Consumer finance report 2017 demo

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‹#›
Date of report: 28 April 2017
Part of StoxPlus’ Market Research Report Series for Vietnam

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Table of Contents
Part Content Page
Executive Summary 4 – 6
1 Overview of Vietnam CF Market 7 - 15
1.1 Sector Structure 7 – 8
1.2 Market Size and Growth 9 - 13
1.3 Market Segmentation 14 - 16
2 Competition Dynamics 17 - 47
2.1 Market Share Performance of CF companies 17 - 27
2.2 Customer Satisfaction on CF companies 28 - 34
2.3 Product offerings 35 - 38
2.4 Sales channels 39 - 43
2.5 Collection & repayment method 44 - 45
2.6 Financial Performance 46 - 49
Part Content Page
3. Which CF Model will rise: Traditional
Model versus Disruptive Model?
50 - 59
3.1 Traditional CF model 50 - 52
3.2 Disruptive Model 53 - 57
3.3 Informal Finance 58 - 59
4 Updates on new regulations 60 - 64
5 Appendices 65 - 76
• Key Player Profiles 65 – 72
• Data tables 73 - 76

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Abbreviation
No. Word Stand for
1 ASEAN Association of Southeast Asian Nations
2 ATM Automated Teller Machine
3 CAGR Compound Annual Growth Rate
4 CF Consumer Finance
5 DSA Direct Sales Agent
6 GSO General Statistics Office
7 ICT Information and Communication Technology
8 NFSC National Financial Supervision Commission
9 NIM Net interest margin
10 NPL Non-performing loan
11 POS Point of sales
12 SBV State Bank of Vietnam
13 SOCB State-owned Commercial Banks

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What’s new in this issue?
This content is intentionally removed for demo purpose

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Section 1: Overview of Vietnam Consumer Finance Market
1.1 Sector Structure
1.2 Market Size and Growth
1.3 Market segmentation
Contents

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Consumer finance is part of the consumer lending business. However, consumer finance refers
to credit used to purchase non-investment goods or services whose value depreciate quickly
• 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 described is very broad, yet there is not any official
regulation to clearly separate consumer finance from retail banking services.
• StoxPlus’ Consumer Finance Definition: In light of international definitions, based on our understanding of the 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.
• Foremost among the newcomers are peer-to-peer (P2P) lending platforms, which match borrowers and lenders directly, usually via online
auctions. The loans issued often comprise many tiny slivers from different lenders. Some P2P platforms slice, dice and package the loans;
others allow lenders to pick them.
• The P2P business model is starkly different from that of traditional banks. P2P platforms do not lend their own funds – they only provide a
platform to match borrowers who are seeking a loan with investors who purchase notes issued by the P2P platforms.
• In the following Figure, consumer finance products in Vietnam are categorized into four main groups:
Categories of Consumer Finance Products as per Decree No.39/2014/ND-CP
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
Source: StoxPlus
Section 1: Consumer finance market
Sector Structure

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Contents

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Market size & Growth
Vietnam consumer finance market continued growing in 2016, reaching US$xxbn, accounting for
xx% country loan book. With current low contribution to Vietnam GDP (xx%) compared with
other countries, the market is expected to have enormous expansion in the future
Vietnam Consumer Finance Outstanding Loan Balance (US$ bn)
Source: StoxPlus from NFSC, GSO
Vietnam
Malaysia
UK
US
% CF Loan/GDP by Countries in 2016
Source: StoxPlus from NFSC
2011 2012 2013 2014 2015 2016
Consumer Finance Loans Balance % Consumer Finance Loans/GDP
% Consumer Finance Loans/Loan Book

11
Market size & Growth
The slower growth rate of Vietnam Consumer Finance market in 2016 (xx%) compared to 2015
(xx%) is mainly due to …
Figure 4: Growth rate of Vietnam Consumer Finance market over the
period 2011 - 2016
2011 2012 2013 2014 2015 2016
Note: Growth is calculated after conversion to USD

