This Consumer Finance Report provides in-depth analysis of market share and financial performance amongst key players, the development of each product segment, prominent product trends as well as new market entrants’ movements The consumer finance market of Vietnam has not yet recovered from the COVID-19 shock. The market expanded by 7% YTD in 1H2021, mainly driven by banks, as FinCos’s were hit harder due to massive closure of POS network following lock-down and social distancing orders in many cities and provinces. Download FULL report: https://bit.ly/Consumer-Finance-Vietnam-1H2021

2. Date: October 22nd, 2021
Dear Our Valued Clients,
Re: The publication of Vietnam Consumer Finance in Vietnam,
1st Half Year 2021 Review
FiinResearch, a market research division of FiinGroup, is pleased to
present our report of Vietnam Consumer Finance, First Half-Year
2021 Review. This is the third half-year version in addition to our
full year review report series for this market. FiinGroup has also
published 9 issues of full-year review on Vietnam Consumer Finance
Market.
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
product trend 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 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
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Ho Chi Minh City Branch
3rd Floor, Profomilk Plaza Bldg
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Ho Chi Minh City, Vietnam
telephone:+ 84 (28) 3933 3586

3. NO. ABBREVIATION STAND FOR
1 1H 1 Half
2 2W Two-wheeler
3 2WLs Two-wheeler loans
4 AI Artificial Intelligence
5 bn billion
6 BNPL Buy-now-Pay-later
7 CAGR Compounded Annual Growth rate
8 CDL Consumer Durables Loan
9 CDs Consumer durables
10 CF Consumer Finance
11 CIR Cost-to-Income ratio
12 CIs Credit institutions
13 COD Cash on Delivery
14 CRC Credit card
15 D/E Debt to Equity
16 e-2WL Electronic two-wheeler loan
17 FinCos Finance Companies
18 GDP Gross Domestic Product
19 GSO General Statistics Office
20 LLP Loan Loss Provision
21 M&A Mergers & Acquisitions
3
Abbreviation
NO. ABBREVIATION STAND FOR
22 mn million
23 MOU Memorandum of understanding
24 NAPAS National Payment Corporation of Vietnam
25 NII Net interest income
26 NIM Net interest margin
27 NPAT Net profit after tax
28 NPL Non-performing Loan
29 OPEX Operating expense
30 P2P Peer-to-Peer
31 POS Point of sales
32 ROAA Return on average asset
33 ROAE Return on average equity
34 SBV State Bank of Vietnam
35 SMBCCF SMBC Consumer Finance
36 TOI Total Operating Income
37 trn trillion
38 VAMA Vietnam Automobile Manufacturers Association
39 VAMM Vietnam Association of Motorcycle Manufacturers
40 WB World Bank
41 YoY Year over Year
42 YTD Year To Date

4. Section Contents Page
Executive Summary 5
1. Updates of Vietnam consumer finance market 6
1.1. Market size and growth 7
1.2 Market segmentation 9
2. Competitive landscape of Finance Companies (FinCos) 11
2.2. FinCos’ operations under the impact of the pandemic 12
2.2. Changes in market positioning 13
2.3. Update on product portfolio development 16
2.4. Analysis of FinCos’ financial performance 26
3. Key themes in the consumer finance sector 34
3.1. Product trend | Buy now pay later 35
3.2. M&A activities during the pandemic time 40
4. Key regulatory changes 42
Table of Contents
4

5. 5
Personal Loans/ Cash
Loans & Others
Vehicles Loans (two and
four-wheeler)
Consumer Durables
2016 2017 2018 2019 2020 1H2021
Credit Card
What’s new in this report?
2019
2020
1H2021
2016 2017 2018 2019 2020 1H2020 1H2021
VNDtrn
Active FinCos' CF YoY Growth
Mcredit
Mirae Asset
Shinhan Finance
Toyota Financial Services
SHB Finance
JACCS
Viet Credit
Others
1H2021
2020
FE Credit
Home Credit
HD Saison
2016 2017 2018 2019 2020 1H2021
2016 2017 2018 2019 2020 1H2020 1H2021
VNDtrn
Total Outstanding CF Loans (Excluding Inactive FinCos)
YoY Growth
…
…
…
…
…
…
…
…

6. Section 1: Updates of Vietnam consumer finance market
Contents
Page
1.1 Market size and growth 7
1.2 Market segmentation 9
6

