Vietnam’s consumer finance (CF) market (by commercial banks & FinCos) has dipped to low double-digit growth (10.7%YoY, 2020) after a year of hardship. However, despite the headwinds, Vietnam CF managed to secure over 20% of the country loan book. The unprecedented COVID-19 outbreak accelerated the following key trends in the CF market:  The pandemic prompted the acceleration of the digital transformation of customer journey amongst FinCos  The launch of mobile money and the booming of digital payment brought both challenges and opportunities for FinCos, especially their credit card business  M&A emerged as the game-changer to foster future growth given the strong growth potential of the CF market and the Government’s policies that support sector consolidation and expansion of FinCos to repel black credit market. Download FULL report: https://bit.ly/vietnam-consumer-finance-report-2021

2. Date: June 18th, 2021
Dear Our Valued Clients,
Re: The publication of Vietnam Consumer Finance Report 2021
FiinResearch, a market research and consulting division of
FiinGroup, is pleased to present our Vietnam Consumer Finance
Report 2021. So far, FiinResearch has been publishing annually
updated Vietnam Consumer Finance Market Report for nine years,
providing the first and most comprehensive reports on the sector in
Vietnam.
Based on the feedbacks from our clients, in addition to the
comprehensive analysis of the market, we have updated Vietnam
Consumer Finance Market Report this year with emphasis on in-
depth analysis of market share and financial performance amongst
key players, the development of each product segment, prominent
trends as well as new market entrants’ movements. The impacts of
COVID-19, key players’ reactions as well as an update on regulatory
framework of the sector are also covered in the report.
During the research work, leveraging on our extensive local
business network, we have conducted various discussions with key
market players to capture the in-depth sector insights, sector
performance, key market trends and key growth drivers.
We would be happy to provide further information to address any
questions that you may have on the report. Our ultimate report objective
is to bring real values to your investment and business decisions in the
sector in Vietnam.
Should you have any questions, please contact me or our Assistant
Manager in charge of consumer finance sector, Ms. Oanh Tran at
+84 (24) 3562 6962 (ext. 120) or her email: oanh.trankieu@fiingroup.vn.
Yours sincerely,
Le Xuan Dong
Director, Head of Market Research and Consulting Services
(“FiinResearch”)
FiinGroup Joint Stock Company
FiinGroup Joint Stock Company
2
Head Office
10th Floor, Peakview Tower
36 Hoang Cau, Dong Da
Hanoi, Vietnam
telephone: +84 (24) 3562 6962
website: www.fiingroup.vn
website: www.fiinresearch.vn
Ho Chi Minh City Branch
3rd Floor, Profomilk Plaza Bldg
51-53 Vo Van Tan, District 3
Ho Chi Minh City, Vietnam
telephone:+ 84 (28) 3933 3586

3. Abbreviation
NO. ABBREVIATION STAND FOR NO. ABBREVIATION STANDFOR
1 1M 1 month 28 NLB National loan book
2 Q1 1st quarter 29 NAPAS National Payment Corporation of Vietnam
3 Q2 2nd quarter 30 NII Net interest income
4 4M 4 months 31 NIM Net interest margin
5 AI Artificial intelligence 32 NPAT Net profit after tax
6 APAC Asia Pacific 33 NPL Non-performing loan
7 ATM Automatic teller machine 34 OPEX Operating expense
8 bn Billion 35 OEM Original equipment manufacturer
9 CAGR Compounded annual growth rate 36 P2P Peer-to-peer
10 CDs Consumer durables 37 PIT Personal income tax
11 CDL Consumer durables loans 38 POS Point of sales
12 CF Consumer finance 39 ROAA Return on average asset
13 CIT Corporate income tax 40 ROAE Return on average equity
14 CIR Cost to income ratio 41 SMEs Small and medium enterprises
15 CIs Credit institutions 42 SBV State Bank of Vietnam
16 D/E Debt to equity 43 TOI Total operating income
17 ENR Ending net receivables 44 trn Trillion
18 FinCos Finance companies 45 2-W Two-wheelers
19 4-W Four-wheelers 46 2WLs Two-wheelers loans
20 4WLs Four-wheelers loans 47 UN United Nation
21 GSO General of Statistics 48 VAT Value added tax
22 GDP Gross domestic product 49 VL Vehicles loans
23 IPS Intermediary payment services 50 VAMM Vietnam Association of Motorcycle Manufacturers
24 KYC Know your customer 51 VAMA Vietnam Automobile Manufacturers Association
25 LTV Loan to value 52 WB World Bank
26 M&A Mergers & acquisitions 53 YoY Year over year
27 mn Million
3

