The COVID-19 pandemic is significantly changing the landscape of the consumer credit market as consumers tend to tighten their budget and pay more attention to healthcare, environment and lifestyle as well as switching to online shopping.

Many international credit rating organisations want to join the Vietnamese market, heard a seminar in Ho Chi Minh City on April 16.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has requested that credit growth be achieved in tandem with improving credit quality, with a focus on manufacturing and priority areas.

Demand for credit may increase sharply since the second quarter, especially in fields of industrial production, exports, trade and tourism, said a senior official of the central bank.

Fitch Ratings has revised the outlook for the Vietnam Oil and Gas Group (PetroVietnam) to “positive” from “stable”.

Credit growth will expand significantly from Quarter 2 and exceed the State Bank of Vietnam (SBV)’s target of 12% for the year as a whole if the pandemic is brought under good control and the vaccination campaign proves effective, according to insiders.

As of March, more than 6.4 million poor and near-poor households had won access to loans from the Vietnam Bank for Social Policies (VBSP).

Amid the COVID-19 pandemic, many Vietnamese enterprises in Cambodia have tried their best to stand firm and have worked towards developing their business in the “new normal”.

Though Vietnam’s outstanding consumer credit almost tripled over the last decade, its share of total outstanding loans is yet to keep pace with that of its regional nations. There is plenty of room for improvement in the time to come, industry insiders have said.

An e-commerce credit evaluation system is needed to increase customer confidence in purchase and payment.