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Banks & CF Companies
Both Banks and CF companies contribute to the vigorous growth of CF market …
Banks & CF Companies in Vietnam CF Market, US$bn Market share of Banks & CF Companies in Vietnam CF market
Source: StoxPlus from NFSC Source: StoxPlus from NFSC

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Banks vs. CF Growth
Figure 7: Growth rate of Banks and CF Companies in CF market
(Growth vs Year Ago)
2014 2015 2016
Figure 8: Loan segments Contribution in Commercial Banks
Source: StoxPlus

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Contents

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Market segmentation
… loan contributed to majority of consumer finance loans in Vietnam (~xx%), followed by …
Breakdown of CF Loans by segmentation 2013 – 2016, US$ bn
2013 2014 2015 2016
Growth vs Year Ago of each segment, 2013 - 2016

16
Vietnam commercial banks focus mostly on … while CF companies focus on …
CF product segmentation at CF Companies, 2016
CF product segmentation at Commercial banks, 2016

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Section 2: Competition Dynamics
2.1 Market share of CF Companies
2.2 Customer Satisfaction on CF Companies
2.3 Product Offerings
2.4 Sales Channel
2.5 Collection & repayment method
2.6 Financial performance
Contents

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Market share of CF Companies
… dominated the market with increasing share in 2016, followed by …. All key players post …
compared to 2015
Market share of Consumer Finance Companies, 2016 Outstanding loans of Top Consumer Finance Companies 2015-2016
(US$ bn)

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Position of each CF Company
… loan has a high contribution of xx% in total loan from CF Companies. … is the 1st player in this
segment with nearly xx% share
Market share of CF companies in home appliances/ furniture loan
segment, 2016
Home Appliances/ Furniture
Home appliances/ furniture loan of CF Companies, 2016
Contribution in Total CF Companies’ loans Value in US$ bn

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Consumer Electronics (ICT) sales value and growth Market share of Consumer Electronics by players, 2016
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
0
1
2
3
4
5
6
2012 2013 2014 2015 2016
US$bn
Consumer Electronics (ICT) Consumer Electronics (ICT)
Source: StoxPlus, estimated from ICT White Book, and Euromonitor Source: StoxPlus, estimated from ICT White Book, and Euromonitor

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Consumer Appliances (Home Electronic Devices) sales value and growth
Source: StoxPlus, estimated from ICT White Book, and Euromonitor
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
0
1
2
3
4
5
6
7
8
9
10
2012 2013 2014 2015 2016
US$bn

22
In Vehicle loan segment, … took the leading position, followed by …
Market share of CF companies in vehicle loan segment, 2016
Vehicle loan segment of CF Companies, 2016
Vehicles

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Motorbike market will continue to ... And CF Companies quickly realize the potential of this
market to actively operate in.
Motorbike sales volume in Vietnam and growth rate, 2012 -
2016
Potential for motorbike + loan for motorbike
Source: StoxPlus and VAMA Source: StoxPlus
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
2012 2013 2014 2015 2016
Main means of transportation
Means of making living
Affordable price + payment method
Vehicles

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Car market is an emerging market with significant growth rate. … dominate the market. With
the reducing import tariff to 0% in 2018, CF companies …
Car sales volume in Vietnam and growth rate, 2012 - 2016
Source: StoxPlus and VAMA Source: StoxPlus from VAMA
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
2012 2013 2014 2015 2016
Market share of car producers
Vehicles

25
… loan segment is not the strength of CF Companies, which merely accounts for xx% share in
total loan. Also, there are some CF companies playing in this segment
Market share of CF companies in housing/home improvement loan
segment, 2016
Housing/home improvement loan of CF Companies, 2016

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As the sector entered a new cycle of growth, Housing Loan is also …. However, CF Companies …
Housing/ home improvement loan over the period, US$ bn Breakdown of housing/ home improvement loan by banks and CF
Companies in 2016
2013 2014 2015 2016
Housing/ Home improvement

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Loan for other purposes of CF Companies, 2016 Market share of CF companies in vehicle loan segment, 2016
Housing/ Home improvement