4. Section Contents Page
Executive Summary 5
1. Market status – changes in market size, growth and segmentation 6
2. Competitive landscape of Finance Companies (FinCos) 9
2.1. Changes in market positioning 10
2.2. Transition in product portfolio 12
2.3. Analysis of FinCos’ financial performance 24
2.4. Analysis of FinCos’ operational performance 31
3. Key themes in the consumer finance sector 33
3.1. Digital transformation trends 34
3.2. M&A spotlight: 2021 and beyond 36
4. Key regulatory changes 39
4.1. Circular No. 03/2021/TT-NHNN on debt rescheduling, interest rate exemption and reduction, and debt classification 40
4.2. Directive No. 02/CT-NHNN on enhancing the prevention of violations in bank card activities 43
4.3. Circular No. 23/2020/TT-NHNN on prudential limits and ratios of non-bank credit institutions 45
4.4. Other regulatory changes that affect consumer lending 47
Appendix 52
Table of Contents
4

5. 5
2018
2019
2020
4. Performance of FinCos varies under the
shadow of COVID-19
2. FinCos’ CF plunged to single-digit growth
1. Consumer finance market cooled off to a low
double-digit growth
6. Most FinCos recorded rising NPL ratios as FinCos’
low-income customers are the most vulnerable
during the pandemic
What’s new in this report?
8. M&A emerged as the game changer to drive future
growth
5. Sluggish credit growth narrowed down
interest income
3. Credit card doubled market share against 2018
2016 2017 2018 2019 2020
7. The pandemic has prompted acceleration of digital
transformation amongst FinCos
%NLB
2016 2017 2018 2019 2020
VNDbn
2016 2017 2018 2019 2020
VNDtrn
2016 2017 2018 2019 2020

6. Section 1: Market status – changes in market size, growth
and segmentation
6
Contents

7. Figure 1: Total outstanding loans of consumer finance (CF) players
CF as a %
of National
Loan Book
MARKET SIZE & GROWTH
CAGR
2016 - 2019
YoY growth
2020
CAG
R
2016 -2020
CF
Banks’ CF
FinCos’ CF
Figure 3: Growth rate of CF market
Figure 2: Proportion of Banks’ CF and active FinCos
2016 2017 2018 2019 2020
VNDbn
2016 2017 2018 2019 2020
Section 1: Market status – changes in market size, growth and segmentation
7
After a very challenging year, consumer finance market cooled off to a low double-digit
growth

8. 2016 2017 2018 2019 2020
VNDbn
Section 1: Market status – changes in market size, growth and segmentation
CAGR (2016 – 2020) = xx%
Figure 5: Loan proportion by product of active FinCos, 2019 vs. 2020
2019
2020
MARKET SEGMENTATION
Figure 7: Loan proportion by product of Banks’ CF, 2019 vs. 2020
2019
2020
CAGR (2016 – 2020) = xx%
Figure 4: Market size (VNDbn) of active FinCos, 2016 - 2020
Figure 6: Market size (VNDbn) of Banks’ CF loans, 2016 - 2020
2016 2017 2018 2019 2020
VNDbn
Cultivating on the same field, commercial banks and FinCos produces different products
that tailor the customer segments they tap into
8

9. Section 2: Competitive landscape of Finance Companies
(FinCos)
Page
2.1 Changes in market positioning 10
2.2 Transition in product portfolio 1
2
2.3 Analysis of FinCos’ financial performance 2
4
2.4 Analysis of FinCos’ operational performance 3
1
9
Contents

10. 2020
2019
Section 2: Competitive landscape of Finance Companies (FinCos)
2.1. Changes in market positioning
Challenges make differences: Performance of FinCos varies under the shadow of COVID-19
Figure 8: Market size of FinCos (VNDbn) & YoY growth, 2019 vs. 2020
2020, YoY
Sector avg. = xx%
10

11. Section 2: Competitive landscape of Finance Companies (FinCos)
2.1. Changes in market positioning
Market share of FinCos showed remarkable changes during 2020
Figure 9: Market share of FinCos, 2019 vs. 2020
2019
2020
11

