance activities 23- 25 2 Detailed Market Review 26 – 57 2.1 Overall of products 27 – 30 2.2 Detailed product survey 31 – 44 2.3 Sale Channels 45 – 48 2.4 Marketing Campaigns 49 – 53 2.5 Payment Methods 54 – 57 3 Key Player Profile 58 - 3.1 Domestic Commercial Banks 58 – 61 3.2 Foreign Commercial Banks 62 – 65 3.3 Finance Companies 66 – 73 Part Content Page 3.4 Others 74 – 76 4 Major Economic Context 77 - 94 4.1 Macroeconomic context 77 – 80 4.2 Banking sector context 81 – 85 4.3 Non-bank sector context 86 – 88 4.4 Major policy changes 89 – 91 4.5 Analysis of foreign interests in Vietnam 92 – 94 5 Market Potentials & Challenges 95 5.1 Key Growth Drivers 95 – 100 5.2 Main Product Trends 101 – 103 5.3 Main Challenges 104 - 106 Appendices 107
  4. 4. 4Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Abbreviation No. Word Stand for 1 APR Annual Percentage Rate 2 BCG Boston Consulting Group 3 CF Consumer Finance 4 CMF Vietnam National Coal-Mineral Finance JSC 5 COD Cash on Delivery 6 DSA Direct Sale Agents 7 JSCBs Joint Stock Commercial Banks 8 MAFC Mirae Asset Finance Company 9 MFI Microfinance Institution 10 MOIT Ministry of Industry and Trade 11 MSB Maritime Commercial JSC 12 NFSC National Financial Supervision Commission 13 POS Point of Sale 14 SBV State Bank of Vietnam 15 SOCBs State-owned Commercial Banks 16 SOE State-owned enterprise 17 TFC Vietnam Texttile Finance Company 18 VCFC Vietnam Chemical Finance JSC 19 VECITA Vietnam E-commerce and Information Technology Agency 20 VPB FC VP Finance Company 21 ID National Identity Card
  5. 5. 5Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Executive Summary This page is intentionally removed for demo purposes
  6. 6. 6Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Executive Summary (cont’d) Detailed Product Survey 5) In our detailed survey of CF products, finance companies’ interest rates range from 13% to as much as 63 – 70% APR. Home Credit (PPF) has the highest interest rates. The interest rate of Finance Companies is much higher than commercial banks (local and international). Finance companies often use the minimum interest rate based on calculating the cost of management and capital, then adjusting the interest rate according to the scorecard for each kind of customer and loan, depending on the other conditions such as capital scale, duration, and risk level. Domestic and foreign banks (state-owned and joint stock banks) have remained their interest rate low, compared to other financial institutions. Due to higher target customer, foreign commercial banks only targeted on credit card users only and they left the unsecured loans for others. Other companies are ACS Trading and MobiVi offering the lowest rate of interest. In return to the longer appraisal time, these companies offer the appropriate interest in order to compete with the rest of the market. 14% 14% 17% 49% 30% 29%27% 22% 23% 0% 10% 20% 30% 40% 50% 60% HD Finance FE Credit ACS Trading 6) HD Saison and FE Credit have the simplest application procedures. Meanwhile, Prudential Finance has the most complicated procedure in terms of required documents, comparable to those of banks Domestic and foreign commercial banks focus on higher amount of loan. With the purpose of minimizing the risks of unsecured loans, banks will require the strictly application forms with full documentations such as proof of income, employment contract of minimum time, salary’s statement of 3 months or 1 year. Consequently, since banks understand and get an guarantee of customer’s financial status and credit history, it could offer the appropriate and attractive interest rate in order to offset the complicated requirements. Finance companies, on the other hand, they leverage their competitive advantage by simplicity and convenience. Owing to the smaller amount of loan and also taking high risk attitudes, finance companies, require several basic requirements such as permanent residential book, and utility’s bill. It is clearly much easier to customers to get those documents and reduce the time of appraisal. Foreign banks main activities is credit issuance. As a result, its model is based upon on credit card. Customers must have a bank account, and the disbursement will charge via bank transfer. In order to differentiate themselves in the market, foreign banks such as HSBC, ANZ or Citibank are mainly focusing on middle high customers. Through various methods, point of sale is the most popular and effective channel for finance companies. The agents based at retailers or product provider’s location, help and consult directly to customers. Focusing on small amount of loans, consequently, finance companies do not require much credit approval. Therefore, the application process is quick and easy. ACS Trading is not licensed as a finance company, but provides similar installment loans services at POS like other finance companies. MobiVi is a new model. With the benefits of advance technology in online payment along with the expertise in financial services, MobiVi offers to Corporate Package launched in 2013 and Agent Package launched 2012. MobiVi is dedicated to providing access to financial source to Vietnam low-income class, especially for industrial zone workers.