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2.4 Sales Channel
Contents

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10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Customer satisfaction of Used group by product elements
In terms of product features, the rate of satisfied respondent still be massive, however, a …
Source: StoxPlus’ Consumer Finance survey on 950 samples in Hanoi, HCM City and Danang in Sep’16
Customer Satisfaction on CF Companies

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75% 80% 85% 90% 95% 100%
Positive Negative
Customer satisfaction of Used group by product elements
8% 28% 48% 68% 88%
Positive Negative
60% 65% 70% 75% 80% 85% 90% 95% 100%
Positive Negative
Hanoi
Da Nang
Ho Chi Minh
Customers in Hanoi observed
Consumer Finance as “High
interest but quick process”.
5 percent customers dissatisfied even
when they stated that Appraisal
process and Disbursement time were
very quick.
“High interest rate”, “Complex
appraisal process” and “Annoying
reminder” was the most frequent
comments from Ho Chi Minh’s
respondent
… got the highest complaint rates in most elements and reflected emotionally demanding in
product selection…

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Fine
Interest rate
Loan Rescheduling
Contract terms
Customer dissatisfaction of Ho Chi Minh City breakdown by elements
Home Credit FE Credit HD Saison
…. drove the most dissatisfied feedbacks from …. While … was struggling against …

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40% 50% 60% 70% 80% 90% 100%
Interest Rate
Positive Negative
The CF interest rate range of Finance Companies, 2015
40%
63%
60%
21%
38%
29%
21%
18%
15%
26%
21%
18% 24%
17%
29%
39%
43%
28% 26%
19%
Highest
Lowest
Median
Satisfaction of Finance Company
Despite … received complaints in almost elements, but it was a low rate. Conversely, … got
highly complaints on interest rate and contract terms

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55% 65% 75% 85% 95%
Procedure
Positive Negative
55% 65% 75% 85% 95%
Positive Negative
Satisfaction of Finance Company in Procedure
Satisfaction of Finance Company in Contract terms
Common reviews for … were “Simple procedure and quick process” while respondents of …
illustrated “Less required documents but annoyed reminder…”

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55% 65% 75% 85% 95% 105%
Appraisal Time
Positive Negative
Satisfaction of customers on Appraisal time
Appraisal time (Hours) of Finance companies
0 20 40 60 80 100 120 140
Hour
… was claimed that its appraisal time was “Slow and Complex”, followed by …, simple
procedure but lower in both appraisal time and disbursement time

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2.4 Sales Channel
Contents

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Product Offerings
There are three main products that CF Companies are offering, in which installment loan is
traditional product and credit card is newly offered from 2015
Company
Installment
Loan
Cash Loans Credit cards
FE Credit
Home Credit
HD Saison
Prudential Vietnam
Finance
Toyota Finance
JACCS International
Vietnam Finance
Mirae Asset Finance
ACS Trading Co.
Source: StoxPlus

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Product Offerings
In terms of installment loans, CF Companies offer loans for various types of purposes
Source: StoxPlus
Company
Cellphone/
Laptop loans
Motorcycle loans Auto loans
Home appliances
loans
Home
Mortgage/House
improvement
FE Credit
Home Credit
HD Saison
Prudential Vietnam
Finance
Toyota Finance
JACCS International
Vietnam Finance
Mirae Asset Finance
ACS Trading Co.
Focused Available Unavailable

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Marketing Campaign
Although CF companies have quite similar products offered, their marketing strategies mark
their own signature …
FE Credit: Home
Credit:
HD
Saison
Prudential
Finance
ACS JACCS

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2.4 Sales Channel
Contents

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Sales channels
… remain the most popular sales channels given the consumption habit of Vietnamese people. …
are still among the companies having the most extensive sales channel network
Number of DSAs of top CF Companies, 2014 - 2016
Source: StoxPlus
Number of POS of top CF Companies, 2014 - 2016
Source: StoxPlus
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000

41
Breakdown of customer acquisition channels.
Sales channels
Among CF sales channels, … is proved to be the most trusted source when recruiting customers
of CF Companies, followed by …