7. Consumer finance market, especially by FinCos, remained under the shadow of COVID-19
YTD growth
1H2021
YoY growth
1H2021
CAG
R
2016 –
1H2021
CF
Banks’ CF
FinCos’ CF
Figure 3: Growth rate of CF market
Figure 1: Total outstanding loans of consumer finance (CF) players Figure 2: Proportion of Banks’ CF and active FinCos
Section 1: Updates of Vietnam consumer finance market
1.1. Market size and growth
YTD growth
xx%
YTD growth
xx%
2016 2017 2018 2019 2020
Total Outstanding CF Loans (Excluding Inactive FinCos)
VNDbn
1H2020 1H2021
YoY Growth
2016 2017 2018 2019 2020 1H2020 1H2021
Banks' CF Active FinCos' CF
7

8. 2016 2017 2018 2019 2020 1H2021
Figure 5: Credit growth (YoY) by segments
Corporate loans Retail loans CF outstanding loans (excluding inactive FinCos)
Consumer Finance lagged behind systemwide growth
Figure 6: Contribution of Corporate loans, Retail loans and CF loans to
total outstanding credit
In which,
CF as a % of total
outstanding credit
xx% xx%
xx%
xx%
xx%
CONTRIBUTION TO NLB
Section 1: Updates of Vietnam consumer finance market
1.1. Market size and growth
xx%
2016 2017 2018 2019 2020 1H2020 1H2021
VNDbn
Figure 4: Outstanding credit by all credit institutions and its growth
Credit Outstanding (NLB) YoY Credit Growth
2016 2019 1H2021
2017 2018
Corporate loans
2020
Retail loans
8

9. Section 1: Updates of Vietnam consumer finance market
Contents
Page
1.1 Market size and growth 7
1.2 Market segmentation 9
9

10. Personal Loans/ Cash Loans &
Others
Vehicles Loans (two and four-
wheeler)
Consumer Durables
Credit Card
2016 2017 2020 1H2020 1H2021
2018 2019
Active FinCos' CF
VNDbn
YoY Growth
Figure 10: Loan proportion by product of Banks’ CF, 2020 vs. 1H2021
2020
1H2021
Housing/ Home Improvement
Loans
Vehicles Loans
Credit Card
Personal Loans/ Cash Loans &
Others
With a portfolio driven by unsecured loans and low-income customers, FinCos loan book
was hardest hit by COVID-19
CAGR (2016 – 2020) = xx%
MARKET SEGMENTATION
CAGR (2016 – 2020) = xx%
Figure 7: Market size (VNDbn) of active FinCos, 2016 – 1H2021 Figure 8: Loan proportion by product of active FinCos, 2020 vs.
1H2021
Figure 9: Market size (VNDbn) of Banks’ CF loans, 2016 – 1H2021
Section 1: Updates of Vietnam consumer finance market
1.2. Market segmentation
2020
1H2021
xx% YTD
(1H2021)
xx% YTD
(1H2020)
xx% YTD
(1H2020)
xx% YTD
(1H2021)
2016 2017 2018 2019 2020 1H2020 1H2021
VNDbn
Banks' CF YoY Growth
10

11. Section 2: Competitive landscape of Finance Companies
(FinCos)
Contents
Page
2.1 FinCos’ operations under the impact of the pandemic 12
2.2 Changes in market positioning 1
3
2.3 Update on product portfolio development 1
6
2.4 Analysis of FinCos’ financial performance 2
6
11

12. Q1/2020 Q2/2020 Q3/2020 Q4/2020 Q1/2021 Q2/2021 Q3/2021
mn
ppl
Workforce (mn ppl)
Unemployment rate
Southease & Mekong Delta unemployment rate
Section 2: Competitive landscape of Finance Companies (FinCos)
2.1. FinCos’ operations under the impact of the pandemic
FinCos’ operations faltered given the complicated developments of the epidemic, especially
in large cities like Hanoi and HCMC, where social distancing measures took place for months
Northern
Central area and
Central coastal
area
Central
Highlands
South East Mekong River
Delta
Q2/2021
Average monthly income Q3/2021
Average Monthly income Q3/2019
Northern Red River Delta
midlands and
mountain areas
Q3/2020
Q3/2021
Average monthly imcome Q3/2020
xx
xx
xx
12