  7. 7. 7Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. This page is intentionally removed for demo purposes Executive Summary (cont’d)
  8. 8. 8Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 1: Consumer Finance Market 1.1 Sector Structure 1.2 Market Size and Growth 1.3 Competition Dynamics 1.4 Informal Financing Activities Contents
  9. 9. 9Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Consumer finance is part of consumer lending business. However, consumer finance refers to credit used to purchased non-investment goods or services whose value depreciates quickly Section 1: Consumer finance market Sector Structure • Under Decree No. 39/2014/ND-CP, consumer credit is defined as ‘a form of credit provided to individuals for their consumption purpose through provision of loans’. According to this definition, the scope of consumer finance in Vietnam is described very broad and there is yet any official regulation to clearly separate consumer finance from retail banking services. • Meanwhile, if using international standards, consumer finance services industry consists of “the amount of credit used by individual to purchase non- investment goods or services that are consumed and whose value depreciates quickly” (according to Consumer Finance Protection Association in UK). Companies in this field engages in personal loan services, such as recreational vehicles, home appliances and equipment, etc. • StoxPlus’ Consumer Finance Definition: In light of these definitions, based on our understanding of core-business of finance companies in Vietnam, pure consumer finance consists of installment loans, cash loans and credit cards issued by finance companies. Other extended consumer finance services are part of retail banking business, including collateral loans (Home Mortgage, Home Renovation, Automobile) as well as credit card issuance provided by commercial banks. • In the following Figure, consumer finance products in Vietnam are categorized into 4 main groups: Consumer Finance Installment loans Loans with collaterals / Mortgages Extended Consumer Finance Consumer Loans • Loans to purchase household appliances and equipment • Loans to purchase vehicles (two-wheels and automobiles) • Loans for educational and medical purposes • Loans for other cultural, sport, and traveling purposes Cash loans • Automobile loans • Home Mortgage • Home Renovation Loans through credit cards and account overdraft Figure 1: Categories of Consumer Finance Products as per Decree No.39/2014/ND-CP Source: StoxPlus
  10. 10. 10Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 1: Consumer Finance Market 1.1 Sector Structure 1.2 Market Size and Growth 1.3 Competition Dynamics 1.4 Informal Financing Activities Contents
  11. 11. 11Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Source: StoxPlus from SBV and StoxPlus Vietnam consumer loans continue to grow in 2014, reaching US$10.4billion as of end of August 2014 Section 1: Consumer finance market Market size and growth Figure 2: Consumer Loan Balance (USDbn) and %GDP, %Total Loans In line with the booming credit growth Credit tighten policy dealing with inflation, SBV asked all commercial banks to reduce the non-production loans which include CF to below 22% by 30 June 2011 and below 16% by 31 Dec 2011. SBV issued Document No. 2056/NHNN-CSTT dated 04/10/2012 excluding two groups of loans from the non-production loans under growth cap: (i) loans related to consumer real estate financing and (ii) consumer financing for everyday life purposes (vehicles and home appliances), for education purposes, and medical purposes. 4.9 4.8 7.2 8.2 6.3 7.4 8.9 10.4 7% 5% 8% 8% 5.2% 5.2% 6.0% 6.6% 8% 7% 7% 6% 4.7% 5.3% 5.4% 5.3% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% - 2.0 4.0 6.0 8.0 10.0 12.0 Dec-07 Sep-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Aug-14 Consumer Loans Balance in USDbn % Consumer Loans/GDP % Consumer Loans/Loan Book
  12. 12. 12Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Consumer loans outstanding continued to grow very quickly, at 18% in 2014 Section 1: Consumer finance market Market size and growth Figure 3: Consumer loans annual growth rate, 2007 – Aug 2014 Source: StoxPlus This page is intentionally removed for demo purposes
  13. 13. 13Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Housing / Home improvement and home appliances and furniture loans still accounted for the majority of consumer loans in 2014 Section 1: Consumer finance market Sector Segments Figure 4: Breakdown of Vietnam Consumer Loans, as of 30/08/2014 Source: StoxPlus from NFSC This page is intentionally removed for demo purposes
  14. 14. 14Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. All 7 types of consumer loans have grown at the same rate in 2014 compared to 2013 Section 1: Consumer finance market Sector Segments Figure 5: Breakdown of Vietnam Consumer Loans, 2013-2014 Source: StoxPlus from SBV and NFSC This page is intentionally removed for demo purposes
  15. 15. 15Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 1: Consumer finance market Market size and growth & Segmentation Finance companies have the fastest growth in consumer loans compared to other types of players Source: StoxPlus from NFSC and SBV Figure 6: Breakdown of Vietnam Consumer Loans by players, 2013-2014 This page is intentionally removed for demo purposes
  16. 16. 16Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 1: Consumer finance market Market size and growth & Segmentation Figure 7: Market share of finance companies as at August 2014 Figure 8: Loan outstanding of finance companies, 2014 Source: StoxPlus from NFSC and SBV Source: StoxPlus from NFSC and SBV VP Finance Company (i.e. FE Credit) is believed to be the market leader for consumer finance, followed by PPF and Prudential This page is intentionally removed for demo purposes
  17. 17. 17Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 1: Consumer Finance Market Overview 1.1 Sector Structure 1.2 Market Size and Growth 1.3 Competition Dynamics 1.4 Informal Financing Activities Contents
  18. 18. 18Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Type of Players Target market Business Model Differentiation Weakness SOCBs & JSCBs Mass to Affluent Retail Banking Larger loan amount Strict credit appraisal Foreign banks Upper Mass to Affluent Retail Banking Mid to Large loan amount Strict credit appraisal Finance companies Lower Mass to Upper Mass POS|DSA Quick & Easy loan High interest rate Others (ACS Trading and MobiVi) Lower Mass to Mass POS|DSA|Online Quick & Easy | Accessing point | Lower interest Long process, take time for ACS. Need to partner at corporate level for MobiVi Section 1: Consumer finance market Competition Dynamics
  19. 19. 19Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 1: Consumer finance market Competition Dynamics This page is intentionally removed for demo purposes
  20. 20. 20Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 1: Consumer finance market Domestic Commercial Banks Business Model: Domestic Commercial Banks RetailersDomestic Commercial Banks Borrowers ProductsCash Installment This page is intentionally removed for demo purposes
  21. 21. 21Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Foreign Banks Credit Card Products Overdraft Business Model: Foreign Banks Retailers Borrowers Section 1: Consumer finance market Foreign banks This page is intentionally removed for demo purposes
  22. 22. 22Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Products Disbursement Installment Business Model: Finance Companies Buyers Points of sale Finance Companies Section 1: Consumer finance market Finance Companies This page is intentionally removed for demo purposes
  23. 23. 23Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 1: Consumer Finance Market Overview 1.1 Sector Structure 1.2 Market Size and Growth 1.3 Competition Dynamics 1.4 Informal Financing Activities Contents
  24. 24. 24Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Vietnamese follows the habit of asking financial support from their friends or relatives. Otherwise, pawnshops and hui / ho are popular options for students and low-income people Source: StoxPlus from SBV Section 1: Consumer finance market Informal Finance • In general, Vietnamese has held the perceptions about the complicated application process of banks and financial institutions in the past, as consequence of their experiences of the fast, simple and interest free from friends. As for low-income people and students, the habit of borrowing from prawn shop and “Boc ho” are remained. This circumstance is due to the simple application process, however, the borrowers must bear the high interest rate in return. • It is unable to figure out the exact number of informal lending entities in Vietnam. But as objective observation, several companies have been established and operated for quite a long time, such as Vietsun Finance (2007), VietMoney (2008), MeCash (2011). Financing services offered by these entities include: mortgage loans with collateralized assets (e.g. autos, gold), hire-purchase service, cash loans backed by insurance agreement or credit card ownership. These services are more flexible and provide quicker access to cash compared to official loans provided by banks. Even insurance buyers or credit card owners do not have to prove their financial position to get the cash loans. Market overview: Pawnshop is a convenient and popular channel of credit. There are 3,000 pawnshops in Hanoi alone. The market size of pawnshops and other black credit market is estimated at US$50bn. • Target market: Pawnshops have a wide range of customer, from students to working professionals or business owners. They have credit needs but not qualified for bank loan or lack of knowledge about bank loan services or simply cannot wait for the time-consuming lending process in banks. The borrowing purpose varies: paying for tuition fee, gambling, betting games; affords business expenses; etc. • Products: 02 types of credit products: secured loans and unsecured loans. Secured loans required assets as collateral, unsecured loans required only reference from acquaintance or personal documents as pledge. Unsecured loans can be categorized into 02 types regarding to the collection methods: • Ordinary unsecured loans: Borrowers will have to make interest payment every 5 or 10 days and the interest rate normally is 5 to 10 times higher than the secured loan. • “Boc ho”: Borrowers will not get the full size of the loan but the amount after interest deduction, often equivalent to 20% of the loan size. Then, the borrower will have to make daily repayment to the lender.
