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Vietnam Consumer Finance - Customer Survey Report 2019

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The Consumer Finance (CF) market has witnessed significant growth of 59% annually over the period of 2014-2018. The last year has been particularly eventful, with at least four new entrants to the market (VietCredit, EasyCredit, Lotte Finance, SHB Finance), putting pressure on the market shares of the Big Four (FE Credit, Home Credit, HD Saison and Prudential Finance). M&A market was also active, as companies with CF license became hot targets for acquisitions. Overall, given the market’s growth potential, interest from domestic and international were heightened significantly.

However, as more competitors enter the market, more concerns have been raised regarding some of the high-risk products such as unsecured cash loans, as well as social impact from debt collection activities. The State Bank of Vietnam (SBV) has tightened its supervision and monitoring on FinCos’ operations and lending activities, such as the draft for amendment of Circular 43/2016/TT-NHNN, putting a limit on the percentage of cash loans in FinCos’ portfolios, and restrictions on debt collecting activities to protect consumers from unprofessional debt collectors.

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Vietnam Consumer Finance - Customer Survey Report 2019

  1. 1. 1Financial Information - Business Information - Research and Consulting
  2. 2. NO . ACRONYM STANDS FOR 1 CAGR Compounded annual growth rate 2 CF Consumer finance 3 DSA Direct sales agents 4 FinCo Finance Company 5 GDP Gross domestic product 6 NFSC National Financial Supervision Commission 7 NIM Net interest margin 8 NPL Non-performing loan 9 P2P Peer to peer 10 POS Point of sales 11 SBV State Bank of Vietnam 12 SMS Text messaging 13 YoY Year over year 2Financial Information - Business Information - Research and Consulting Abbreviation
  3. 3. PART CONTENT PAGE PART CONTENT PAGE Executive Summary 4 4 Company ranking 1 Overview of Vietnam CF market 4.1 Overall company performance 44 1.1 Sector structure 7 4.2 Company ranked by satisfaction factors 54 1.2 Market size and growth 9 Appendices 1.3 Market segmentation 11 1 Demographic of booster group 57 1.4 Market share of CF companies 15 2 Survey methodology 61 2 General findings 3 Questionnaire 63 2.1 Awareness 18 4 Selected FinCos’ profiles 77 2.2 Knowledge 22 3 Customer decision journey 3.1 Consideration factors before borrowing 27 3.2 Decision drivers 34 3.3 Customer’s overall satisfaction 39 3Financial Information - Business Information - Research and Consulting TABLE OF CONTENTS
  4. 4. Executive Summary 4Financial Information - Business Information - Research and Consulting
  5. 5. Executive Summary 5Financial Information - Business Information - Research and Consulting
  6. 6. Contents 6Financial Information - Business Information - Research and Consulting Section 1: Overview of Vietnam Consumer Finance Market Part Content Page 1.1 Sector structure 7 1.2 Market size and growth 8 1.3 Market Segmentation 11 1.4 Market share of CF companies 15
  7. 7. Table 1: Main groups of Consumer Finance products and services in Vietnam 7Financial Information - Business Information - Research and Consulting Section 1: Overview of Vietnam Consumer Finance Market Sector structure
  8. 8. Contents 8Financial Information - Business Information - Research and Consulting Section 1: Overview of Vietnam Consumer Finance Market Part Content Page 1.1 Sector structure 7 1.2 Market size and growth 8 1.3 Market Segmentation 11 1.4 Market share of CF companies 15
  9. 9. Figure 1: Market Size (VNDbn) of total CF market (banks & FinCos) Figure 2: Consumer Loan/GDP in Asian countries, 2017 9Financial Information - Business Information - Research and Consulting Section 1: Overview of Vietnam Consumer Finance Market Market size and growth
  10. 10. Contents 10Financial Information - Business Information - Research and Consulting Section 1: Overview of Vietnam Consumer Finance Market Part Content Page 1.1 Sector structure 7 1.2 Market size and growth 8 1.3 Market Segmentation 11 1.4 Market share of CF companies 15