12. Section 2: Competitive landscape of Finance Companies
(FinCos)
Page
2.1 Changes in market positioning 1
0
2.2 Transition in product portfolio 12
2.3 Analysis of FinCos’ financial performance 2
4
2.4 Analysis of FinCos’ operational performance 3
1
12
Contents

13. 2020
VNDbn
2020
VNDbn
2020
VNDbn
2020
Source: FiinResearch
FINCOS’ PRODUCT MIX
xx%, YoY
xx%, YoY
Consumer loans via credit card doubled its share compared to 2018, while cash loans still
dominated FinCos’ loan book
Figure 10: Market segment by products (VNDbn)
xx%, YoY xx%, YoY
VNDbn
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio
13
2018
2019
2020

14. Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio
Over the last three years, FinCos exhibited a transition in product mix to adapt to
changing market conditions
Figure 11: Product mix of 7 major FinCos (excl Toyota Financial which focus on 4-W loans)
14

15. 2018 2019 2020 2018 2019 2020
Consumer Durables 2019
YoY Growth
2020
YoY Growth
CONSUMER DURABLES
15
2018 2019 2020
Figure 12: Market share in Consumer Durables, 2019 vs. 2020
2019
2020
Figure 14: YoY growth of selected (*) retail chains’ number of stores
and net revenue, 2018 – 2020
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio
Consumer durables loans continued the downward trend, given both low performance of
retail chains and market saturation
Figure 13: Growth of Consumer Durables amongst active FinCos

16. Vehicles Loans (two and four wheelers) 2019
YoY Growth
2020
YoY Growth
2019
2020
VEHICLES LOANS
16
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio
Vehicles loans plunged in 2020 due to the impacts of the pandemic
Figure 15: Market share in Vehicles Loans (two and four wheelers),
2019 vs. 2020
Figure 16: Growth of Vehicles Loans (two and four wheelers) amongst
active FinCos

17. 2016 2017 2018 2019 2020
2016
17
2017 2018 2019 2020
CAGR 2016 – 2020 = xx%
VEHICLES LOANS
CAGR 2016 – 2020 = xx%
Weaker demand along with COVID-19 headwinds put downward pressure on both two-
wheelers and four-wheelers volume
Figure 17: Two-wheelers sales volume (mn) and YoY growth Figure 18: Four-wheelers sale volume (‘000 units) and YoY growth
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio

18. Personal Loans/ Cash Loans &
Others
2019
YoY Growth
2020
YoY Growth
Figure 19: Market share in Cash loans, 2019 vs. 2020
2019
2020
CASH LOANS
Product
Minimum interest rate
(%)
Maximum interest rate
(%)
Figure 20: Growth of Cash Loans amongst top cash loans players
Figure 21: Interest rate ranges by product of FinCos
% of Cash Loans/
Total CF Loans
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio
Young FinCos continued to contend for larger share in cash loans segment
18

19. Timeline Regulated
proportion
of cash
loans (%)
Remark
CASH LOANS
2018 2019 2020
2018 2019
FinCo Y’s outstanding loans byproducts
2020
Figure 23: The transition in product portfolio of selected FinCos
FinCo X's outstanding loans by products
Figure 22: Circular 18/2019’s roadmap to reduce proportion of cash loans
19
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio
FinCos took initiatives in reducing the proportion of cash loans in compliance SBV’s timeline
at Circular 18/2019

20. Credit card market in Vietnam witnessed a strong growth over the past three years,
despite its modest penetration compared to regional peers
Figure 25: Credit card penetration (%) by country, 1H2020E
2017 2018 2019 1H2020
Million
cards
2017 2018 2019 1H2020
Figure 24: Total number of credit cards in circulation
Launch date
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio
20
CREDIT CARD: MARKET SIZE

21. FinCos’ competitive landscape is getting fiercer with more FinCos shifting their focus to
credit cards
Credit Card 2019
YoY Growth
2020
YoY Growth
Figure 26: Market share in Credit card loans, 2019 vs. 2020
2019
2020
21
CREDIT CARD: MARKET SHARE & GROWTH
Figure 27: Growth of Credit Card amongst top players
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio

22. 2018 2019 2020 2018 2019 2020 2018 2019 2020
Credit card segment heated up in 2019 amongst key players but slowed down in 2020 as
FinCos restricted card issuance over the concern of credit risk and fraud
Figure 28: Number of credit issued by selected FinCos
CREDIT CARD: OPERATIONAL PERFORMANCE
2018 2019 2020
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio
22
Figure 29: Usage value (VNDbn) and usage value per activated card (VNDmn)
at selected FinCos

23. Criteria
Target customer
Credit limit
Interestrate
Case study: Credit card product of selected FinCos
CREDIT CARD
Issuance
requirements
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Transition in product portfolio
23

24. Section 2: Competitive landscape of Finance Companies
(FinCos)
Page
2.1 Changes in market positioning 1
0
2.2 Transition in product portfolio 1
2
2.3 Analysis of FinCos’ financial performance 24
2.4 Analysis of FinCos’ operational performance 3
1
24
Contents

25. SUMMARY OF FINANCIAL INDICATORS
25
EARNING QUALITY PROFITABILITY ASSET QUALITY EFFICIENCY
CAPITAL
STRUCTURE
NIM
= NII/Average loans
NPM = NPAT/TOI
ROAA
= NPAT/Average
earning asset
ROAE
= NPAT/Average
earning equity
NPL
Provision
charge/TOI
CIR
= OPEX/TOI
D/E
201
9
202
0
201
9
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Analysis of FinCos’ financial performance

26. 2020 2019
2016 2017 2018 2019 2020
FinCos experienced a contraction in NIM due to its conservative disbursement strategy
under COVID-19 and the deceleration of retail market for installment loan products
Figure 30: Finance companies’ average NIM, 2016 - 2020 Figure 31: Comparing NIM of Top 10 FinCos, 2019 vs. 2020
Source: FiinResearch
EARNINGS QUALITY
Sector avg. = xx%
(2020)
26
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Analysis of FinCos’ financial performance

27. 2016 2017 2018 2019 2020
2020 2019
Most FinCos witnessed an increase in NPL ratio in response to the rising pressure on asset
quality in the aftermath of COVID-19
ASSET QUALITY
Sector avg. = xx%
(2020)
Source: FiinResearch
27
Figure 33: Comparing NPL ratios of Top 10 FinCos, 2019 vs. 2020
Loan book growth
Figure 32: Finance companies’ average NPL, 2016 - 2020
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Analysis of FinCos’ financial performance

28. 2020 2019
2016 2017 2018 2019 2020
Given the weakened earning ability amidst rising uncertainty, cutting down on operating
expenses, deploying digital solutions, are amongst FinCos’ solutions to preserve profit margin
Figure 34: Finance companies’ average CIR, 2016 – 2020 Figure 35: Comparing CIR of Top 10 FinCos, 2019 vs. 2020
EFFICIENCY
Sector avg. = xx%
(2020)
Source: FiinResearch
28
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Analysis of FinCos’ financial performance

29. 2020 2019
FinCos’ profitability continued to be suppressed under rising bad debts and accelerating
provision
Figure 36: Finance companies’ average NPM, 2016 – 2020 Figure 37: Comparing NPM of Top 10 FinCos, 2019 vs. 2020
Source: FiinResearch
PROFITABILITY
Sector avg. = xx%
(2020)
2016 2017 2018 2019 2020
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Analysis of FinCos’ financial performance
29

30. 30
2020
2019
FinCos started to bear the brunt of the economic distress as profitability gradually
absorbed the impact of COVID-19
Figure 38: Finance companies’ average ROAA and ROAE, 2016 - 2020 Figure 39: Comparing ROAA & ROAE of Top 10 FinCos, 2019 vs. 2020
ROAA ROAE
Sector avg. = xx%
(2020)
Source: FiinResearch
PROFITABILITY
Sector avg. = xx%
(2020)
2016 2017 2018 2019 2020
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Analysis of FinCos’ financial performance
2020
2019

31. Section 2: Competitive landscape of Finance Companies
(FinCos)
Page
2.1 Changes in market positioning 1
0
2.2 Transition in product portfolio 1
2
2.3 Analysis of FinCos’ financial performance 2
4
2.4 Analysis of FinCos’ operational performance 31
31
Contents