  25. 25. 25Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Pawnshops and hui / ho are popular sources of credit for students and low-income people Section 1: Consumer finance market Informal Finance This page is intentionally removed for demo purposes
  26. 26. 26Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Contents Section 2: Detailed Market Review 2.1 Overall of products 2.2 Detailed product survey 2.3 Sales channels 2.4 Marketing campaigns 2.5 Payment methods
  27. 27. 27Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Methodology of CF product survey Section 2: Detailed Market Review Overview of products Description • Selected points of sale were chosen, direct interview was set in point of sale such as Mobile World, FPT Shop or Nguyen Kim. For each type of products, consumer finance providers were surveyed at minimum 5 retailers. For example, as for electronic devices, HD Saison, FE Credit were tested at Nguyen Kim, Tran Anh, Vin Pro, Techone, Nhat Cuong. The simillionar process was applied for the rest. • Depending on product’s characteristic, several elements were checked, from interest rate to required documents, loan tenor to penalties. Limitations • Due to the limited in the location, only Hanoi and Ho Chi Minh, there were some limitations about the number of products and amount of financial institutions. Therefore, the sample size was small and only focused on particular products and key financial institutions, 2 for SOCBs, 5 for JSCBs, 3 for foreign banks and 6 for finance companies. Sample Size • 30 points of sale which offered consumer finance services • Location: Hanoi, Ho Chi Minh • Methodology: Mystery shopping Selected Products • Cash loan • Durable goods • Electronics Devices • Motorbike/E-bikes Types of Financial Institutions • State-owned commercial banks • Joint stock commercial banks • Foreign banks • Finance companies
  28. 28. 28Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Local JSCBs and SOCBs focus on traditional retail banking loans Section 2: Detailed Market Review Overview of products This page is intentionally removed for demo purposes
  29. 29. 29Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Company Cellphone/ Laptop loans Motorcycle loans Auto loans Home appliances loans House Equity/ Home Renovation Cash Loans Credit cards Overdraft Online ANZ Citibank HSBC Standard Chartered Foreign commercial banks focus mostly on cash loans and credit card loans Focused Available Unavailable Section 2: Detailed Market Review Overview of products Source: StoxPlus
  30. 30. 30Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Foreign finance companies have a wide variety of products for POS loans, as well as cash loans Section 2: Detailed Market Review Overview of products This page is intentionally removed for demo purposes
  31. 31. 31Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Contents Section 2: Detailed Market Review 2.1 Overall of products 2.2 Detailed product survey 2.3 Sales channels 2.4 Marketing campaigns 2.5 Payment methods
  32. 32. 32Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Commercial banks (local and foreign) have lower interest rates range for consumer loans, from 4.50% to 30% depending on banks and products Source: StoxPlus’ CF products survey 2015 Figure 21: The CF interest rate range of Commercial Banks, 2014 Section 2: Detailed Market Review Key Terms Interest rates This page is intentionally removed for demo purposes
  33. 33. 33Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Finance companies’ interest rates are much higher, from 13% to as much as 63 – 70% APR. High interest rates are due to their easy credit business model. Figure 9: The CF interest rate range of Finance Companies, 2014 Section 2: Detailed Market Review Key Terms Source: StoxPlus’ CF products survey 2015 Interest rates This page is intentionally removed for demo purposes
  34. 34. 34Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Figure 10: Number of required documents for CF application, 2014 Section 2: Detailed Market Review Key Terms Finance companies have simpler application procedure compared to domestic and foreign commercial banks Source: StoxPlus’ CF products survey 2015 3 3 4 4 4 6 7 7 7 7 0 1 2 3 4 5 6 7 8 HD Saison FE Credit Home Credit JACCS ACS Trading Mirae Asset Prudential Finance Foreign banks SOCBs JSCBs This page is intentionally removed for demo purposes
  35. 35. 35Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Figure 11: Appraisal time, 2014 Section 2: Detailed Market Review Key Terms Source: StoxPlus Finance companies also process loan application much faster than banks. MobiVi is the fastest in processing procedure, while Prudential Finance takes the longest time to process Source: StoxPlus’ CF products survey 2015 Appraisal time This page is intentionally removed for demo purposes
  36. 36. 36Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 2: Detailed Market Review Key Terms Source: StoxPlus Finance companies also process loan application much faster than banks. MobiVi is the fastest in processing procedure, while Prudential Finance takes the longest time to process (cont’d) Figure 12: MobiVi cash loans procedure process Source: MobiVi’s website 2015 Application procedure This page is intentionally removed for demo purposes
  37. 37. 37Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Figure 13: Number of covered provinces, 2014 63 63 58 13 3 21 7 3 2 63 47 32 0 10 20 30 40 50 60 70 HD Saison Home Credit FE Credit Prudential Finance Mirae Asset HSBC Standard Charter ANZ Citi Bank SOCBs ACB Techcombank Section 2: Detailed Market Review Key Terms In contrary with foreign banks, domestic banks and finance companies provide smaller amount of loans but tend to nation wide coverage Source: StoxPlus’ CF products survey 2015 This page is intentionally removed for demo purposes
  38. 38. 38Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Detailed key terms: Cash loan products provided by Domestic Commercial Banks Source: StoxPlus from SBV Section 2: Detailed Market Review Key Terms Source: StoxPlus This page is intentionally removed for demo purposes
  39. 39. 39Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Detailed key terms: Cash loan products provided by foreign banks Source: StoxPlus Section 2: Detailed Market Review Key Terms This page is intentionally removed for demo purposes