  11. 11. Figure 3: Loanbook of Banks vs. FinCos in Consumer Finance 11Financial Information - Business Information - Research and Consulting Section 1: Overview of Vietnam Consumer Finance Market Market segmentation
  12. 12. Figure 4: Market Size (VNDbn) of banks’ CF loans 12* According to VIB’s Annual Report 2018Financial Information - Business Information - Research and Consulting Table 2: Top Retail Banks in Main CF Product Categories Section 1: Overview of Vietnam Consumer Finance Market Market segmentation
  13. 13. Figure 5: Market Size (VNDbn) of FinCo’s loans 13Financial Information - Business Information - Research and Consulting Figure 6: Growth YoY (%) of FinCos vs. Banks Section 1: Overview of Vietnam Consumer Finance Market Market segmentation
  14. 14. Contents 14Financial Information - Business Information - Research and Consulting Section 1: Overview of Vietnam Consumer Finance Market Part Content Page 1.1 Sector structure 7 1.2 Market size and growth 8 1.3 Market Segmentation 11 1.4 Market share of CF companies 15
  15. 15. Figure 7: Market Share by FinCos 2017 vs. 2018 15Financial Information - Business Information - Research and Consulting Figure 8: Market Size by FinCos (VNDbn) Section 1: Overview of Vietnam Consumer Finance Market Market share of Fincos
  16. 16. Figure 9: Comparison in loan book growth of FinCos 16Financial Information - Business Information - Research and Consulting Table 2: Loan book growth of selected FinCos Section 1: Overview of Vietnam Consumer Finance Market Market share of Fincos
  17. 17. Contents 17Financial Information - Business Information - Research and Consulting Section 2: General Findings Part Content Page 2.1 Awareness 18 2.2 Knowledge 22
  18. 18. Section 2: General Findings Awareness 18Financial Information - Business Information - Research and Consulting Figure 11: Percentage of surveyed people who know more than one CF product, 2017 vs 2019 Figure 10: Percentage of surveyed people who are aware of CF, 2017 vs 2019
  19. 19. Section 2: General Findings Awareness - Regions and Occupation 19Financial Information - Business Information - Research and Consulting Figure 12: Percentage of people aware of CF by regions, 2019 Figure 13: Percentage of people aware of CF by occupation, 2019
  20. 20. Section 2: General Findings Awareness - Products 20Financial Information - Business Information - Research and Consulting Figure 14: Most recognized CF products, 2017 vs 2019
  21. 21. Contents 21Financial Information - Business Information - Research and Consulting Section 2: General Findings Part Content Page 2.1 Awareness 18 2.2 Knowledge 22
  22. 22. Section 2: General Findings Knowledge – Impression Figure 15: Positive opinions of CF HCMC 22Financial Information - Business Information - Research and Consulting DN HN
  23. 23. Section 2: General Findings Knowledge – Impression Figure 16: Negative opinions of CF HCMC 23Financial Information - Business Information - Research and Consulting DN HN
  24. 24. Section 2: General Findings Knowledge - Channels 24Financial Information - Business Information - Research and Consulting Figure 17: Most popular channels used to learn about CF products Figure 18: Most popular channels used to learn about CF products by occupation
  25. 25. Section 2: General Findings Knowledge – Mobile lending app 25Financial Information - Business Information - Research and Consulting Table 3: Conversion rate Figure 19: Number of people who knew mobile lending apps for mobile phones, 2019
  26. 26. Contents 26Financial Information - Business Information - Research and Consulting Section 3: Customer Decision Journey Part Content Page 3.1 Consideration factors before borrowing 27 3.2 Decision drivers 34 3.3 Customer’s overall satisfaction 39
  27. 27. Section 3: Customer decision journey Important factors – Funding source priorities 27Financial Information - Business Information - Research and Consulting Figure 20: Customers ranking of their priority in financing sources by purpose
  28. 28. Section 3: Customer decision journey Important factors – Awareness 28Financial Information - Business Information - Research and Consulting Figure 21: Most recognized CF products, 2019 Figure 22: Most recognized CF products in HN Figure 23: Most recognized CF products in DN Figure 24: Most recognized CF products in HCMC Source: FiinGroup CF Customer Survey 2019