32. Section 2: Competitive landscape of Finance Companies (FinCos)
2.4. Analysis of FinCos’ operational performance
FinCos are aggressively expanding in operational network to enhance customer base
2018
2019
2020
Millions
Figure 40: Number of POS at top 7 FinCos (excl Toyota Financial Services) Figure 41: Number of outstanding customer (accumulated) at top 7 FinCos
(excl Toyota Financial Services), 2020
Figure 42: Breakdown of salesforce at selected FinCos, 2020
32

33. Section 3: Key themes in the consumer finance sector
Page
3.1 Digital transformation trends 34
3.2 M&A spotlight: 2021 and beyond 3
6
33
Contents

34. The pandemic has prompted the acceleration of digital transformation amongst FinCos
Section 3: Key themes in the consumer finance sector
3.1. Digital transformation trends
34
DIGITALIZING CUSTOMER JOURNEY

35. Cashless payment, 1Q2021
Booming of digital payment brings both challenges and opportunities for FinCos
35
Section 3: Key themes in the consumer finance sector
3.1. Digital transformation trends
BOOMING OF DIGITAL PAYMENT

36. Section 3: Key themes in the consumer finance sector
Page
3.1 Digital transformation trends 3
4
3.2 M&A spotlight: 2021 and beyond 36
36
Contents

37. Section 3: Key themes in the consumer finance sector
3.2. M&A spotlight: 2021 and beyond
FE Credit would benefit from a synergy with SMBC, following the mega deal of US$2.8bn
01
.
02
.
Figure 43: FE Credit’s transaction and comparable transactions
37

38. Section 3: Key themes in the consumer finance sector
3.2. M&A spotlight: 2021 and beyond
The market is expected to witness increasing M&A deals in the medium and long term
38

39. Other regulations affecting CF
Key regulatory changes expected to have significant impact on the consumer finance sector
Circular No. 03/2021/TT-NHNN
Directive No. 02/CT-NHNN
Circular No. 23/2020/TT-NHNN
Circular No. 22/2020/TT-NHNN
Circular No. 18/2019/TT-NHNN
New guidance on Fintech
New direction on non-cash payment
39
Section 4: Key regulatory changes

40. Section 4: Key regulatory changes
Page
4.1
Circular No. 03/2021/TT-NHNN on debt rescheduling, interest
rate exemption and reduction, and debt classification
40
4.2
Directive No. 02/CT-NHNN on enhancing the prevention of
violations in bank card activities
4
3
4.3
Circular No. 23/2020/TT-NHNN on prudential limits and ratios of
non-bank credit institutions
4
5
4.4 Other regulatory changes that affect consumer lending 4
7
40
Contents

41. TITLE SCOPE OF APPLICATION KEY ACTIONS IMPLICATIONS
CIRCULAR NO.
03/2021/TT-
NHNN
AMENDING
AND
SUPPLEMENTI
NG A NUMBER
OF ARTICLES
OF CIRCULAR
01/2020/TT-
NHNN
41
Section 4: Key regulatory changes
4.1. Circular No. 03/2021/TT-NHNN on debt rescheduling, interest rate exemption and reduction, and debt classification
Circular No. 03/2021/TT-NHNN on debt rescheduling, interest rate exemption and reduction,
and debt classification assisting customers affected by COVID-19

42. TITLE SCOPE OF APPLICATION KEY ACTIONS IMPLICATIONS
CIRCULAR NO.
03/2021/TT-
NHNN
AMENDING
AND
SUPPLEMENTI
NG A NUMBER
OF ARTICLES
OF CIRCULAR
01/2020/TT-
NHNN
42
Section 4: Key regulatory changes
4.1. Circular No. 03/2021/TT-NHNN on debt rescheduling, interest rate exemption and reduction, and debt classification
Circular No. 03/2021/TT-NHNN on debt rescheduling, interest rate exemption and reduction,
and debt classification assisting customers affected by COVID-19

43. Section 4: Key regulatory changes
Page
4.1
Circular No. 03/2021/TT-NHNN on debt rescheduling, interest rate
exemption and reduction, and debt classification
4
0
4.2
Directive No. 02/CT-NHNN on enhancing the prevention of
violations in bank card activities
43
4.3
Circular No. 23/2020/TT-NHNN on prudential limits and ratios of
non-bank credit institutions
4
5
4.4 Other regulatory changes that affect consumer lending 4
7
43
Contents

