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消費者金融レポート (ベトナム) :2020年

Vietnam Consumer Finance Report 2020

発行 FiinGroup JSC 商品コード 946839
出版日 ページ情報 英文 88 Pages
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消費者金融レポート (ベトナム) :2020年 Vietnam Consumer Finance Report 2020
出版日: 2020年06月04日 ページ情報: 英文 88 Pages
概要

2019年は特に波乱に富んでおり、以前は不活発であった少なくとも2社のFinCo (金融企業) が市場に復活し(PTFinance、FCCOM)、既存企業の市場シェアに圧力をかけています。 CFは、2018年の19.6%から2019年には20.5%に国債貸付への貢献を増加させました。現在の市場規模を考えると、ベトナムでのCFの浸透は、地域の同業他社と比較して現在遅いと考えられており、魅力的な成長見通しを示しています。

当レポートでは、ベトナムの消費者金融 (CF) 市場について調査し、市場の最新情報、競合情勢、Covid-19の影響、開発動向、および規制動向などについて分析しています。

第1章 ベトナムの消費者金融市場の最新情報

  • 市場規模と成長
  • 市場セグメンテーション

第2章 消費者金融会社の競合情勢

  • 市場シェア、市場規模、金融会社の成長
  • 製品構成分析
  • 財務ベンチマーク
  • 運用ベンチマーク

第3章 消費者金融における銀行の競合情勢

  • リテールバンキングと消費者金融の主要企業
  • 主要銀行の消費者金融商品の分析
  • ケーススタディ:主要な銀行プレーヤー間の消費者金融における小売製品ミックスと戦略的動き

第4章 消費者金融会社に対するCovid-19の影響

第5章 主な開発動向

  • アクティブなFinCo (金融企業) 間の戦略的で革新的な動き
  • 構造動向:M&Aと不活発なFinCo (金融企業) の復活
  • P2Pプラットフォームとその他のオルタナティブレンダ-の出現

第6章 規制のアップデート

  • 金融会社の消費者向け貸出活動に関する2019年18月の通達、2016年3月の通達43を改訂
  • 消費者向け融資に関係するその他の規制の変更
  • 金融包摂政策に関する最新情報

第7章 付録

目次

Vietnam Consumer Finance Report 2020: Challenges and opportunities for getting ahead

The 2019 has been particularly eventful, with the revival of at least two previously inactive FinCos to the market (PTFinance, FCCOM), putting pressure on the market shares of the incumbents. CF increased its contribution to national loan book to 20.5% in 2019, up from the 19.6% in 2018. Given the current market size, CF penetration in Vietnam is currently considered slow compared to its regional peers, signifying an attractive growth prospect.

Banks vs. FinCos in consumer finance

FinCos are starting to regain the momentum in 2019 despite tighter supervision. The CF Market is comprised of retail banks and FinCos, in which banks dominate the total market with around 92% market share thanks to its extensive retail network and long-term reputation. While banks target at customers with good credit history, FinCos focuses on low-income customer segments which are mostly the newly banked and unbanked, under-banked. However, over time, banks tend to wade down to explore lower-income segments, whereas FinCos try to go up, making the overlapped portion of target customer become bigger.

Product Composition

Cash loan is considered the go-to-market product of any new entrants with the aim of penetrating the market, especially those who do not have a strong customer base for upselling.

In 2019, cash loan market share was maintained despite the concern on SBV's intention to reduce the proportion of cash loans at FinCos to 30% at maximum in the draft Amendment of Circular 43.

However, the market witnessed leading players like FE Credit, Home Credit, HD Saison have shifted their focus on cross selling and upselling to existing customers whose good credit history has been validated rather than new customers. Thus, products like TW, CDs (offered to new customers) tend to decline, while credit cards are increasingly offered to customers with healthy credit history. Some FinCos are expected to launch credit card soon to reduce its reliance on cash loans and fulfil with SBV's prudent requirements.

