Moody's Investors Service has placed the long-term ratings and assessments of three Vietnamese finance companies and two Vietnamese banks on review for downgrade.
Domestic banks are in a position to complete their 2019 profit targets if they finish the year on a high.
Many banks and finance companies have proactively adopted technologies to provide digital financial services, Nguyen Hoang Minh, a senior central bank official said.
Non-cash payment has been developing sharply in Vietnam recently, and building a digital payment ecosystem is becoming essential to accommodate further growth.
VP Bank Finance Company Limited (FE CREDIT), one of the largest credit card issuers in Vietnam, scored a hat-trick of gongs at the 5th Annual Cards and Electronic Payments International (CEPI) Asia Awards 2018.
Consumer loans have increased sharply in Ho Chi Minh City in recent years, said Nguyen Hoang Minh, Director of the State Bank of Vietnam’s HCM City Branch.
Germany’s Deutsche Bank will provide a guaranteed loan worth US$100 million for the VPBank Finance Company Ltd (FE Credit) to strengthen its leading position in consumer finance.
Consumer finance is proving to be an attractive sector with the number of foreign companies rising through mergers and acquisitions, the news site cafef.vn reported.
Consumer lending in Vietnam has prospered in recent years thanks, in large part, to the lending expertise of foreign firms, which has helped to propel the sector closer to its full potential.
Japanese enterprises in banking and finance are now the biggest foreign shareholders in Vietnamese banks, financial and financial leasing companies, and their Vietnamese partners highly regard their expertise and support.
Last year the VPBank-owned FE Credit-Consumer Finance Services added 2.7 million accounts to take its total number of customers to 3.3 million.
VOV.VN - VPBank Finance Company Limited (“FE CREDIT”) recently announced that the company has obtained a US$100 million senior secured term loan committed facility (“Facility”) to supplement working capital as it continues to build its domestic consumer finance services business.
VPBank Finance Company Limited (FE CREDIT) has announced that it had completed a syndicated loan procedure with Switzerland’s Credit Suisse Group.
Vietnam’s consumer loans hit a five-year record high of US$15.12 billion last year, according to a new report from local market research company StoxPlus.
Despite the high demand and the fertile market, only 50% of Vietnamese owned finance leasing companies have been profitable.