  40. 40. 40Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Detailed key terms: Cash loan products provided by finance companies Section 2: Detailed Market Review Key Terms Source: StoxPlus This page is intentionally removed for demo purposes
  41. 41. 41Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Detailed key terms: POS loan products provided by finance companies Source: StoxPlus Section 2: Detailed Market Review Key Terms This page is intentionally removed for demo purposes
  42. 42. 42Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Detailed key terms: POS loan products provided by finance companies Source: StoxPlus Section 2: Detailed Market Review Key Terms This page is intentionally removed for demo purposes
  43. 43. 43Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Detailed key terms: POS loan products provided by finance companies Section 2: Consumer finance market Key terms Source: StoxPlus This page is intentionally removed for demo purposes
  44. 44. 44Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Detailed key terms: POS loan products provided by finance companies Section 2: Consumer finance market Key terms Source: StoxPlus Cash loans This page is intentionally removed for demo purposes
  45. 45. 45Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Contents Section 2: Detailed Market Review 2.1 Overall of products 2.2 Detailed product survey 2.3 Sales channels 2.4 Marketing campaigns 2.5 Payment methods
  46. 46. 46Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Point of sales This is the most important sales channel for CF business, since consumer finance is closely related to the purchase of consumers for goods and services. Call Center Finance companies usually use call center to up-sell cash loans to existing customers, or to acquire new customers using a telesales database. Post Office For payments - A number of pure CF players utilize post office system for their payment disbursement and collection. Only Home Credit has representatives available in post office, but in southern of Vietnam Branches Physical regional offices play a very important for cash loan walk- in as well. Direct Sale Agents Direct sale agents can be established in-house or outsourced to third party providers. Online Many CF companies are claiming to explore online and mobile platform such as Payoo for loan repayment as well as sales channels to increase the efficiency of loan generation , payment and collection. Section 2: Detailed Market Review Sales channels – Finance Companies There are currently 5 main sales channels being used by existing CF players, including: POS, call center, physical office (branches, post office), direct sales agents, and online channels
  47. 47. 47Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 2: Detailed Market Review Sales channels There are currently 5 main sales channels being used by existing CF players, including: POS, call center, physical office (branches, post office), direct sales agents, and online channels (cont’d) This page is intentionally removed for demo purposes
  48. 48. 48Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 2: Detailed Market Review Sales channels – Finance Companies PPF and FE Credit have the most extensive sales channel network This page is intentionally removed for demo purposes
  49. 49. 49Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Contents Section 2: Detailed Market Review 2.1 Overall of products 2.2 Detailed product survey 2.3 Sales channels 2.4 Marketing campaigns 2.5 Payment methods
  50. 50. 50Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 2: Detailed Market Review Marketing Campaign Source: StoxPlus Domestic commercial banks provide an informative and active marketing campaigns to target customers This page is intentionally removed for demo purposes
  51. 51. 51Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 2: Detailed Market Review Marketing Campaign Source: StoxPlus Foreign commercial banks focus on multi-channel information provided to customers This page is intentionally removed for demo purposes
  52. 52. 52Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 2: Detailed Market Review Marketing Campaign Source: StoxPlus Marketing campaigns of finance company are developed much better compared to the rest This page is intentionally removed for demo purposes
  53. 53. 53Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 2: Detailed Market Review Marketing Campaign Source: StoxPlus Marketing campaigns of finance company are developed much better compared to the rest This page is intentionally removed for demo purposes
  54. 54. 54Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Contents Section 2: Detailed Market Review 2.1 Overall of products 2.2 Detailed product survey 2.3 Sales channels 2.4 Marketing campaigns 2.5 Payment methods
  55. 55. 55Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Banking network Post Office POS/Branch es E-commerce TOTAL Account transfer ATM Auto Debit Smartlink Payoo MoMo Home Credit 4 FE Credit 3 HD Saison 3 JACCS 2 Section 2: Detailed Market Review Payment Methods Prudential Finance have the most diverse payment methods to increase convenience for customers Source: StoxPlus This page is intentionally removed for demo purposes
  56. 56. 56Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Banking network Post Office POS/Branches E-commerce TOTAL Account transfer ATM Auto Debit Smartlink Payoo MoMo Mirae Asset Finance 4 Prudential Finance 6 Toyota Finance 3 Section 2: Detailed Market Review Payment Methods Prudential Finance have the most diverse payment methods to increase convenience for customers Source: StoxPlus This page is intentionally removed for demo purposes
  57. 57. 57Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 2: Detailed Market Review Payment Methods This page is intentionally removed for demo purposes
  58. 58. 58Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 3: Key Players Profile Contents 3.1 Local banks 3.2 Foreign banks 3.3 Finance companies 3.4 Others
  59. 59. 59Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 3: Key players profile Techcombank Within 2014, Techcombank served over 48.7 thousand enterprises and 3.7 million individual customers with total outstanding loans of VND 80,308 billion which accounted for 2.02% of market share. Figure 14: Total loans and total assets, 2008 - 2013 Figure 15: Loans breakdown by types of borrowers Source: StoxPlus from SBV and NFSC Source: StoxPlus from SBV and NFSC This page is intentionally removed for demo purposes