Market Share

Market share of major players like HD Saison, Home Credit have been strained due to the fierce competition from younger players such as Mirae Asset, Shinhan Finance, Mcredit and newcomers such as Easy Credit, VietCredit, SHB Finance, Lotte Finance and the revival of previously inactive FinCos PTFinance, FCCOM. Overall, given the market's growth potential, Consumer Finance market maintains its attractiveness to both domestic and international investors.

Regulatory updates

Circular 18/2019 revising Circular 43/2016 on consumer lending activities among finance companies, which became effectively on Nov 2019, with restriction to proportion of cash loans is pushing FinCos to restructure their CF loan book. Accordingly, the dominant position of cash loans in credit institutions and FinCos are set up for a reduction scheme over a 3-year period. From 01/01/2024 onwards, the proportion of cash loans should be reduced to 30%

Profitability

FinCos' NPM slightly decreased in 2019 due to higher operating costs for recruitment of quality people, and higher investments in developing internal systems/procedures, and digitization. FinCos not only have to compete to gain market share but also face competition in recruiting and retaining competent staff as new entrants are hunting their quality workforce aggressively.

In the early months of 2019, the impact of Covid-19 was not clearly reflected in early reported financial indicators of some FinCos. However, earning quality of FinCos are forecasted to be hit in quarter 2 along with slow loan growth which affect interest income and higher operating cost to boost sales and higher provision set aside for loan loss during the Covid-time, which probably threat FinCos' net profit margin.

Asset quality

Average NPL declined in 2019, showing improvement in asset quality and risk management. In order to mitigate credit risk, some key players have switched to focusing more on existing customers whose credit history is validated rather than new customers, adopting AI, social rating to better score customers' credit and prevent fraud.

The rapid spread of Covid-19 caused many people to lose jobs, taking a punch on borrowers' ability to pay back debts. Thanks to Government and SBV's policy to support customers hit by Covid-19, weakening asset quality of banks and FinCos were not clearly revealed in NPL ratios, but it is predicted to be indicated in the coming quarters, especially when supporting policies are lifted.

Key market trends

The reactivation of previously inactive FinCos (PTFinance, FCCom) together with the anticipation of potential investors in the inactive HAFIC is expected to increase competition among FinCos.

FinCos are shifting their focus to credit cards and CF products linked with non-cash payment channels under high digitization of payments.

Macro-economic data illustrate the devastating magnitude of the economic and social challenges triggered by the Covid-19, hence affected FinCos' loan book growth and funding in the first quarter. The impact is expected to reveal more clearly in the coming quarters of 2020.

Table of Contents

Executive Summary

1. Updates of Vietnam consumer finance market

  • 1.1. Market size and growth
  • 1.2. Market segmentation

2. Competitive landscape of consumer finance companies

  • 2.1. Market share, market size and growth of finance companies
  • 2.2. Product mix analysis
  • 2.3. Financial benchmarking
  • 2.4. Operational benchmarking

3. Competitive landscape of Banks in Consumer finance

  • 3.1. Key players in retail banking and consumer finance
  • 3.2. Analysis of key banks' consumer finance products
  • 3.3. Case studies: Retail product mix and strategic moves in consumer finance among key bank players

4. Impacts of Covid-19 on consumer finance companies

5. Key development trends

  • 5.1. Strategic and innovative moves among active FinCos
  • 5.2. Structural trends: M&A and revival of inactive FinCos
  • 5.3. Emergence of P2P platforms and other alternative lenders

6. Regulatory updates

  • 6.1. Circular 18/2019 revising Circular 43/2016 on consumer lending activities among finance companies
  • 6.2. Other regulatory changes that matter consumer lending
  • 6.3. Updates on financial inclusion policies

7. Appendices

  • 7.1. Macro-economic factors
  • 7.2. Vietnam Retail Banking - Key Figures
  • 7.3. Profiles of some selected Fincos