44. Section 4: Key regulatory changes
4.2. Directive No. 02/CT-NHNN on enhancing the prevention of violations in bank card activities
Directive No. 02/CT-NHNN on enhancing the prevention of violations in bank card activities
44
TITLE SCOPE OF APPLICATION KEY ACTIONS IMPLICATIONS
DIRECTIVE
NO. 02/CT-
NHNN

45. Section 4: Key regulatory changes
Page
4.1
Circular No. 03/2021/TT-NHNN on debt rescheduling, interest rate
exemption and reduction, and debt classification
4
0
4.2
Directive No. 02/CT-NHNN on enhancing the prevention of
violations in bank card activities
4
3
4.3
Circular No. 23/2020/TT-NHNN on prudential limits and ratios
of non-bank credit institutions
45
4.4 Other regulatory changes that affect consumer lending 4
7
45
Contents

46. Section 4: Key regulatory changes
4.3. Circular No. 23/2020/TT-NHNN on prudential limits and ratios of non-bank credit institutions
Circular No. 23/2020/TT-NHNN on prudential limits and ratios of non-bank credit institutions
46
TITLE SCOPE OF APPLICATION KEY ACTIONS IMPLICATIONS
CIRCULAR NO.
23/2020/TT-
NHNN

47. Section 4: Key regulatory changes
Page
4.1
Circular No. 03/2021/TT-NHNN on debt rescheduling, interest rate
exemption and reduction, and debt classification
4
0
4.2
Directive No. 02/CT-NHNN on enhancing the prevention of
violations in bank card activities
4
3
4.3
Circular No. 23/2020/TT-NHNN on prudential limits and ratios of
non-bank credit institutions
4
5
4.4 Other regulatory changes that affect consumer lending 47
47
Contents

48. Section 4: Key regulatory changes
4.4. Other regulatory changes that affect consumer lending
Circular No. 22/2020/TT-NHNN amending Circular No.19/2016/TT-NHNN on bank cards
activities
48
TITLE SCOPE OF APPLICATION KEY ACTIONS IMPLICATIONS
CIRCULAR NO.
22/2020/TT-
NHNN
AMENDING
CIRCULAR NO.
19/2016/TT/N
HNN ON BANK
CARDS
ACTIVITIES

49. Section 4: Key regulatory changes
4.4. Other regulatory changes that affect consumer lending
In accordance with Circular No. 18/2019/TT-NHNN, FinCos must reduce the proportion of
cash loans to 60% by early 2022
49
TITLE SCOPE OF APPLICATION KEY ACTIONS IMPLICATIONS
CIRCULAR NO.
18/2019/TT-
NHNN
AMENDING
CIRCULAR
43/2016/TT-
NHNN

50. Section 4: Key regulatory changes
4.4. Other regulatory changes that affect consumer lending
SBV is going to promulgate a more comprehensive on non-cash payment, although foreign
ownership remains a controversial topic
50
TITLE SCOPE OF APPLICATION KEY ACTIONS IMPLICATIONS
THE DRAFT
DECREE
REPLACING
DECREE
101/2012/ND-
CP

51. Section 4: Key regulatory changes
4.4. Other regulatory changes that affect consumer lending
SBV aims to formulate the legal basis for the development of Fintech, while maintaining
stability and safety of the financial market
51
TITLE SCOPE OF APPLICATION KEY ACTIONS IMPLICATIONS
DRAFT
DECREE ON
CONTROLLED
TESTING
MECHANISM
FOR FINTECH
IN BANKING
SECTOR

52. Appendix: Profiles of selected Finance Companies
52
Contents

53. KEY FINANCIAL INDICATORS
Indicators 2018 2019 2020
VNDbn VNDbn VNDbn
Total Loans
In which CF loans
Total Assets
Charter Capital
Shareholder's Equity
Net Interest Income
Profit After Tax
NPL
ROAA
ROAE
OPERATIONAL INDICATORS
Apps
Sales channels
Payment
channels
Number of
customers
Number of
staffs
Appendix
Profiles of selected Finance Companies
FE Credit continuously strived to stay ahead of its rivals through the development of
cutting-edge digital platforms
53
2020
2019
BUSINESS PROFILE