  60. 60. 60Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 3: Key players profile VP Bank With the vision to become one of the five leading joint-stock commercial banks in Vietnam and 1 of the three leading retail joint-stock commercial banks in Vietnam by 2017, VPB created a five-year strategic roadmap since 2010. Figure 16: Total loans and total assets, 2008 - 2013 Figure 17: Loans breakdown by types of borrowers Source: StoxPlus from SBV and NFSC Source: StoxPlus from SBV and NFSC This page is intentionally removed for demo purposes
  61. 61. 61Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 3: Key players profile Maritime Bank In order to target on consumer finance, the Bank planned to acquire Vietnam Textile Finance Company (TFC) in 2015 and was approved by the SBV Figure 18: Total loans and total assets, 2008 - 2013 Figure 19: Loans breakdown by types of borrowers Source: StoxPlus from SBV and NFSC Source: StoxPlus from SBV and NFSC This page is intentionally removed for demo purposes
  62. 62. 62Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 3: Key Players Profile Contents 3.1 Local banks 3.2 Foreign banks 3.3 Finance companies 3.4 Others
  63. 63. 63Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 3: Key players profile ANZ Vietnam ANZ is the most active bank amongst foreign players in consumer finance battle with diversified products and fastest appraisal processing time – within 24-hour This page is intentionally removed for demo purposes
  64. 64. 64Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 3: Key players profile Citibank Vietnam Citibank participates into Vietnam consumer finance market with the most attractive interest rate – 8.5% p.a, the lowest rate in the market. Source: StoxPlus This page is intentionally removed for demo purposes
  65. 65. 65Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 3: Key players profile HSBC Vietnam HSBC engaged into consumer finance market with diversified products, both secured and unsecured loans and the promise of attractive interest rate This page is intentionally removed for demo purposes
  66. 66. 66Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 3: Key Players Profile Contents 3.1 Local banks 3.2 Foreign banks 3.3 Finance companies 3.4 Others
  67. 67. 67Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. BUSINESS PROFILE PRODUCTS - SALES AND HEADCOUNT KEY FINANCIAL & OPERATIONAL INDICATORS ROE & ROA OVER THE PERIOD 2011 – 1H2014 License No. 112/GP-NHNN issued on 18/04/2008 by Governor of SBV Founded Year 2009 Ownership 100% foreign owned (PPF Group N.V. ) Location Ho Chi Minh City Other Branches 44 other cities and provinces in Vietnam Source: StoxPlus from SBV and NFSC Products: Motorbikes Loan Consumer Durable Loan Cash Loan Source: StoxPlus from SBV and NFSC Section 3: Key players profile Home Credit – PPF Vietnam 5,000 points-of-sale established across 63 provinces in Vietnam This page is intentionally removed for demo purposes
  68. 68. 68Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. BUSINESS PROFILE PRODUCTS - SALES AND HEADCOUNT KEY FINANCIAL & OPERATIONAL INDICATORS ROE & ROA OVER THE PERIOD 2011 – 1H2014 Founded Year 2010 Ownership 100% private owned (VP Bank JSC) Location Ho Chi Minh City Other Branches 1 other branch in HCM City and transaction offices in 63 provinces No. of staff 13,500 Source: StoxPlus from SBV and NFSC Products: Motorbikes Loan Consumer Durable Loan Cash Loan Source: StoxPlus from SBV and NFSC Section 3: Key players profile FE Credit In 2014, FE Credit cooperated with over 3,100 other partners and has more than 4,000 POS all over the country This page is intentionally removed for demo purposes
  69. 69. 69Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Prudential Finance: “walk-in” model with cash loans and mainly focusing on white-collar workers BUSINESS PROFILE PRODUCTS - SALES AND HEADCOUNT KEY FINANCIAL & OPERATIONAL INDICATORS ROE & ROA OVER THE PERIOD 2011 – 1H2014 License No. 10/GP-NHNN issued on 10/10/2006 by Governor of SBV Founded Year 2007 Ownership 100% foreign owned (Prudential plc - UK) Location Ho Chi Minh City Other Branches 01 Branch in Ha Noi and 4 transaction offices in HCMC Source: StoxPlus, Prudential Finance’ Financial Statements Section 3: Key players profile Prudential Finance Vietnam This page is intentionally removed for demo purposes
  70. 70. 70Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Within 8 years, HD Saison has gone through two M&A deals which resulted the quicken expansion of consumer finance products and its network BUSINESS PROFILE PRODUCTS - SALES AND HEADCOUNT KEY FINANCIAL & OPERATIONAL INDICATORS ROE & ROA OVER THE PERIOD 2011 – 1H2014 License No. 05/GP-NHNN issued on 08/05/2007 by SBV and Decision No.2533/QĐ-NHNN on October 30, 2013 to revise the License. Founded Year 2007 Ownership 50 % owned by HDBank, 49% owned by Credit Saison Japan Location Ho Chi Minh City Other Branches 01 Branch in Ha Noi and Service in 63other cities and provinces Source: StoxPlus, HD Finance Financial Statements Section 3: Key players profile HD Saison This page is intentionally removed for demo purposes
  71. 71. 71Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. AUTO LOAN MARKETBUSINESS PROFILE KEY FINANCIAL & OPERATIONAL INDICATORS ROE & ROA OVER THE PERIOD 2011 – 1H2014 Products: Personal Loan: Loan amount is VND190mn at maximum and VND10mn at minimum with duration from 12 to 48 months. Disbursement is within 48 hours after all required document is approved. Targets: People living in HCMC or HN with minimum monthly income of VND3mn. Source: StoxPlus License No. 208/GP-NHNN issued on 24 April, 2008 by SBV Founded Year 2008 Ownership 100% foreign owned (Toyota Financial Corporation) Location Ho Chi Minh City Other Branches Available at all 33 Toyota authorized dealers in Vietnam Section 3: Key players profile Toyota Finance Vietnam Toyota Finance Service Vietnam showed an growing trend but the auto market in Vietnam is still underdeveloped. This page is intentionally removed for demo purposes
  72. 72. 72Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. BUSINESS PROFILE PRODUCTS - SALES AND HEADCOUNT KEY FINANCIAL & OPERATIONAL INDICATORS ROE & ROA OVER THE PERIOD 2011 – 1H2014 License No. 90/GP-NHNN issued on 13/04/2010 by Governor of the SBV Founded Year 2010 Ownership 100% foreign-owned (JACCS Japan) Location Ho Chi Minh City Source: StoxPlus Section 3: Key players profile JACCS Vietnam Due to the expanded operation of other finance companies, such as HD Saison or FE Credit, JACCS seemed to be lose its competitive advantage in motorbike market This page is intentionally removed for demo purposes