13. Section 2: Competitive landscape of Finance Companies
(FinCos)
Contents
Page
2.1 FinCos’ operations under the impact of the pandemic 1
2
2.2 Changes in market positioning 13
2.3 Update on product portfolio development 1
6
2.4 Analysis of FinCos’ financial performance 2
6
13

14. Mcredit
Mirae Asset
Shinhan Finance
Toyota Financial
Services
SHB Finance
JACCS
Viet Credit
Others
1H2021
2020
Recovery of the CF market struggles by the resurgence of COVID-19 in major cities
Figure 11: Market size of FinCos (VNDbn) & YoY growth, 2020 vs. 1H2021
1H2020, YTD 1H2021, YTD
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Changes in market positioning
Sector avg. = xx%
(1H2021)
Sector avg. = xx%
(1H2020)
FINCOS’ CF LOANBOOK & GROWTH
FE Credit
Home Credit
HD Saison
…
…
…
…
…
…
…
…
14

15. FE Credit
Home Credit
HD Saison
Mcredit
Mirae Asset
Shinhan Finance
Toyota Financial Services
SHB Finance
JACCS
Viet Credit
Others
Market share loss by FE Credit recaptured by young FinCos
Figure 12: Market share of FinCos, 2020 vs. 1H2021
1H2021
2020
Section 2: Competitive landscape of Finance Companies (FinCos)
2.2. Changes in market positioning
MARKET SHARE
…
…
…
…
…
…
…
…
15

16. Section 2: Competitive landscape of Finance Companies
(FinCos)
Contents
Page
2.1 FinCos’ operations under the impact of the pandemic 1
2
2.2 Changes in market positioning 1
3
2.3 Update on product portfolio development 16
2.4 Analysis of FinCos’ financial performance 2
6
16

17. Personal Loans/ Cash Loans & Others
Consumer Durables
2019 2020
Consumer Durables
1H2021
VNDbn
YoY growth
2019 2020 1H2021
Vehicles Loans (two and four-wheeler)
YoY growth
YTD
xx%
VNDbn
Market share indirect loans i.e., CDL and 2WL expanded as more FinCos stepped into these
segments
Figure 13: Market segmentation by product (VNDbn) & YoY growth
FINCOS’ PRODUCT MIX
2019
2020
1H2021
Vehicles Loans (two and four-wheeler)
Credit Card
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Update on product portfolio development
YTD
xx%
YTD
xx%
2019 2020 1H2021
Personal Loans/ Cash Loans & Others
YoY growth
VNDbn
YTD
xx%
VNDbn
2019 2020 1H2021
Credit Card YoY Growth
17

18. Consumer Durables
Credit Card
Personal Loans/ Cash Loans & Others
Vehicles Loans (two and four-wheeler)
FinCos made effort to better balance their product portfolio, reducing their dependence on
cash loans
Figure 14: Product mix of 7 major FinCos (excl Toyota Financial which focuses on 4-W loans and SHB Finance which focuses on Cash Loans)
….. …..
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Update on product portfolio development
TRANSITION IN PRODUCT PORTFOLIO
…..
18
…..

19. Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Update on product portfolio development
FinCos’ innovative moves in 9M2021 and in the coming periods
19

20. Consumer Durables 1H2021
YTD Growth
1H2020
1
YoY Growth
Home Credit
HD Saison
FE Credit
…
…
…
…
Mirae Asset
Mcredit
JACCS
Shinhan Finance
Mid-size FinCos gained market share thank to increasing partnership with retail chains
CONSUMER DURABLES
Figure 15: Market share in Consumer Durables, 2020 vs. 1H2021
2020
Figure 17: YoY growth of selected (*) retail chains’ number of stores
and net revenue, 2018 – 1H2021
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Update on product portfolio development
2018 2019 2020 1H2021
2018 2019 2020 1H2021
Figure 16: Growth of Consumer Durables amongst active FinCos
1H2021
Home Credit
HD Saison
FE Credit
…
…
…
…
20
2018 2019 2020 1H2021