42
0% 20% 40% 60% 80% 100%
Breakdown of customer acquisition channels of used customers by companies
Sales channels
Moreover, …% of customers will decide to take a loan or not at POS. But CF companies should …

43
Sales channels
Besides …, online/digital channels are …

44
2.4 Sales Channel
Contents

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Repayment & Collection Method
Payment via bank transfer or offline payment at POS/branches of CF companies and related
companies …. Payment via third-party like e-wallet companies …
Bank Transfer
POS/Branches
E-wallet (Payoo, BankPlus,
Momo, etc)

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2.4 Sales Channel
Contents

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Figure 45: Non-performing loan ratio of top CF companies
compared to bank benchmark from 2011 - 2016
Financial Performance
NPL of CF companies has been …, which is higher than that of the commercial banks (xx%).
Profitability of Consumer Finance Companies have been … due to …

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Figure 46: Net interest margin of top CF companies compared to
bank benchmark from 2011 - 2016
CF Companies enjoy much higher NIM than commercial banks thanks to higher interest rate
offered for their products

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Net profit margin of top CF companies compared to bank benchmark from 2011 - 2016
Profitability of Consumer Finance Companies have been …

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Section 3: Which CF Model will rise: Traditional Model
versus Disruptive Model?
3.1 Traditional CF Model
3.2 Disruptive model
3.3 Informal Finance
Contents

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Section 3: Which CF Model will rise?
Traditional CF Model
FE
Credit
Home
Credit
HD Saison JACCS Mirae
Assets
Prudential
Finance
Market
share
gain
NPL
NIM

52
Rising new traditional-model player
In 2016, MBBank cooperates with Shinsei Bank to establish MCredit Company – …

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Contents

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Disruptive Model
In the context of high competition among traditional CF models, CF Fintech model has been …
1. Online Payment
2. Business Tools5%-BUSINESSTOOLS

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Disruptive Model
FinTech companies have their advantages compared to traditional CF Companies. However, they
still face number of challenges …
Traditional CF Companies
Fintech Companies
(P2P/Pay Day Loan Model)

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Disruptive Model
Peer-to-peer lending - Tima
Company Profile
Competitive Analysis
Company Profile
Payday Loan – Doctor Dong
One of the most successful CF Fintech models in Vietnam are …. In these models, Fintech is
applied in …

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Disruptive Model
Company Profile
… appears to be another disruptive model, which competes with traditional CF model. … has the
advantage of …
Financial performance of Mobivi

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Contents

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Informal Finance
Pawn shop – F88
Company Profile
2013
2016
2017
2020
A Professional Chained Pawn Shops
Traditional
Pawnshop
• ”
F88
Besides formal CF models, there still exist informal finances model like pawn shops in Vietnam.
In this segment, F88 has been rising as a professional chain pawnshop with high public
awareness and trust from customers

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Section 4: Updates on new regulations
Contents

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Goals by 2020 Implications on CF market
Section 4: Update on new regulations
Regulatory Trend |National scheme to enhance access to banking system
The national scheme promotes the micro finance activities as fundamental financial instruments
to help lower-mass people have better access to credit system by 2020

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Proposed terms Actions
Regulatory Trend |New Circular on Consumer Finance Activities
Circular … that will be effective from … define new cap for total loan balance of one customer
at a CF company

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Circular 39/2016/TT-NHNN on lending activities of Credit Institutions including Foreign Bank
Branch that will take effect by March 15th, 2017
Key terms Definition Implication for CF market
Definition of
Capital
borrowing
customers
Terms of loan
Interest rate
Regulatory Trend |Related Circular on lending activities of Credit Institutions

64
State bank Governor has issued … to establish Fintech Committee, governing performance and
development of Vietnam Fintech
Regulatory Trend |Fintech Committee

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Section 5: Appendices
Contents
5.1 Key Players’ Profiles
5.2 Data Tables