  73. 73. 73Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Different from the rest of finance companies, MAFC divided its products in term of customer’s occupations. BUSINESS PROFILE PRODUCTS DESCRIPTION License No. 250/GP-NHNN issued on 11/11/2010 by Governor of the SBV Founded Year 2010 Ownership 100% foreign-owned (Mirae Asset Capital) Location Ho Chi Minh City Source: StoxPlus • Employee cash loan: Cash loan from VND3mn to VND300mn for expenditure needs , shopping... with the tenure of 6 to 24 months . Interest rate raging from 18% to 22%/year. • Online Cash Loan: Provided through loan purchases Finance Company Mirae Asset in the partner stores. The loan amount varies in less or more than VND7mn. Down payment is not required. • Teacher Cash Loan : The loan amount is up to 7 times of the income. Tenure is ranging from 6 to12,18,24 months with the interest rate of 18 – 23%/year. • Hospital Employee Cash Loan: for hospitals, clinics located in HCM city with a loan up to VND200mn, interest rate of 18 – 20%/year. • Automobile Loan: The loan is up to 70% car value with the tenure up to 5 years. The automobile loan interest rate is 9.99% in the first 3 months then down to 12.5%/year. Section 3: Key players profile Mirae Asset Finance Vietnam This page is intentionally removed for demo purposes
  74. 74. 74Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 3: Key Players Profile Contents 3.1 Local banks 3.2 Foreign banks 3.3 Finance companies 3.4 Others
  75. 75. 75Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. ACS Trading Co. is a trade finance company mainly focus on durable goods and two-wheel vehicles Section 3: Key players profile ACS Trading Co., Source: StoxPlus This page is intentionally removed for demo purposes
  76. 76. 76Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Source: StoxPlus from SBV Section 3: Key player profile MobiVi Following the upcoming wave of consumer internet companies, MobiVi has been the pioneer in this sector by offering the products online instead of traditional approach Source: StoxPlus Source: StoxPlus This page is intentionally removed for demo purposes
  77. 77. 77Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Contents Section 4: Major economic context 4.1 Macroeconomic context 4.2 Banking sector context 4.3 Non-bank sector context 4.4 Major policy changes 4.5 Analysis of foreign interests in Vietnam
  78. 78. 78Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 4: Major economic context Macroeconomic context Vietnam economic has shown early signs of firming up of recovery in 2014. Source: StoxPlus from General Statistics Office of Vietnam Figure 20: Vietnam CPI and GDP growth from 2005-2014 (%y –o –y) Figure 21: Vietnam FDI Disbursement (US$ million) from 2003 - 2014 Source: StoxPlus from General Statistics Office of Vietnam 3.10% 6.78% 4.00% 5.98%15.58% 18.57% 4.29% 0% 5% 10% 15% 20% 0% 1% 2% 3% 4% 5% 6% 7% 8% CPI GDP Growth 12,005 71,727 20,230 4,000 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 US$million FDI disbursed FII This page is intentionally removed for demo purposes
  79. 79. 79Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. 465,381580,710 726,113 968,067 1,197,480 1,561,480 2,004,360 2,324,443 2,617,963 2,945,277 3,987,680 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 Consumption has been the driving factor to boost GDP growth Figure 22: Vietnam Total Retail Sales (Value in VNDbn) Source: StoxPlus from General Statistics Office of Vietnam Section 4: Major economic context Macroeconomic context 42.3 43 46 53.9 60.5 66.5 75.6 85.4 96.9 109 0 20 40 60 80 100 120 0 20 40 60 80 100 120 140 160 180 200 2008 2009 2010 2011 2012 2013 2014 2015F 2016F 2017F Total Peronal Disposable Income Total Consumer Expenditure Total Retail sales Source: StoxPlus from Economist Intelligence Unit Figure 23: Vietnam’s total personal disposable income and total household consumption, 2008 – 2017F This page is intentionally removed for demo purposes
  80. 80. 80Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Burgeoning and aspirational middle class as the driving indicators of increasing consumer purchasing power showing that there is a room for CF business to expand in Vietnam. Section 4: Major economic context Macroeconomic context This page is intentionally removed for demo purposes
  81. 81. 81Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 4: Major economic context Contents 4.1 Macroeconomic context 4.2 Banking sector context 4.3 Non-bank sector context 4.4 Major policy changes 4.5 Analysis of foreign interests in Vietnam
  82. 82. 82Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. 2015 is the last year of banking restructuring plan. Despite many measures are introduced, banks suffered from a high ratio of non-performing loans. Figure 24: NPL ratio reported by banks period 2008 – 2014 (%) Source: StoxPlus from SBV Section 4: Major economic context Banking sector context 2.17 2.15 2.17 3.3 4.08 3.61 3.25 8.6 0 1 2 3 4 5 6 7 8 9 10 2008 2009 2010 2011 2012 2013 2014 NPL ratio reported by Banks NPL ratio reported by SBV Special Audit This page is intentionally removed for demo purposes
  83. 83. 83Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. The government has taken steps to overhaul the financial system and try to boost lending, with credit growth rising about 12.6 % as of December 2014. Source: StoxPlus from State Bank of Vietnam Figure 25: Vietnam Credit Growth from 2001-2014 Source: StoxPlus; KPMG Vietnam Banking Survey 2013 Section 4: Major economic context Banking sector context 21.4% 22.2% 28.2% 41.5% 19.2% 21.4% 51.4% 30.0% 37.7% 27.8% 12.0% 8.9% 12.5% 12.6% 0% 20% 40% 60% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 GDP Growth CPI Credit Growth Slow Credit Growth 21% 14% 11% 1.4% 1.1% 1.0% -3% 2% 7% 12% 17% 22% 0 5000 10000 15000 20000 25000 30000 35000 40000 45000 2011 2012 2013 Profit After Tax ROE ROA Figure 26: ROE & ROA in Vietnam’s Banking Sector This page is intentionally removed for demo purposes
  84. 84. 84Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 4: Major economic context Banking sector context Retail lending accounts for 34.4% of total loan outstanding, equivalent to US$65 billions at year end 2014 Figure 27: Breakdown loan by types of customers, 2014 Source: StoxPlus from SBV and NFSC This page is intentionally removed for demo purposes
  85. 85. 85Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 4: Major economic context Banking sector context Banks are shifting their focus from corporate lending to retail lending Figure 28: Selected types of customers over the period 2012-2014 Source: StoxPlus from SBV and NFSC This page is intentionally removed for demo purposes
  86. 86. 86Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 4: Major economic context Contents 4.1 Macroeconomic context 4.2 Banking sector context 4.3 Non-bank sector context 4.4 Major policy changes 4.5 Analysis of foreign interests in Vietnam
  87. 87. 87Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. A large number of local finance companies under SOEs are divested from parent due to non-core business. While foreign participants are strengthening their position. Section 4: Major economic context Non-bank sector context This page is intentionally removed for demo purposes
  88. 88. 88Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Domestic banks taking over financial firms is the trend in 2014 and 2015. Banks are also applying for new finance company licenses. Local finance company Acquired Commercial Bank Plan Status EVN Finance JSC An Binh Bank 2015 Not Yet Vietnam Chemical Finance JSC - VCFC Techcombank 2014 Done Vinaconex-Viettel Finance JSC - VVF Saigon-Hanoi Bank 2014 Done Vietnam Textile and Garment Finance Joint Stock Company Maritime Bank 2014 Done Cement Finance JSC millionitary Bank 2014 Not Yet Coal and Mineral Finance JSC VP Bank 2014 Done Figure 29: Example of marriage between local financial companies and commercial banks Section 4: Major economic context Non-bank sector context Source: StoxPlus This page is intentionally removed for demo purposes
  89. 89. 89Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 4: Major economic context Contents 4.1 Macroeconomic context 4.2 Banking sector context 4.3 Non-bank sector context 4.4 Major policy changes 4.5 Analysis of foreign interests in Vietnam
  90. 90. 90Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Decree No.39/2014/ND-CP allows finance companies to engage in credit card business Section 4: Major economic context Major policy changes This page is intentionally removed for demo purposes
  91. 91. 91Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 4: Major economic context Major policy changes SBV is considering a new Circular which requires banks to set up a separate finance company to provide consumer credit Applied Participants • Finance Companies • Individual Customer • Related institutions Allowed activities • Loan installment • Card Overdraft • Product Voucher Restricted activities • House Equity • Housing Construction loan Interest rate • Flexibility • Rate for overdue loan is not over 150% of the previous rate Application Form • Identification Card • Permanent Residential Book • Utility’s Bill • Request form for loan System required • Internal Credit Rating • Risk Management Experts Figure 30: Summary of Draft circular on Consumer Finance activities issued by SBV in 2014 Source: StoxPlus This page is intentionally removed for demo purposes
  92. 92. 92Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 4: Major economic context Contents 4.1 Macroeconomic context 4.2 Banking sector context 4.3 Non-bank sector context 4.4 Major policy changes 4.5 Analysis of foreign interests in Vietnam
  93. 93. 93Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Foreign financial institutions are actively looking for finance company license or applying for a new license Section 4: Major economic context Foreign interests in Vietnam CF sector This page is intentionally removed for demo purposes
  94. 94. 94Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Foreign investors are most likely to invest in the existing finance companies, or partnering with a local bank with finance company licenses who needs partner with CF expertise Section 4: Major economic context Foreign interests in Vietnam CF sector This page is intentionally removed for demo purposes
  95. 95. 95Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 5: Market Potentials and Challenges Contents 5.1 Key growth drivers 5.2 Emerging Product Trends 5.3 Main Challenges
  96. 96. 96Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Vietnam has a young population structure with rising income. This demographic characteristic provides many opportunities for consumer finance to develop further Section 5: Market potentials and Challenges Key growth drivers Figure 32: % of Vietnam urban population over the total Source: MOC, National Urban Development Program for the Period of 2012-2050 5 4 3 2 1 0 1 2 3 4 5 0 - 4 5 - 9 10 - 14 15 - 19 20 - 24 25 - 29 30 - 34 35 - 39 40 - 44 45 - 49 50 - 54 55 - 59 60 - 64 65 - 69 70 - 74 75+ 80 - 84 85+ million Male Female Figure 31: Vietnam’s Age Pyramid 2014 Source: GSO This page is intentionally removed for demo purposes
  97. 97. 97Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. The market share of modern retail in Vietnam in 2014 is about 25% of the total retail sales. More foreign retailers are planning to enter the market Section 5: Market potentials and Challenges Key growth drivers Figure 33: Expansion plan of Vietnam retailers Source: StoxPlus This page is intentionally removed for demo purposes
  98. 98. 98Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. The market share of modern retail in Vietnam in 2014 is about 25% of the total retail sales. More foreign retailers are planning to enter the market (cont’d) Section 5: Market potentials and Challenges Key growth drivers Figure 34: Top retailers by number of outlets in Vietnam Source: Euromonitor This page is intentionally removed for demo purposes
  99. 99. 99Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Vietnam has a big unbanked population while banking infrastructure is yet to meet the demand. Consumer finance companies can target this unbanked population. Figure 35: Population with and without bank accounts, 2014 Source: StoxPlus estimates from World Bank Section 5: Market potentials and Challenges Key growth drivers Figure 36: Banking infrastructure network, 2014 Source: StoxPlus analysis from SBV This page is intentionally removed for demo purposes