21. JACCS
Mcredit
Home Credit
Others
Vehicles loans inched up 2.2% thanks to the recovery in the earlier months of 2021
Vehicles Loans (two and four-wheeler) 1H2021
YTD Growth
1H202
1
YoY Growth
Toyota Financial Services
FE Credit
HD Saison
…
…
…
1H2021
Toyota Financial Services
FE Credit
HD Saison
2020
VEHICLES LOANS
21
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Update on product portfolio development
Figure 18: Market share in Vehicles Loans (two and four-wheeler),
2020 vs. 1H2021
Figure 19: Growth of Vehicles Loans (two and four-wheeler) amongst
active FinCos
…
…
…
…

22. FE Credit
HD Saison
Mcredit
Home Credit
JACCS
Mirae Asset
Two-wheeler loan market remained concentrated among major players
1H2021
2020
VEHICLES LOANS
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Update on product portfolio development
2020 1H2021
VNDbn
Figure 22: Market size of 2WL & YTD growth, 2020 vs.
1H2021
Figure 20: Market share in Vehicles Loans (two-wheeler), 2020 vs.
1H2021
Figure 21: Growth of Vehicles Loans (two and four-wheeler) amongst
active FinCos
Vehicles Loans (two-wheeler) 1H2021
YTD Growth
FE Credit
HD Saison
Mcredit
---
---
---
…
…
…
22

23. 2016 2017 2018 2019 2020 1H2020 1H2021
Volume ('000 Unit) YoY Growth
2016 2017 2018 2019 2020 1H2020 1H2021
Volume (Mn) YoY growth
23
Both two-wheeler and four-wheeler volume recorded positive growth despite COVID-19
headwinds
Figure 23: Two-wheeler sales volume (mn) and YoY growth Figure 24: Four-wheeler sales volume (‘000 units) and YoY growth
CAGR 2016 – 2020 = xx%
VEHICLES LOANS
CAGR 2016 – 2020 = xx%
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Update on product portfolio development

24. FE Credit
Mcredit
HD Saison
Mirae Asset
SHB Finance
Others
FinCos continuously took initiatives in reducing the proportion of cash loans in compliance
SBV’s timeline at Circular 18/2019
Personal Loans/ Cash Loans & Others 1H2021
YTD Growth
1H2021
YoY Growth
FE Credit
Home Credit
Shinhan Finance
…
…
…
…
1H2021
Home Credit
2020
CASH LOANS
Figure 25: Market share in Cash loans, 2020 vs. 1H2021 Figure 26: Growth of Cash Loans amongst top cash loans players
% of Cash Loans (*)/
Total CF Loans
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Update on product portfolio development
Shinhan Finance
…
…
…
…
…
24
Timeline Regulated
proportionof
cash loans
(%)
Remark
1 Jan 2021 70%
1 Jan 2022 60%
1 Jan 2023 50%
1 Jan 2024 30%
Figure 27: Circular 18/2019’s roadmap to reduce
proportion of cash loans

25. Credit Card
FE Credit
Viet Credit
Home Credit
…
…
Mcredit
JACCS
Others
Credit card segment expected to witness increasing competition over the coming periods
CREDIT CARD: MARKET SHARE & GROWTH
Figure 28: Market share in Credit card loans, 2020 vs. 1H2021 Figure 29: Growth of Credit Card amongst top credit cards players
Section 2: Competitive landscape of Finance Companies (FinCos)
2.3. Update on product portfolio development
2020
1H2021
FE Credit
Viet Credit
Home Credit
…
…
…
25

26. Section 2: Competitive landscape of Finance Companies
(FinCos)
Contents
Page
2.1 FinCos’ operations under the impact of the pandemic 1
2
2.2 Changes in market positioning 1
3
2.3 Update on product portfolio development 1
6
2.4 Analysis of FinCos’ financial performance 26
26

27. SUMMARY OF FINANCIAL INDICATORS
27
EARNING
QUALITY
PROFITABILITY ASSET QUALITY EFFICIENCY
CAPITAL
STRUCTURE
NIM
= NII/Average
loans
NPM = NPAT/TOI
ROAA
= NPAT/Average
asset
ROAE
= NPAT/Average
equity
NPL LLP/TOI
CIR
= OPEX/TOI
D/E
2020 1H2021 2020 1H2021 2020 1H2021 2020 1H2021 2020 1H2021 2020 1H2021 2020 1H2021 2020 1H2021
FE Credit
Home Credit
HD Saison
…
…
…
…
…
…
…
Average
Section 2: Competitive landscape of Finance Companies (FinCos)
2.4. Analysis of FinCos’ financialperformance