  29. 29. Section 3: Customer decision journey Important factors – Reasons to use 29Financial Information - Business Information - Research and Consulting Figure 26: Reasons to use CF products breakdown by productsFigure 25: Reasons to use CF products
  30. 30. Section 3: Customer decision journey Important factors – Top 5 important factors 30Financial Information - Business Information - Research and Consulting POTENTIALCUSTOMERS Figure 27: Top 5 important factors affecting potential customers’ decision to use CF Figure 28: Top 5 important factors affecting potential customers’ decision to use CF, breakdown by products
  31. 31. Section 3: Customer decision journey Important factors – Top 5 important factors 31Financial Information - Business Information - Research and Consulting EXISTING CUSTOMERS Figure 29: Top 5 important factors affecting customers’ decision to use CF Figure 30: Top 5 important factors affecting customers’ decision to use CF, breakdown by products
  32. 32. Section 3: Customer decision journey Important factors – Spending of Income 32Financial Information - Business Information - Research and Consulting Figure 31: Percentage of monthly salary allocated to financing CF products
  33. 33. Contents 33Financial Information - Business Information - Research and Consulting Section 3: Customer Decision Journey Part Content Page 3.1 Consideration factors before borrowing 27 3.2 Decision drivers 34 3.3 Customer’s overall satisfaction 39
  34. 34. Section 3: Customer decision journey The impact of marketing channels 34Financial Information - Business Information - Research and Consulting Figure 32: Channels utilized to learn about CF products Figure 33: Channels utilized to learn about CF products, customers Figure 34: Channels utilized to learn about CF products, potential customers Figure 35: Channels utilized to learn about CF products, non- customers
  35. 35. Section 3: Customer decision journey Decision moments 35Financial Information - Business Information - Research and Consulting Figure 37: Decision moments breakdown by productsFigure 36: Decision moment
  36. 36. Section 3: Customer decision journey Alternative borrowing sources 36Financial Information - Business Information - Research and Consulting Figure 38: Alternative borrowing sources Figure 39: Reasons not to use CF products
  37. 37. Section 3: Customer decision journey The impact of promotions 37Financial Information - Business Information - Research and Consulting Figure 40: Most important promotions, 2019 Figure 41: Most important promotions breakdown by occupation
  38. 38. Contents 38Financial Information - Business Information - Research and Consulting Section 3: Customer Decision Journey Part Content Page 3.1 Consideration factors before borrowing 27 3.2 Decision drivers 34 3.3 Customer’s overall satisfaction 39
  39. 39. Section 3: Customer decision journey Customer’s satisfaction with CF experience 39Financial Information - Business Information - Research and Consulting Figure 42: Customer’s satisfaction with their CF experience, with 1-Very Dissatisfied to 5-Very Satisfied by %,
  40. 40. Figure 43: Customer’s satisfaction breakdown by regions 40Financial Information - Business Information - Research and Consulting Section 3: Customer decision journey Customer’s satisfaction breakdown by regions
  41. 41. Section 4: Company ranking Customer’s satisfaction - Improvement 41Financial Information - Business Information - Research and Consulting Figure 44: Improvement suggestion during approval and signing process Figure 45: Improvement suggestion during disbursement process Figure 46: Improvement suggestion during debt collection process
  42. 42. Figure 47: Customer recommendations 42Financial Information - Business Information - Research and Consulting Section 3: Customer decision journey Customer’s satisfaction - Recommendations Figure 48: Customer recommendations breakdown by Fincos
  43. 43. Contents 43Financial Information - Business Information - Research and Consulting Section 4: Company ranking Part Content Page 4.1 Overall company performance 44 4.2 Company ranked by satisfaction factors 54