  100. 100. 100Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. E-Commerce Sales in Vietnam is reported to hit US$2.9bn at the end of 2014. Both foreign and domestic companies are eagerly expanding their e-commerce business Section 5: Market potentials and Challenges Key growth drivers Top 5 e-commerce websites in Vietnam No Name E-commerce Portal Alexa Ranking 1 Lazada www.lazada.vn 38 2 Sendo www.sendo.vn 168 3 Zalora www.zalora.vn 180 4 Tiki www.tiki.vn 204 5 Muachung www.muachung.vn 126 Figure 37: Vietnam B2C E-commerce sales in USD millions, 2011 - 2015 Figure 38: Top 5 E-commerce website in Vietnam 2014 Source: VECITA 2014 0.20 0.70 2.20 2.97 4.00 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 2011 2012 2013 2014 2015* Source: VECITA reports This page is intentionally removed for demo purposes
  101. 101. 101Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 5: Market Potentials and Challenges Contents 5.1 Key growth drivers 5.2 Emerging Product Trends 5.3 Main Challenges
  102. 102. 102Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Cash loan is the new trend for finance companies. Section 5: Market potentials and Challenges Emerging product trends Figure 39: Mirae Asset’s cash loan product features Source: StoxPlus from Mirae asset’s website This page is intentionally removed for demo purposes
  103. 103. 103Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Mobile wallet is expected to continue to gain momentum as well as mobile expected to reshape payments industry for years to come Section 5: Market potentials and Challenges Emerging product trends The draft Circular on intermediary payment services classifies e-payment / e-payment services into 06 different licenses: 1) E-payment infrastructure services • Financial Switching service • Intermediary Electronic Clearing service • Electronic Payment Gateway 2) Transaction support services • Collection and Money Advance Support service • Money Transfer Support service • E-wallet service No E-wallet company Flatform 1 Viet Phu Payment Services JSC (MobiVi) MobiVi 2 Viet Union Payment Services JSC (VietUnion) Payoo 3 Vietnam Payment Solutions JSC (VNPay) VnMart 4 Card Service Smartlink (Smartlink) Smartlink 5 Vietnam Payment Technology JSC (VinaPay) Vcash 6 Peace Soft Solutions JSC (Peacesoft) Nganluong 7 Online Mobile Services JSC (M-Service) m-Service 8 VNPT Payment Services JSC (VNPT EPAY) VNPT EPAY 9 Electricity and Telecom Payment Services JSC (ECPay) E-Dong 10 VinaPhone MoMo 11 Vi Viet Payment Service JSC (Lien Viet Bank) Vi Viet 12 VDC i-Coin Source: StoxPlus from Vietnam E-Commerce Annual Report, 2011 Figure 40: List of E-wallet platforms 2011 This page is intentionally removed for demo purposes
  104. 104. 104Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Section 5: Market Potentials and Challenges Contents 5.1 Key growth drivers 5.2 Emerging Product Trends 5.3 Main Challenges
  105. 105. 105Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Modern retail has been mostly confined to urban areas. Meanwhile, E-commerce is Vietnam is still in the infancy stage Section 5: Market potentials and Challenges Main challenges 60.9 66.7 46.2 26.4 3.8 0 10 20 30 40 50 60 70 80 China Malaysia Indonesia India Vietnam China Malaysia Indonesia India Vietnam Figure 41: Market attractiveness in Asia Retail Market Index 2014 Source: The 2014 Global Retail Development Index by AT Kearney 2014 This page is intentionally removed for demo purposes
  106. 106. 106Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Other operation challenges that we pointed out in previous reports still remained unresolved in 2015 Section 5: Market potentials and Challenges Challenges and Key Considerations This page is intentionally removed for demo purposes
  107. 107. 107Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Appendices Contents
  108. 108. 108Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Appendix 1: Vietnam Retail Banking Capacity Matrix No Ticker Bank Name Exchange Total AssetsCharter Capital Total Loan Retail Loan %Total Loan 2013 1 ABB An Binh Bank OTC 57,628 4,798 22,993 NA NA 2 ACB Asia Commercial Bank HNX 166,599 9,377 105,642 8,193 0 3 AGRB Agribank OTC 696,781 26,575 518,853 36,188 0 4 BID BIDV HOSE 548,386 28,112 384,890 22,022 0 5 BVB Bao Viet Bank OTC 16,788 3,000 7,856 486 0 6 CTG VietinBank HOSE 576,368 37,234 372,989 6,681 0 7 DCB OceanBank OTC 67,075 4,000 27,756 605 0 8 EAB DongA Bank OTC 74,920 5,000 52,153 5,298 0 9 EIB Eximbank HOSE 169,835 12,355 82,643 10,990 0 10 GDB Viet Capital Bank OTC 23,059 3,000 9,909 NA NA 11 HDB HDBank OTC 86,227 8,100 43,333 976 0 12 KLB Kien Long Bank OTC 21,372 3,000 12,004 686 0 13 LVB LienViet Post Bank OTC 79,594 6,460 28,954 588 0 14 MBB MBBank HOSE 180,381 11,256 85,973 6,141 0 15 MDB Mekong Development Bank OTC 6,437 3,750 3,879 299 0 16 MSB MaritimeBank OTC 107,115 8,000 26,676 NA NA 17 NAB Nam A Bank OTC 28,782 3,000 11,494 299 0 18 NASB North Asia Bank OTC 50,308 3,000 29,245 5,298 0 19 NVB National Citizen Bank HNX 29,074 3,010 13,266 188 0 20 OCB ORICOMBANK OTC 32,795 3,234 19,974 1,837 0 21 PGB PG Bank OTC 24,876 3,000 13,680 890 0 22 PNB Southern Bank OTC 77,558 4,000 41,319 299 0 23 PVF PVcomBank OTC 101,124 9,000 40,016 215 0 24 SCB Saigon Commercial Bank OTC 181,019 12,295 88,350 48 0 25 SEAB SeaBank OTC 79,864 5,466 20,423 1,229 0 26 SGB Saigon bank for industry and trade OTC 14,685 3,080 10,568 232 0 27 SHB SH Bank HNX 143,626 8,866 75,322 NA NA 28 STB Sacombank HOSE 161,378 12,425 109,214 12,321 0 29 TCB Techcombank OTC 158,897 8,878 69,089 15,149 0 30 PB Tien Phong Bank OTC 32,088 5,550 11,809 1,816 0 31 VAB Viet A Bank OTC 27,033 3,098 14,196 2,012 0 32 VCB Vietcombank HOSE 468,994 23,174 267,863 12,790 0 33 VIB VIBBank OTC 76,875 4,250 34,313 4,629 0 34 VPB VPbank OTC 121,264 5,770 51,869 9,427 0
  109. 109. 109Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. Appendix 2: Vietnam Retail Banking Total Loan Book This page is intentionally removed for demo purposes
  110. 110. 110Publishing license No. 1647 – 2015/CXBIPH/68 – 37/HĐ issued on 12/06/2015. Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 07/07/2015, Hanoi, Vietnam. This page is intentionally left blank
  111. 111. ‹#› If you need further assistance, contact us at: Hang Pham Associate +84 (0) 35626962 (ext. 109) +84 (0) 904002705 hang.pham@stoxplus.com Head Office 5th Floor, Indovina Bank Building 36 Hoang Cau Street Hanoi, Vietnam + 84 (4) 3562 6962 Ho Chi Minh Branch 20th Floor, AB Tower, 76 Le Lai Street, District 1 Ho Chi Minh City, Vietnam + 84 (8) 3823 3485 Lan Nguyen Research Manager +84 (0) 35626962 (ext. 109) +84 (0) 96 494 6760 lan.nguyen@stoxplus.com

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