28. Mirae Asset
Viet Credit
SHB Finance
HD Saison
Mcredit
JACCS
Shinhan Finance
Home Credit
FE Credit
Toyota Financial Services
1H2021
2020
Sector NIM slightly recovered in the 1H2021 as the pandemic remained under control in
most cities and provinces in the first few months of 2021
Figure 30: FinCos’ average Net interest income (NIM), 2016 – 1H2021 Figure 31: NIM of Top 10 FinCos, 2020 vs. 1H2021
EARNINGS QUALITY
Sector avg. = xx%
(1H2021)
Section 2: Competitive landscape of Finance Companies (FinCos)
2.4. Analysis of FinCos’ financialperformance
2016 2017 2018 2019 2020 1H2021
- - -
28
- - -
- - -
- - -
- - -
- - -
- - -

29. FE Credit
Viet Credit
SHB Finance
Mcredit
HD Saison
Mirae Asset
JACCS
Shinhan Finance
Home Credit
Toyota Financial Services
1H2021
2020
However, FinCos’ asset quality deteriorated given both weakened repayment ability as
well as challenges in collection amid prolonged social distancing period
Figure 32: FinCos’ average non-performing loans (NPL), 2016 - 1H2021 Figure 33: NPL ratios of Top 10 FinCos, 2020 vs. 1H2021
ASSET QUALITY
Section 2: Competitive landscape of Finance Companies (FinCos)
2.4. Analysis of FinCos’ financialperformance
NPL Ratios Non-performing-loan
growth, 1H2021 YTD
2016 2017 2018 2019 2020 1H2021
- - -
29
- - -
- - -
- - -
- - -
- - -
- - -
Sector avg. = xx% (1H2021)

30. Mirae Asset
SHB Finance
FE Credit
Viet Credit
Mcredit
HD Saison
Shinhan Finance
Home Credit
JACCS
Toyota Financial
Services
1H2021
1H2020
FinCos accelerated provisioning in response to the potential hike in bad debts
ASSET QUALITY
Figure 34: FinCos’ average Cost or credit risk, 2016 - 1H2021 Figure 35: Cost of credit risk of Top 10 FinCos, 1H2020 vs. 1H2021
Section 2: Competitive landscape of Finance Companies (FinCos)
2.4. Analysis of FinCos’ financialperformance
2016 2017 2018 2019 2020 1H2021
Sector avg. = xx% (1H2021)
Sector avg. = xx% (1H2020)
Changes in NPL,
1H2021 vs. 1H2020
Changes in Cost of creditrisk,
1H2021 vs. 1H2020
- - -
30
- - -
- - -
- - -
- - -
- - -
- - -

31. JACCS
Home Credit
HD Saison
Viet Credit
SHB Finance
Shinhan Finance
Mcredit
Mirae Asset
FE Credit
Toyota Financial Services
2016 2017 2018 2019 2020 1H2021
FinCos promptly responded to the operational challenges following unprecedented
containment measures introduced in the 2nd quarter to ensure efficiency
Figure 36: FinCos’ average Cost to income (CIR), 2016 – 1H2021 Figure 37: TOI’s breakdown of top 10 FinCos, 2020 vs. 1H2021
EFFICIENCY
Section 2: Competitive landscape of Finance Companies (FinCos)
2.4. Analysis of FinCos’ financialperformance
1H2021
2020
1H2021
2020
1H2021
2020
1H2021
2020
1H2021
2020
1H2021
2020
1H2021
2020
1H2021
2020
1H2021
2020
1H2021
2020
- - -
31
- - -
- - -
- - -
- - -
- - -
- - -

32. Toyota Financial Services
Shinhan Finance
Home Credit
HD Saison
Mcredit
JACCS
FE Credit
Viet Credit
Mirae Asset
SHB Finance
1H2021
2020
Profitability witnessed insignificant change despite the mounting bad debts and
provisioning expense remain at high level
Figure 38: FinCos’ average Net Profit Margin (NPM), 2016 – 1H2021 Figure 39: NPM of Top 10 FinCos, 2020 vs. 1H2021
PROFITABILITY
Sector avg. = xx%
(1H2021)
Section 2: Competitive landscape of Finance Companies (FinCos)
2.4. Analysis of FinCos’ financialperformance
2016 2017 2018 2019 2020 1H2021
NPM Provision charge/TOI
NPM LLP as a % of Net operatingincome
before provision and tax
- - -
32
- - -
- - -
- - -
- - -
- - -
- - -