  44. 44. Section 4: Company ranking Company performance - Awareness 44Financial Information - Business Information - Research and Consulting Figure 50: Most recognized Fincos breakdown by regionsFigure 49: Most recognized Fincos
  45. 45. Section 4: Company ranking Company performance – Overall Customer’s satisfaction ratings 45Financial Information - Business Information - Research and Consulting Figure 51: Customer Satisfaction Ratings 2019
  46. 46. Section 4: Company ranking Company performance – FE Credit 46Financial Information - Business Information - Research and Consulting Figure 53: Improvement for FE Credit’s approval and signing process Figure 54: Improvement for FE Credit’s disbursement process Figure 55: Improvement for FE Credit’s debt collection process Figure 52: Ratings for FE Credit
  47. 47. Section 4: Company ranking Company performance – Home Credit 47Financial Information - Business Information - Research and Consulting Figure 57: Improvement for Home Credit’s approval and signing process Figure 58: Improvement for Home Credit’s disbursement process Figure 59: Improvement for Home Credit’s debt collection process Figure 56: Ratings for Home Credit
  48. 48. Section 4: Company ranking Company performance – HD Saison 48Financial Information - Business Information - Research and Consulting Figure 62: Improvement for HD Saison’s disbursement process Figure 63: Improvement for HD Saison’s debt collection process Figure 60: Ratings for HD Saison Figure 61: Improvement for HD Saison’s approval and signing process
  49. 49. Section 4: Company ranking Company performance – Prudential Finance 49Financial Information - Business Information - Research and Consulting Figure 65: Improvement for Prudential Finance’s approval and signing process Figure 66: Improvement for Prudential Finance’s disbursement process Figure 67: Improvement for Prudential Finance’s debt collection process Figure 64: Ratings for Prudential Finance
  50. 50. Section 4: Company ranking Company performance - MCredit 50Financial Information - Business Information - Research and Consulting Figure 69: Improvement for Mcredit’s approval and signing process Figure 70: Improvement for Mcredit’s disbursement process Figure 71: Improvement for Mcredit’s debt collection process Figure 68: Ratings for Mcredit
  51. 51. Section 4: Company ranking Company performance – Switch to new FinCo 51Financial Information - Business Information - Research and Consulting Figure 72: Customers who will change CF companies Figure 73: Reasons to change CF companies
  52. 52. Section 4: Company ranking Company performance – Switch to new FinCo 52Financial Information - Business Information - Research and Consulting Figure 74: Number of customers changing to new CF companies (right -> down)
  53. 53. Contents 53Financial Information - Business Information - Research and Consulting Section 4: Company ranking Part Content Page 4.1 Overall company performance 44 4.2 Company ranked by satisfaction factors 54
  54. 54. Section 4: Company ranking Customer’s satisfaction ratings – Interest rate 54Financial Information - Business Information - Research and Consulting Figure 75: Satisfaction of CF companies by Interest rates Figure 76: Satisfaction of CF companies by Appraisal process
  55. 55. Section 4: Company ranking Customer’s satisfaction ratings – Procedures 55Financial Information - Business Information - Research and Consulting Figure 77: Satisfaction of CF companies by Procedures Figure 78: Satisfaction of CF companies by Contract Terms
  56. 56. Financial Information - Business Information - Market Research 56 For further inquiries and comment, please contact our Financial Sector Specialist team at FiinGroup Dong Le, CFA Director Research & Consulting +84 (024) 3562 69 62 (Ext.110) +84 (0) 912 057529 dong.le@fiingroup.vn Head Office 5th Floor, Anh Minh Building 36 Hoang Cau Street Hanoi, Vietnam + 84 (24) 3562 6962 Ho Chi Minh City Branch 3rd Floor, Profomilk Plaza Building 51 - 53 Vo Van Tan, District3 Ho Chi Minh City, Vietnam + 84 (28) 3933 3586 Dung Vu Assistant Manager, Financial Services Sector Research & Consulting +84 (024) 3562 69 62 +84 (0) 903 574 800 dung.vu@fiingroup.vn

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