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Best CF Company in Vietnam 2016 – Global Banking and Finance Review
KEY FINANCIAL & OPERATIONAL INDICATORS
Indicators 2011 2012 2013 2014 2015 2016
Total Assets (VNDbn)
Charter Capital (VNDbn)
Shareholder's Equity (VNDbn)
Total Loans (VNDbn)
Net Interest Income (VNDbn)
Profit before Tax (VNDbn)
NPL (VAS)
ROE & ROA OVER THE PERIOD 2011 – 2016
Source: StoxPlus from SBV and NFSCSource: StoxPlus from SBV and NFSC
BUSINESS PROFILE PRODUCTS - SALES AND HEADCOUNT
Founded Year 2010
Ownership 100% Private owned (VP Bank JSC)
Location Ho Chi Minh City
Offices 1 HO in Ho Chi Minh City, 1 customer service department in
HCM and 1 representative office in Hanoi
• The Consumer Finance Division of VP Bank introduced FE Credit brand in
November 2010. In 2014, VP Bank acquired Vietnam Coal Mineral Finance
Company and spun off the CF division. After 5 years of establishment, FE Credit
successfully transferred all consumer finance operations to the new
independent company – VPBank Finance Company Limited, abbreviated as VPB
FC (Brand FE Credit) in February, 2015.
• The company was the pioneer in providing credit cards product.
Section 5: Key profile players
FE Credit

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KEY FINANCIAL & OPERATIONAL INDICATORS ROE & ROA OVER THE PERIOD 2011 – 2016
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. )
• Home Credit Group is a leading mass market consumer finance provider with
8.8bn euros of assets, which was established in 1997 in the Czech Republic.
Home Credit Vietnam is a subsidiary of Home Credit Group established in 2009
in Ho Chi Minh City. Home Credit’s business strategy is to focus on POS loans
(including motorbikes, mobile phones, and consumer durable loans), as well as
cash loans. Home Credit’s cash loans are only provided in the South of
Vietnam at the moment (from Da Nang southward).
Source: StoxPlus from SBV and NFSCSource: StoxPlus from SBV and NFSC
6,900 points-of-sale established across 63 provinces in Vietnam
Indicators 2011 2012 2013 2014 2015 2016
Total Loans (VNDbn)
NPL (VAS)
Home Credit

68
Indicators 2011 2012 2013 2014 2015 2016
Total Loans (VNDbn)
NPL (VAS)
Source: StoxPlus from SBV and NFSC Source: StoxPlus from SBV and NFSC
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 HD Bank, 49% owned by Credit Saison Japan
• Formerly known as Société Générale Viet Finance Co., Ltd. (“SGVF”), HD Saison
was the first foreign-owned finance company, licensed in 2007 with a charter
capital up to VND550bn.
• In 2013, HD Bank acquired SGVF and changed its name to HD Finance. Later on
April 3, 2015, Credit Saison, the largest credit card company in Japan, acquired
49% stakes in HD Finance and changed its name to HD Saison.
• HD Saison’s strategy is to focus on installment loans and cash loans
HD Saison

69
Prudential Finance: “walk-in” model with cash loans and mainly focusing on
white-collar workers
License No. 10/GP-NHNN issued on 10/10/2006 by Governor of SBV
Founded Year 2007
Ownership 100% foreign owned (Prudential plc - UK)
• Prudential Finance was established in 2007 with total charter capital of
VND500bn (USD25mn), 100% owned by Prudential Plc (London). There are
three major target customers: credit card owners, insurance buyers and
company employees (payroll deduction credit).
• Prudential Finance’s strategy is to focus on cash loans business for Mass and
Upper Mass customers. It does not provide POS loans like other CF companies.
Recently, it has trialed Home Improvement Loan, but with very limited
access.
• Prudential Finance differentiates its cash loans products with large loan
amount (up to VND300mn). However, VP Finance Company / FE Credit is
competing very aggressively with Prudential Finance in the cash loan business.
Indicators 2012 2013 2014 2015 2016
Shareholder's Equity
(VNDbn)
Total Loans (VNDbn)
Net Intest Income
(VNDbn)
Total Expenses (VNDbn)
Net Profit before tax
(VNDbn)
NPL (VAS)
Source: StoxPlus from SBV and NFSC Source: StoxPlus from SBV and NFSC
Prudential Finance