33. Shinhan Finance
HD Saison
Home Credit
Mcredit
JACCS
Toyota Financial
Services
FE Credit
Mirae Asset
Viet Credit
SHB Finance
1H2021
2020
1H2021
2020
The impact of COVID on FinCos’ bottom line will become more visible in the coming periods
as profitability gradually absorbed the impact of COVID-19
Figure 40: FinCos’ average ROAA and ROAE, 2016 - 1H2021 Figure 41: ROAA & ROAE of Top 10 FinCos, 2020 vs. 1H2021
PROFITABILITY
ROAA ROAE
Sector avg. = xx%
(1H2021)
Sector avg. = xx%
(1H2021)
Section 2: Competitive landscape of Finance Companies (FinCos)
2.4. Analysis of FinCos’ financialperformance
2016 2017 2018 2019 2020 1H2021
ROAA ROAE
33
- - -
- - -
- - -
- - -
- - -
- - -
- - -

34. Section 3: Key themes in the consumer finance sector
Page
3.1 Product trend | Buy now pay later 35
3.2 M&A activities during the pandemic time 4
0
34
Contents

35. Section 3: Key themes in the consumer finance sector
3.1. Product trend | Buy now pay later
Buy Now Pay Later (BNPL) has emerged since the onset of COVID-19 along with the
proliferation of e-commerce and expansion of digital payment systems
Figure 42: BNPL business models
01
35
02

36. Fintech is growing fast in establishing BNPL platforms to provide young consumers instant
and convenient checkout financing options
Figure 43: Shopping and payment procedures with BNPL platforms
01 02 03 04 05 06 07
BNPL Platforms
36
Section 3: Key themes in the consumer finance sector
3.1. Product trend | Buy now pay later

37. Most BNPL providers are offered at the merchant or via merchant’s website, targeting
products in the low- to mid-price segment covering impulsive categories
Section 3: Key themes in the consumer finance sector
3.1. Product trend | Buy now pay later
37
BNPL Platforms

38. They might utilize cutting-edge technology in loan appraisal process, or flexible payment
options to enhance customer outreach and improve retention rates
Section 3: Key themes in the consumer finance sector
3.1. Product trend | Buy now pay later
BNPL Platforms
38

39. Provision of credit line
Traditional lenders have been quick to react to this new product trend, reflected by their
strategic partnerships with e-wallets/e-commerce platforms
Figure 44: Customer journey for credit line product
Section 3: Key themes in the consumer finance sector
3.1. Product trend | Buy now pay later
39

40. Section 3: Key themes in the consumer finance sector
Contents
Page
3.1 Product trend | Buy now pay later 3
5
3.2 M&A activities during the pandemic time 40
40

41. Section 3: Key themes in the consumer finance sector
3.2. M&A activities during the pandemic time
The increasing presence of foreign investors in recent M&A, especially Asian investors with
comprehensive capabilities, is expected to stimulate the growth momentum
POTENTIAL TARGETS
RECENTANNOUNCEMENTS
41

42. Section 4: Key regulatory changes
42
Contents

43. Section 4: Key regulatory changes
4.1. Policy responses to the COVID-19 pandemic
SBV has officially issued a new Circular to replace Circular 03/2021 TT-NHNN to expand the
scope of loans eligible for credit support, better tackling Covid-19 effects
Figure 45: Changes in Circular 14 compared to Circular 03
Figure 46: Provision roadmap under Circular 03
43

44. TITLE SCOPE OF APPLICATION KEY ACTIONS IMPLICATIONS
CIRCULAR NO.
11/2021/TT-
NHNN
Publishing License No. 3695-2021/CXBIPH/04-101/HĐ dated on Oct 22nd, 2021 44
Section 4: Key regulatory changes
4.2. Other regulatory changes that affect consumer lending
SBV issued a regulation promulgating debt collections and bad debt settlement of credit
institutions

45. 4
5
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Dong Le, CFA
Managing Director, Market Research Services
T: +84 (024) 3562 6962 (ext. 110)
E: dong.le@fiingroup.vn