54. KEY FINANCIAL INDICATORS
Indicators 2018 2019 2020
VNDbn VNDbn VNDbn
Total Loans
In which CF loans
Total Assets
Charter Capital
Shareholder's Equity
Net Interest Income
Profit After Tax
NPL
ROAA
ROAE
OPERATIONAL INDICATORS
Apps
Sales channels
Payment channels
Number of customers
Number of staffs
Appendix
Profiles of selected Finance Companies
Under the impact of COVID-19, Home Credit witnessed a contraction in size, which mainly
came from its installment loans
2020
2019
54
BUSINESS PROFILE

55. KEY FINANCIAL INDICATORS
Indicators 2018 2019 2020
VNDbn VNDbn VNDbn
Total Loans
In which CF loans
Total Assets
Charter Capital
Shareholder's Equity
Net Interest Income
Profit After Tax
NPL
ROAA
ROAE
OPERATIONAL INDICATORS
Apps
Sales channels
Payment channels
Number of customers
Number of staffs
BUSINESS PROFILE
Appendix
Profiles of selected Finance Companies
HD Saison outperformed the market thanks to its diversified loan portfolio
55
2020
2019

56. KEY FINANCIAL INDICATORS
Indicators 2018 2019 2020
VNDbn VNDbn VNDbn
Total Loans
In which CF loans
Total Assets
Charter Capital
Shareholder's Equity
Net Interest Income
Profit After Tax
NPL
ROAA
ROAE
OPERATIONAL INDICATORS
Apps
Sales channels
Payment channels
Number of customers
Number of staffs
56
2020
2019
Appendix
Profiles of selected Finance Companies
Mcredit started to record outstanding loans via credit cards as part of the Company’s
attempt to diversify its product portfolio
BUSINESS PROFILE

57. KEY FINANCIAL INDICATORS
Indicators 2018 2019 2020
VNDbn VNDbn VNDbn
Total Loans
In which CF loans
Total Assets
Charter Capital
Shareholder's Equity
Net Interest Income
Profit After Tax
NPL
ROAA
ROAE
OPERATIONAL INDICATORS
Apps
Sales channels
Payment channels
Number of staffs
Appendix
Profiles of selected Finance Companies
Shinhan Card’s acquisition of Prudential Finance in 2019 posted active participation of
foreign players in the Vietnam’s CF market
BUSINESS PROFILE
2020
2019
57

58. KEY FINANCIAL INDICATORS
Indicators 2018 2019 2020
VNDbn VNDbn VNDbn
Total Loans
In which CF loans
Total Assets
Charter Capital
Shareholder's Equity
Net Interest Income
Profit After Tax
NPL
ROAA
ROAE
OPERATIONAL INDICATORS
Apps
Sales channels
Payment channels
Number of staffs
Appendix
Profiles of selected Finance Companies
Mirae Asset successfully maintained its xxth position with robust growth by expanding POS
network and incorporating digital technologies in its My Finance application
2020
2019
58
BUSINESS PROFILE

59. KEY FINANCIAL INDICATORS
Indicators 2018 2019 2020
VNDbn VNDbn VNDbn
Total Loans
In which CF loans
Total Assets
Charter Capital
Shareholder's Equity
Net Interest Income
Profit After Tax
NPL
ROAA
ROAE
OPERATIONAL INDICATORS
Apps
Sales channels
Payment channels
Number of customers
Number of staffs
Appendix
Profiles of selected Finance Companies
JACCS grew by xx% despite the impact of COVID-19 thanks to solid growth of new contracts
2020
2019
59
BUSINESS PROFILE

60. 6
0
Ho Chi Minh City Branch
3rd Floor, Profomilk Plaza Building, 51-53 Vo Van Tan Street,
Ward 6, District 3, Ho Chi Minh City, Vietnam
Tel: +84 28 3933 3586/ 85
Head Office
10th Floor, Peakview Tower, 36 Hoang Cau Street,
O Cho Dua Ward, Dong Da District, Hanoi, Vietnam
Tel: +84 24 3562 6962
Nhung Nguyen
Client Advisor
T: +84-24-3562 6962
E: nhung.nguyenhoai@fiingroup.vn
60
@ 2021 FiinGroup Corporation. All rights reserved.
All information contained in this publication is copyrighted in the name of FiinGroup, 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.
Hong Duc Publisher
FiinResearch is part of FiinGroup, a Vietnam’s leading provider of financial data, business information, industry research
and other data-driven analytics services.
Contact us
Dong Le, CFA
Director, Market Research Services
T: +84 (024) 3562 6962 (ext. 110)
E: dong.le@fiingroup.vn