70
License No. 90/GP-NHNN issued on 13/04/2010 by Governor of the SBV
Founded Year 2010
Ownership 100% foreign-owned (JACCS Japan)
• Established in 2010, JACCS Vietnam has only cooperated with Honda
Vietnam to provide installment loans for Honda motorbikes. JACCS
Vietnam is now operating in Southeast area of Vietnam, presents in
over 75% Honda head dealers in this region. JACCS accounted for over
60% motorbike installment loan market share in Ho Chi Minh city, South
eastern and South western provinces in 2014.
• At 9M2016, JACCS has total assets of VND1,181bn (USD52.9mn). Its loan
book consists of 100% motorbikes loans. It reported total revenue of
VND90.4bn and net profit of VND11.5bn with NPL ratio of 1.4% as at
9M2016.
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
Indicators 2011 2012 2013 2014 2015 2016
(VNDbn)
Total Loans (VNDbn)
Net Interest Income
(VNDbn)
Net Profit before Tax
(VNDbn)
NPL (VAS)
JACCS Vietnam

71
Being established in 2016, the company is operating under similar model of FE
Credit with smaller scale and less promotion efforts
License 27/GP-NHNN issued by SBV on 04/02/2016
Founded Year 2016
Ownership 100% owned by Military Bank
Location 5A Nguyen Chi Thanh - Dong Da – Hanoi
Other Branches No
• Being 100% ownership of of MB, Mcredit has the advantage with diversed
product, the ability to cross-sales banking and CF products, established POS
and system of MB to attract consumer Finance customers.
• Mcredit was established under the collaboration of MB and Shinsei Bank
(Japan) in order to improve the professionalism in operation and credibility of
Mcredit on Vietnam CF market.
• Currently, Mcredit is focusing on 2 key segments: Cash loan and installment
loans, targeting lower mass and mass group of population.
Source: StoxPlus from SBV and NFSC. The figure up to 2015 belonged to Song Da Finance before merging into MB finance
KEY SUCCESS FACTORSKEY FINANCIAL & OPERATIONAL INDICATORS
Indicators 2011 2012 2013 2014 2015
(VNDbn)
Total Loans (VNDbn)
Net Profit before Tax
(VNDbn)
NPL (VAS)
MCredit

72
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
• Established in 2012, MobiVi Financial Service has entered to
market of online payment and it continued to grow fast as online
financial service provider in Vietnam since 2013.
• 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.
• Detailed products including: Cash advance, Installment payment
(0% at least) and purchasing MobiVi & partner merchants’
products.
Platform: MobiVi Charge Account Products
Founded Year 2012
Investors
Experian Pacific, Kusto Tiger, Unitus Impact,
Sumitomo Mitsui Banking Corporation
BUSINESS PROFILE KEY SUCCESS FACTORS
KEY FINANCIAL & OPERATIONAL INDICATORS
Indicators 2015
Total Loans (VNDbn)
Net Profit before Tax (VNDbn)
NPL (VAS)
Mobivi

73
Section 5: Appendix
Contents
5.1 Key Players’ Profiles
5.2 Data Tables

74
Section 5: Appendix
Data Tables
Table xx: Market Overview
Table xx: Market Segmentation by loan purposes
Table xx: Market Segmentation of commercial banks and CF Companies

75
Section 5: Appendix
Market Overview
Table xx: Total outstanding loans of top CF Companies
Table xx: CF Companies in Home appliances/ Furniture loan in
2016, US$
Table xx: Total outstanding loans of top CF Companies
Table xx: CF Companies Vehicle loan in 2016, US$

76
Section 5: Appendix
Market Overview
Table xx: CF Companies in Housing/Home improvement
loan in 2016, US$
Table xx: CF Companies in other purposes loan in 2016,
US$

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+84 (0) 35626962 (ext. 109)
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lan.nguyen@stoxplus.com
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hanh.hoang@stoxplus.com

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