Consumer Finance in Vietnam - First-Half 2020 Review
発行: FiinGroup JSC
ページ情報: 英文 47 Pages
ベトナムの消費者金融市場は、ここ数年間は精力的な規模拡張が続きましたが、2020年に入り市場成長率が10年ぶりに1桁台 (9.2%) に留まりました。新型コロナウイルス感染症 (COVID-19) 感染拡大と金融引き締めの両方の影響が響いているものと思われます。それでも、国内の貸出残高に対するシェアは20%以上を維持しました。近年の主な動きとして、DX (デジタルトランスフォーメーション) の推進によるデジタル体験／デジタル融資の強化や、業種間の競争激化 (専業企業／銀行／その他) などが挙げられます。
当レポートでは、ベトナム国内の消費者金融市場の最新情勢について分析し、全体的な市場規模の動向見通しや、業界内 (同業他社間)／業界間 (他業種) の競合情勢、今後の市場機会や潜在的リスク、規制環境・市場構造の変化の方向性、といった情報を取りまとめてお届けいたします。
For the first time in a decade, Vietnam consumer finance market experienced a single-digit growth rate (9.2% YoY in the first half of 2020), following aggressive credit growth over the past few year. This is attributed to the dual challenge posed by COVID-19 pandemic and tightening regulations on cash loans disbursement prescribed at Circular 18/2019. However, despite the modest growth rate, Vietnam consumer finance maintained a contribution of over 20% of the country loan book.
Besides competing against banks in the overlapped customer segment, FinCos also face rising competition from alternative lenders. FinCos' target customers are the newly banked and unbanked, under-banked - who do not have full access to traditional financial services, thus, technology-enabled business models with less strict lending standard offer a more effective way to serve this segment, putting pressure on incumbent players.
Despite the transition roadmap as per Circular 18, cash loans became slightly more prevalent, accounting for over 67% of the total CF loan portfolio in 1H2020. FinCos are therefore coming up with new forms of indirect loans, diversifying their indirect loan portfolio, together with actively promoting credit cards
Almost all FinCos' loan book scaled down as the impact of the pandemic spread, making FinCos become more cautious in lending due to the concern over rising NPL amidst weakening individual income. Meanwhile, young FinCos (others) continued to seize 1% of market share from leading players in 1H2020.
SBV continuously issued policies to guide credit institutions including FinCos to support customers affected by the COVID-19 pandemic. Most recently in a draft circular, loans disbursed between 23 Jan and 24 Apr are eligible for maintaining in the standard debt group. However, this temporary support for cash-strapped borrowers might increase future risk as reported NPLs did not fully reflected the asset quality picture of FinCos.
Average NIM of the sector followed the downward trend, reflecting The first half of 2020 saw a greater and more immediate impact of the COVID-19 on FinCos' earning quality. Nonetheless, some companies such as HD Saison, Shinhan Finance and Lotte Finance managed to increase their NIM thanks to low-cost capital mobilized from parent companies.
Overall NPL slightly increased as FinCos became more cautious in lending due to the concern over rising NPL. However, reported NPL figures did not fully reflect the asset quality picture of FinCos due to the impact of SBV's supportive policies at Circular o1 that allows credit institutions including FinCos to delay categorizing overdue debt to NPLs. Given slow credit growth and rising potential NPLs, FinCos are expected to accelerate their provisioning and switched to focus more on existing customers with validated credit history rather than new customers to mitigate credit risk.
Three major driving forces (Regulatory changes, Consumer lifestyle, and COVID-19 pandemic) will reshape the Vietnam CF market in coming years with the following trends: