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Vietnam Consumer Finance Customer Survey 2015
Customer Experience and Satisfaction
@ 2015 StoxPlus Corporation.
All rights reserved. All information contained in this publication is copyrighted in the name of StoxPlus, and as such no part of this publication may be
reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including
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Date of report: 11 August 2015
Part of StoxPlus’s Market Research Report Series for Vietnam www.stoxresearch.com

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Date: 11 August 2015
Dear Client,
Re: First publication of Vietnam Consumer Customer Survey Report,
2015
StoxPlus has been issuing the annually updated Vietnam Consumer
Finance (“CF”) Report in the last three years, providing the first and
most comprehensive report on this sector. Taking into account
feedbacks from our clients, in addition to the comprehensive analysis of
the market itself, we conducted our first CF customer survey this year
to better assess the experience and satisfaction of finance companies’
customers.
The research, conducted 500 respondents in Hanoi, Ho Chi Minh, and Da
Nang, who already used CF services within the last 2 years, were chosen
to answer the 17 questions about consumer finance service providing by
finance companies (selected list including: HD Saison, Home Credit, FE
Credit, ACS Trading, Prudential Finance, JACCS, Toyota Finance,
MobiVi, and Others).
500 other respondents who intended to use consumer finance service in
the future were surveyed to answer questions on their future demand.
As part of the research, we have conducted various field trips as well as
discussions and interviews with industry players at management levels
to grasp local insights of how fertilizers are distributed in Vietnam. For
the product survey, we have conducted mystery shopping at selected
points of sale of finance companies and commercial banks. We get
financial data of key players and consumer loans from our strategic
partner, National Financial Supervision Commission (“NFSC”).
We understand that this is a targeted but also an open research. We would
be happy to provide any further information to address any questions that
you may have, for any specific sector or target business in Vietnam. Our
ultimate objective is to bring real values to our clients via in-depth
research and practical local insights.
Should you have any questions, please contact I myself or our Research
Manager, Ms. Lan Nguyen at ++84-4-35626962 (ext. 109) or her email:
lan.nguyen@stoxplus.com
Yours sincerely,
Nguyen Quang Thuan
CEO
StoxPlus Corporation
StoxPlus Joint Stock Company
5th Floor, Indovina Bank Building
36 Hoang Cau, Dong Da
Hanoi, Vietnam
telephone: +84 (4) 3562 6962
facsimile: +84 (4) 3562 5055
stoxplus.com

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Table of Contents
Part Content Page
Executive Summary 5-6
1 Vietnam Consumer Finance Market Overview 7-14
1.1 Market size & Growth 7-9
1.2 Competition dynamics 10-14
2 Survey at a glance 15-18
2.1 Methodology 15-16
2.2 Key findings 17-18
3 Survey main findings 19-45
3.1 Sample Characteristics 19-22
3.2 Demographics 23-28
3.3 Products 29-32
3.4 Customer Acquisition Channels 33-36
3.5 Sales Channels 37-40
3.6 Payment Methods 41-43
3.7 Willingness to continue 44-45
Part Content Page
4 Customer Satisfaction 46-58
4.1 Overall satisfaction 46-48
4.2 Satisfaction with key product elements 49-58
5 Statistical Testing 59-72
5.1 Methodology & Key findings 59-61
5.2 Confidence Interval 62-72
6 Demand of Potential Future Users 73-78
6.1 Survey results 73-75
6.2 Characteristics 76-78
Appendices 79-87

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Abbreviation
No. Word Stand for
1 APR Annual Percentage Rate
2 BCG Boston Consulting Group
3 CF Consumer Finance
4 CMF Vietnam National Coal-Mineral Finance JSC
5 COD Cash on Delivery
6 DSA Direct Sale Agents
7 JSCBs Joint Stock Commercial Banks
8 MAFC Mirae Asset Finance Company
9 MFI Microfinance Institution
10 MOIT Ministry of Industry and Trade
11 MSB Maritime Commercial JSC
12 NFSC National Financial Supervision Commission
13 POS Point of Sale
14 SBV State Bank of Vietnam
15 SOCBs State-owned Commercial Banks
16 SOE State-owned Enterprise
17 TFC Vietnam Textile and Garment Finance Company
18 VCFC Vietnam Chemical Finance JSC
19 VECITA Vietnam E-commerce and Information Technology Agency
20 VPB FC VP Finance Company
21 ID Identity Card

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Executive Summary
StoxPlus has been issuing the annually updated Vietnam
Consumer Finance (“CF”) Report in the last three years,
providing the first and most comprehensive report on
this sector. Taking into account feedbacks from our
clients, in addition to the comprehensive analysis of the
market itself, we conducted our first CF customer
survey this year to better assess the experience and
satisfaction of finance companies’ customers.
500 respondents in Hanoi, Ho Chi Minh, and Da Nang,
who already used CF services within the last 2 years
were chosen to answer the 17 questions about consumer
finance service providing by finance companies (selected
list including: HD Saison, Home Credit, FE Credit, ACS
Trading, Prudential Finance, JACCS, Toyota Finance,
MobiVi, and Others).
500 other respondents who intended to use consumer
finance service in the future were surveyed to answer
questions on their future demand.
Below are the most critical findings that could change
the consumer finance market in the next few years:
34.19
33.1
34.54 33.91 34.64
32.61 30.22 29.86
32.52 33.43
35.77
35.98
39.24
35.3 35.87
20
25
30
35
40
45
Total
sample size
ACS Trading FE Credit HD Saison Home Credit
Yearsold
Average age of respondents within 95% distribution
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Executive Summary (Con’t)
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Section 1: Vietnam Consumer Finance Market Overview
1.1 Market Size & Growth
1.2 Competition Dynamics
Contents

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Source: StoxPlus from SBV and StoxPlus
Vietnam consumer loans continue to grow in 2014, reaching US$10.4billion as of end of August 2014
Figure 1: Consumer Loan Balance (USDbn) and %GDP, %Total Loans
In line with the booming credit growth Credit tighten policy dealing
with inflation, SBV asked all
commercial banks to reduce
the non-production loans
which include CF to below
22% by 30 June 2011 and
below 16% by 31 Dec 2011.
SBV issued Document No. 2056/NHNN-CSTT dated
04/10/2012 excluding two groups of loans from the
non-production loans under growth cap: (i) loans
related to consumer real estate financing and (ii)
consumer financing for everyday life purposes
(vehicles and home appliances), for education
purposes, and medical purposes.
4.9 4.8
7.2
8.2
6.3
7.4
8.9
10.4
7%
5%
8%
8%
5.2% 5.2%
6.0%
6.6%
8%
7%
7%
6%
4.7%
5.3%
5.4% 5.3%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
-
2.0
4.0
6.0
8.0
10.0
12.0
Dec-07 Sep-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Aug-14
Consumer Loans Balance in USDbn % Consumer Loans/GDP % Consumer Loans/Loan Book
Section 1: Vietnam Consumer Finance Market
Market Size & Growth

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Section 1: Vietnam Consumer Finance Market
Market Size & Growth
Consumer finance is part of consumer lending business. However, consumer finance refers to credit used
to purchased non-investment goods or services whose value depreciates quickly
Definition of Vietnam Consumer Finance Market
• StoxPlus’ Consumer Finance Definition: In light of international
definitions, based on our understanding of 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.
Figure 2: Consumer loans annual growth rate, 2007 – Aug 2014
2%
61%
25%
-16%
18%
21%
18%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
Sep-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Aug-14
Source: StoxPlus
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Section 1: Vietnam Consumer Finance Market Overview
1.1 Market Size & Growth
1.2 Competition Dynamics
Contents

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Section 1: Vietnam Consumer Finance Market
Competition Dynamics
There are 4 types of key players providing consumer finance market with different business models
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Section 1: Vietnam Consumer Finance Market
Competition Dynamics
There are 4 types of players providing consumer finance services: local banks, foreign banks, finance
companies, and others (ACS and MobiVi).
Local commercial banks – Traditional and most trusted methods of
lending
• Domestic commercial banks in Vietnam includes State-owned
commercial banks (SOCBs) and joint stock commercial banks (JSCBs).
It is the most traditional way that customers used to get in order to
find the financial source. However, the main issue of commercial
banks has risen since its complicated application process and long
appraisal time. As such, it has created the stereotype inside the
customer perception for long time.
• Local commercial banks still focus on traditional retail banking
business. Most JSCBs increased their consumer loans quickly in 2014.
However, even though these banks provide loans for consumers to
purchase goods and services, they still require collaterals (e.g. a
valued asset, or a savings account with the bank). This is different
from a pure CF model that is simple and convenient, and does not
require any collaterals for the loans.
Foreign commercial banks – Upper high class customers
• Foreign banks, unlikely to others, focuses on the upper class clients
who owns a bank account. Besides, in order to tap on the consumer
finance market, foreign banks has concentrated on the credit card
issuance. It may appear that larger amount of loan will accompany
strict credit appraisal. Customers must open an account in banks and
information have to fulfill in order to valuate the financial ability or
granted financial source.
• Along with the main products, which is credit card offered, foreign
banks aim to high credit rating customer, providing the high level of
customer service. As such, they operate in small-scale of products and
customers with unique promotions come along.
Finance Companies – Quick & East could win the market
• Unlike the above financial institutions, finance companies taps on
the market of smaller amount of loan, middle-low income
customers. Providing them with quick and easy application process,
finance companies charge higher interest in return.
• Finance companies, are the only type that follow the pure
consumer finance activities that could consider. With diversified-
product strategy, finance companies offer wide range of products,
from cash loan, consumer durable goods, electronic devices or
motorbike, it is expected to serve individuals who are mostly under-
banked or unbanked, and are usually considered for credit
supporting.
MobiVi – Advance technology could bring convenience
• The new trend of e-wallet has become phenomenon in Vietnam
recently. In retrospect, several e-payment providers has launched
its product to public, however, it has targeted on payment method
only. MobiVi, on the other hand, by partnership with several banks,
provides the micro credit to its customers.
• 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.

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Finance companies have the fastest growth in consumer loans compared to other types of players
Source: StoxPlus from NFSC and SBV
Figure 3: Breakdown of Vietnam Consumer Loans by players, 2013-2014
20132014
37%
49%
3%
10%
0% 100% 1% 4%
4%
43%
48%
0%
20%
40%
60%
80%
100%
120%
SOCBs JSCBs Foreign
Banks
Finance
Companies
Others Total Others Finance
Companies
Foreign
Banks
JSCBs SOCBs
Section 1: Vietnam Consumer Finance Market
Competition Dynamics
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VP Finance Company (i.e. FE Credit) is believed to be the market leader for consumer finance,
followed by PPF and Prudential
Section 1: Vietnam Consumer Finance Market
Competition Dynamics
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Section 2: Survey at a Glance
2.1 Methodology
2.2 Key findings
Contents

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Section 2: Survey at a glance
Methodology
Sample Size
• 500 consumer finance users within 2
years (consumer good instalment and
cash loan)
• 500 intended users in the near future
• Location: Hanoi, Ho Chi Minh City, Da
Nang
Respondents
• Male & Female
• Age: 18-60
• Have used consumer finance services
from finance companies (selected
list)
Methodology
• Snowball Sampling
• Interview face to face
• Questions with showcards
Description
• 500 respondents who already used CF services within the last 2 years were chosen to answer the 17 questions about consumer finance service
providing by finance companies (selected list including: HD Saison, Home Credit, FE Credit, ACS Trading, Prudential Finance, JACCS, Toyota
Finance, MobiVi, and Others).
• 500 other respondents who intended to use consumer finance service in the future were surveyed to answer questions on their future demand.
• Due to difficulty in sampling consumer finance users, we selected snowball sampling methodology as respondents have been previously identified
and difficult to locate or contact. As such, using this approach, few potential respondents were contacted, then asked whether they know of
anybody whose used consumer finance service before or have intention to use in the future.
Biases
• Foremost, snowball sampling does not produce a random sample because of the potential biases present during the process. In the beginning, the
bias may be introduced as the recommendations were based on convenience and the circle of relationships is limited. For example, the majority
of sample size are female, or urban area accounted for more than 80&. These characteristics may be influenced as recommended participants
have similar range of characteristics, for instance, same age, similar jobs, etc.
• Due to the limited number of respondents, this report will only analyse the top five finance companies with the most number of users amongst this
sample size. The top 5 include: ACS Trading, Home Credit, HD Saison, FE Credit, Prudential Finance.
Consumer Finance customer survey overview

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Section 2: Survey at a Glance
2.1 Methodology
2.2 Key findings
Contents

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The segments were developed based on factors including product holding, channel preference, reason
to use, income, and occupation.
Section 2: Survey at a glance
Key findings
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Section 3: Survey Detailed Findings
3.1 Sample Characteristics
3.2 Demographics
3.3 Products
3.4 Customer Acquisition Channels
3.5 Sales Channels
3.6 Payment Methods
3.7 Willingness to continue
Contents

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Section 3: Survey Detailed Findings
Sample characteristics
200
150 150
200
150 150
0
50
100
150
200
250
300
350
400
450
Hanoi Hochiminh Da nang
Used Intend to use
5%
16% 13%
95%
84% 87%
0%
20%
40%
60%
80%
100%
Ha Noi Ho Chi Minh Da Nang
Rural Urban
41%
31% 31%
59%
69% 69%
0%
20%
40%
60%
80%
100%
Ha noi Hochiminh Da Nang
Male Female
Figure 4: Breakdown of sample size by type of users
Figure 6: Breakdown of sample size by gender
Figure 5: Breakdown of sample size by geographic
% of respondents
Number of respondents
% of respondents
Source: StoxPlus’ CF Customer Survey 2015
Source: StoxPlus’ CF Customer Survey 2015 Source: StoxPlus’ CF Customer Survey 2015
Consumer Finance customer survey characteristics

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Section 3: Survey Detailed Findings
Sample characteristics
Figure 7: Frequency of the use of consumer finance products
The frequency of majority of consumer finance users were less than one per year – 91 percent of
sample size
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Figure 8: Number of Finance Companies users
Source: StoxPlus’ CF Customer Survey 2015
Among finance companies most recently used, Home Credit under PPF Vietnam were almost inclined
to become the most popular brand
Section 3: Survey Detailed Findings
Sample characteristics
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Section 3: Survey Detailed Findings
3.1 Sample Characteristics
3.2 Demographics
3.3 Products
3.4 Customer Acquisition Channels
3.5 Sales Channels
3.6 Payment Methods
3.7 Willingness to continue
Contents

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Section 3: Survey Detailed Findings
Demographics
Figure 9: Breakdown of sample size by age Figure 10: Age structure of top 4 companies
Source: 2015 StoxPlus Survey of Consumer Finance Source: 2015 StoxPlus Survey of Consumer Finance
Young adults (23 to 34 years old) are the most potential demographic groups to target for consumer
finance products
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Figure 11: Breakdown of sample size by user occupation
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 12: Users’ Occupation of top 4 companies
Source: 2015 StoxPlus Survey of Consumer Finance
Freelancer and Officers accounted for more than 60 percent of total respondents
Section 3: Survey Detailed Findings
Demographics
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According to the survey, we identify 3 customer groups with the highest potential for CF loans that
are being served by other credit providers
Section 3: Survey Detailed Findings
Demographics
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Figure 13: Breakdown of sample size by monthly income Figure 14: Monthly income level of top 4 companies
Source: 2015 StoxPlus Survey of Consumer Finance Source: 2015 StoxPlus Survey of Consumer Finance
As expected, CF customers tend to be Lower Mass – Mass individuals, with monthly income most likely
to range from VND3mn – 7mn
Section 3: Survey Detailed Findings
Demographics
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This result confirms our previous analysis regarding target market of finance companies
34.0%
29.0%
15.0%
11.0%
5.6%
3.9%
1.5%A
1
F
E
D
A
C
B
Wealthy
1.5% = 1.3
million
Affluent
9.5% = 8.2
million
Mass
Affluent
and Upper
Mass
26% = 22
million
Mass and
Lower Mass
63% = 54
million
Source: StoxPlus’s Analysis from GSO and TNS data
Figure 15: Vietnam Income Groups 2011
Class Annual income
A1 US$42,001 and above
A US$24,001 - 42,000
B US$6,001 - 24,000
C US$4,201 - 6,000
D US$3,001 - 4,200
E US$1,801 - 3,000
F US$1,800 and below
Section 3: Survey Detailed Findings
Demographics
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Section 3: Survey Detailed Findings
3.1 Sample Characteristics
3.2 Demographics
3.3 Products
3.4 Customer Acquisition Channels
3.5 Sales Channels
3.6 Payment Methods
3.7 Willingness to continue
Contents

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Figure 16: Products – Consumer finance users
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents
Majority of CF survey participants use installment loans (91%). Cash loans users only account of 9%
of survey participants
Section 3: Survey Detailed Findings
Products
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Figure 17: Reasons for using consumer good instalment loans
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents
Section 3: Survey Detailed Findings
Products
Top reasons for using installment loans is to meet the demand to consume immediately, as well as to
split payment into smaller and more reasonable expenses
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Figure 18: Reasons for using cash loans
Source: 2015 StoxPlus Survey of Consumer Finance
Section 3: Survey Detailed Findings
Products
Reasons for using CF cash loans is straight-forward: users need cash quickly and have no other
borrowing options
Source: 2015 StoxPlus Survey of Consumer Finance
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Section 3: Survey Detailed Findings
3.1 Sample Characteristics
3.2 Demographics
3.3 Products
3.4 Customer Acquisition Channels
3.5 Sales Channels
3.6 Payment Methods
3.7 Willingness to continue
Contents

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Figure 19: Customer Acquisition Channels of CF Installment Loans
Source: 2015 StoxPlus Survey of Consumer Finance
Section 3: Survey Detailed Findings
Acquisition Channels
Point of sales are the most popular customer acquisition channel for CF installment loans
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Source: 2015 StoxPlus Survey of Consumer Finance
Figure 20: Customer Acquisition Channels of Finance Companies
Section 3: Survey Detailed Findings
Acquisition Channels
Point of sales are the most popular customer acquisition channel for CF installment loans
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Figure 21: Customer Acquisition Channels of Cash Loan
Source: 2015 StoxPlus Survey of Consumer Finance
Source: 2015 StoxPlus Survey of Consumer Finance
Section 3: Survey Detailed Findings
Acquisition Channels
For cash loans, sales agents and branches are the two most popular customer acquisition channels
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Section 3: Survey Detailed Findings
3.1 Sample Characteristics
3.2 Demographics
3.3 Products
3.4 Customer Acquisition Channels
3.5 Sales Channels
3.6 Payment Methods
3.7 Willingness to continue
Contents

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Figure 22: Sale Channels of CF Installment Loans
Source: 2015 StoxPlus Survey of Consumer Finance
Section 3: Survey Detailed Findings
Sales Channels
Most important sales channels for CF installment loans are sales agents at POS and word of mouth via
friends and relatives
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Figure 23: Sale Channels of Finance Companies
Source: 2015 StoxPlus Survey of Consumer Finance
Section 3: Survey Detailed Findings
Sale Channels
Finance companies showed the similarity in the sale channels – Ads at POS, Sale agents at POS and
Reference from friends and relatives
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Figure 24: Sale Channels of Cash Loans
Source: 2015 StoxPlus Survey of Consumer Finance
Section 3: Survey Detailed Findings
Sales Channels
Sales channels for cash loans vary more than CF installment loans
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Section 3: Survey Detailed Findings
3.1 Sample Characteristics
3.2 Demographics
3.3 Products
3.4 Customer Acquisition Channels
3.5 Sales Channels
3.6 Payment Methods
3.7 Willingness to continue
Contents

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Figure 25: Payment Methods of Consumer Good Loans Figure 26: Payment Methods of Cash Loans
Source: 2015 StoxPlus Survey of Consumer Finance Source: 2015 StoxPlus Survey of Consumer Finance
Question: Which method did you choose to pay monthly instalment?
Section 3: Survey Detailed Findings
Payment Methods
Despite that CF companies have introduced many payment options, CF customers still use traditional
methods of paying cash at physical locations
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Figure 27: Payment Methods offered by Finance Companies
Source: 2015 StoxPlus Survey of Consumer Finance
Section 3: Survey Detailed Findings
Payment Methods
Due to different business models, customers of different CF companies vary in their payment options
Question: Which method did you choose to pay monthly instalment?
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Section 3: Survey Detailed Findings
3.1 Sample Characteristics
3.2 Demographics
3.3 Products
3.4 Customer Acquisition Channels
3.5 Sales Channels
3.6 Payment Methods
3.7 Willingness to continue
Contents

45
Figure 28: Customers’ willingness to continue to use consumer finance
service by products
Source: 2015 StoxPlus Survey of Consumer Finance
Section 3: Survey Detailed Findings
Willingness to continue
CF installment loans customers are more likely to continue or introduce CF services to their friends
and family
Figure 29: Customers’ willingness to continue to use consumer finance
service by finance companies
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Source: 2015 StoxPlus Survey of Consumer Finance
Section 3: Survey Detailed Findings
Willingness to continue
ACS customers are most likely to continue or introduce CF services to their friends and family
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Section 4: Customer satisfaction
4.1 Overall satisfaction
4.2 Satisfaction with key product elements
Contents

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Weighted sum method is selected for ranking the customer’s satisfaction owing to the available of
priorities of criteria
Influenced factors Available Choice Selected Companies
• Interest rate • Very dissatisfied • Home Credit
• Procedure • Dissatisfied • FE Credit
• Contract’s terms & conditions • Neutral • HD Saison
• Appraisal time • Satisfied • ACS Trading
• Staff’s attitude • Very satisfied • Prudential Finance
• Disbursement time
• Payment methods
• Loan rescheduling
• Penalties
Description
• By applying this methods, the available choice was ranked by the priorities. The respondents had to give their preferences with respects to the
evaluation criteria incorporated into the available choice. These preferences were expressed in priorities or weights between the criteria.
• This survey will be scored over the nine factors and the rank is out of five. Five is the highest score and one is the lowest.
Biases
• There are several assumption of compensability between criteria and the loss of information due to the smaller in the sample size. Also, assigning
weights is difficult and based mostly on observation. Somehow, the estimation and the relativity come from respondents are under the concern of
normalization.
Section 4: Customer satisfaction
Overall satisfaction

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Overall, HD Saison Finance has the highest overall customer satisfaction, followed by ACS and Home
Credit (PPF)
Section 4: Customer satisfaction
Overall satisfaction
Figure 31: Overall customer’s satisfaction of finance companies
Source: 2015 StoxPlus Survey of CF Customers
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Section 4: Customer satisfaction
4.1 Overall satisfaction
4.2 Satisfaction with key product elements
Contents

51
Figure 32: Customer’s satisfaction of CF installment loans
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 33: Customer’s satisfaction of cash loans
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents% of respondents
Section 4: Customer satisfaction
Customer experience– Interest Rate
Customers are most satisfied with interest rates of HD Saison’s CF installment loans and Prudential
Finance’s cash loans
From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest finance company you did use
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Figure 34: Customer’s satisfaction toward simple procedures
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 35: Customer’s satisfaction toward simple procedures
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents% of respondents
Section 4: Customer satisfaction
Customer experience – Application Procedure
Customers are most satisfied with application procedure of Home Credit’s CF installment loans and cash
loans
From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest finance company you did use
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Figure 36: Customer’s satisfaction of Customer Good Installment Loan
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 37: Customer’s satisfaction of Cash Loan
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents
% of respondents
Section 4: Customer satisfaction
Customer experience – Transparency of terms & conditions
Customers are most satisfied with transparency of ACS’ CF installment loans and Home Credit’s cash
loans
From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest finance company you did use
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Figure 38: Customer’s satisfaction towards appraisal time
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 39: Customer’s satisfaction towards appraisal time
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents% of respondents
Section 4: Customer satisfaction
Customer experience – Appraisal Time
Customers are most satisfied with appraisal time of FE Credit’s CF installment loans and Prudential
Finance’s cash loans
From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest finance company you did use
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Figure 40: Customer’s satisfaction towards customer services
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 41: Customer’s satisfaction towards customer services
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents% of respondents
Section 4: Customer satisfaction
Customer experience – Customer Services
Customers are most satisfied with customer services of Home Credit’s CF installment loans and
Prudential Finance’s cash loans
From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest finance company you did use
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Figure 42: Customer’s satisfaction towards disbursement time
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 43: Customer’s satisfaction towards disbursement time
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents% of respondents
Section 4: Customer satisfaction
Customer experience – Disbursement Time
Customers are most satisfied with disbursement time of HD Saison’s CF installment loans and
Prudential Finance’s cash loans
From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest finance company you did use
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Figure 44: Customer’s satisfaction towards payment methods
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 45: Customer’s satisfaction towards payment methods
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents% of respondents
Section 4: Customer satisfaction
Customer experience – Payment methods
Customers are most satisfied with payment methods of FE Credit’s CF installment loans and Home
Credit’s cash loans
From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest finance company you did use
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Figure 46: Customer’s satisfaction towards loan rescheduling
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 47: Customer’s satisfaction towards loan rescheduling
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents% of respondents
Section 4: Customer satisfaction
Customer experience – Loan Rescheduling
Customers are most satisfied with ability to reschedule loans of Home Credit’s CF installment loans
and Prudential Finance’s cash loans
From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest finance company you did use
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Figure 48: Customer’s satisfaction towards penalties
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 49: Customer’s satisfaction towards penalties
Source: 2015 StoxPlus Survey of Consumer Finance
% of respondents% of respondents
Section 4: Customer satisfaction
Customer experience – Penalties
Customers are most satisfied with fines and penalties of ACS’s CF installment loans and FE Credit’s
cash loans
From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest finance company you did use
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Section 5: Statistical Testing
Contents
5.1 Methodology and Summary of findings
5.2 Confidence Interval
5.3 Hypothesis testing

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Section 5: Statistical Testing
Methodology & Summary of Findings
Selected Methodologies
• We use inferential statistics because it allows us to measure behavior in samples to learn more about the behavior in populations that are often
too large or inaccessible. We use samples because we know how they are related to populations.
• In behavioral research, we select samples to learn more about populations of interest to us. In terms of the mean, we measure a sample mean to
learn more about the mean in a population. Therefore, we will use the sample mean to describe the population mean. We begin by stating the
value of a population mean, and then we select a sample and measure the mean in that sample. On average, the value of the sample mean will
equal the population mean. The larger the difference or discrepancy between the sample mean and population mean, the less likely it is that we
could have selected that sample mean, if the value of the population mean is correct. This type of experimental situation, using the example of
standardized exam scores
Description
• Confidence Interval: The purpose of taking a random sample from a lot or population and computing a statistic, such as the mean from the data,
is to approximate the mean of the population. How well the sample statistic estimates the underlying population value is always an issue. A
confidence interval addresses this issue because it provides a range of values which is likely to contain the population parameter of interest.
• Hypothesis Testing: Hypothesis testing refers to the process of choosing between competing hypotheses about a probability distribution, based on
observed data from the distribution. It is a core topic in mathematical statistics, and indeed is a fundamental part of the language of statistics. In
this chapter, we study the basics of hypothesis testing, and explore hypothesis tests in some of the most important parametric models: the
normal model and the Bernoulli model.
Biases
• In the normal course of events, population standard deviations are not known, and must be estimated from the data. Confidence intervals, given
the same confidence level, are by necessity wider if the standard deviation is estimated from limited data because of the uncertainty in this
estimate.
• Due to the limited number of respondents, this report will only analyse the top for finance companies with the most number of users amongst this
sample size. The top 5 include: ACS Trading, Home Credit, HD Saison, and FE Credit.
Confidence interval is selected to test statistical significance of the sample size

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Section 5: Statistical Testing
Methodology & Summary of Findings
Figure 50: Average monthly income of respondents
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 51: Average age of respondents
Source: 2015 StoxPlus Survey of Consumer Finance
FE Credit illustrated the widest range of average income level and aging group
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63
Section 5: Statistical Testing
Contents
5.1 Methodology and Summary of findings
5.2 Confidence Interval
5.3 Hypothesis testing

64
Section 5: Statistical Testing
Average Monthly Income – Total sample size
Monthly income of the total sample size is between VND4.66 million and VND8.22 million
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 52: Normally distribution of total sample size
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65
Section 5: Statistical Testing
Average Monthly Income – ACS Trading
Monthly income of the ACS is between VND3.5 million and VND10 million
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Source: 2015 StoxPlus Survey of Consumer Finance
Figure 53: Normally distribution of ACS Trading

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Section 5: Statistical Testing
Average Monthly Income – FE Credit
Monthly income of the ACS is between VND2.49 million and VND13.09 million
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Source: 2015 StoxPlus Survey of Consumer Finance
Figure 54: Normally distribution of FE Credit

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Section 5: Statistical Testing
Average Monthly Income – HD Saison
Monthly income of the ACS is between VND2.81 million and VND10.27 million
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Source: 2015 StoxPlus Survey of Consumer Finance
Figure 55: Normally distribution of HD Saison

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Section 5: Statistical Testing
Average Monthly Income – Home Credit
Monthly income of the ACS is between VND3.19 million and VND8.62 million
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Source: 2015 StoxPlus Survey of Consumer Finance
Figure 56: Normally distribution of Home Credit

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Section 5: Statistical Testing
Average Age– Total sample size
Aging range of the total sample size is between 32.61 years old and 35.77 years old
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Source: 2015 StoxPlus Survey of Consumer Finance
Figure 58: Normally distribution of Total Sample Size

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Section 5: Statistical Testing
Average Age– ACS Trading
Aging range of ACS Trading is between 30.22 years old and 35.98 years old
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Source: 2015 StoxPlus Survey of Consumer Finance
Figure 59: Normally distribution of ACS Trading

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Section 5: Statistical Testing
Average Age – FE Credit
Aging range of ACS Trading is between 29.86 years old and 39.24 years old
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Source: 2015 StoxPlus Survey of Consumer Finance
Figure 60: Normally distribution of FE Credit

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Section 5: Statistical Testing
Average Age – HD Saison
Monthly income of the ACS is between VND2.81 million and VND10.27 million
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Source: 2015 StoxPlus Survey of Consumer Finance
Figure 61: Normally distribution of HD Saison

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Section 5: Statistical Testing
Average Age– Home Credit
Monthly income of the ACS is between VND3.19 million and VND8.62 million
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Source: 2015 StoxPlus Survey of Consumer Finance
Figure 62: Normally distribution of Home Credit

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Section 6: Demand of Future CF Users
Contents
6.1 Overall
6.2 Importance on key product elements

75
Section 6: Demand of Future CF Users
Methodology
Sample Size
• 500 consumer finance users within 2
years (consumer good instalment and
cash loan)
• 500 intended users in the near future
• Location: Hanoi, Ho Chi Minh City, Da
Nang
Respondents
• Male & Female
• Age: 18-60
• Have used consumer finance services
from finance companies (selected
list)
Methodology
• Snowball Sampling
• Interview face to face
• Questions with showcards
Description
• 500 respondents who already used CF services within the last 2 years were chosen to answer the 17 questions about consumer finance
service providing by finance companies (selected list including: HD Saison, Home Credit, FE Credit, ACS Trading, Prudential Finance,
JACCS, Toyota Finance, MobiVi, and Others).
• 500 other respondents who intended to use consumer finance service in the future were surveyed to answer questions on their future
demand.
• Due to difficulty in sampling consumer finance users, we selected snowball sampling methodology as respondents have been previously
identified and difficult to locate or contact. As such, using this approach, few potential respondents were contacted, then asked
whether they know of anybody whose used consumer finance service before or have intention to use in the future.
Biases
• Foremost, snowball sampling does not produce a random sample because of the potential biases present during the process. In the
beginning, the bias may be introduced as the recommendations were based on convenience and the circle of relationships is limited. For
example, the majority of sample size are female, or urban area accounted for more than 80&. These characteristics may be influenced as
recommended participants have similar range of characteristics, for instance, same age, similar jobs, etc.
• Due to the limited number of respondents, this report will only analyse the top five finance companies with the most number of users
amongst this sample size. The top 5 include: ACS Trading, Home Credit, HD Saison, FE Credit, Prudential Finance.
Consumer Finance customer survey overview

76
Figure 63: Breakdown of sample size by aging structure Figure 64: Breakdown of sample size by occupation
Source: 2015 StoxPlus Survey of Consumer Finance
Section 6: Demand of Future CF Users
Sample’s Characteristics
Similar with used consumers, survey’s result has showed the same segments
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Section 6: Demand of Future CF Users
Contents
5.1 Overall
5.2 Importance on key product elements

78
Source: 2015 StoxPlus Survey of Consumer Finance
Figure 65: From 1 to 5, can you please rank the important level of the following elements when you decided to use consumer
finance service?
#1
#2
#3
#4
#5
#6
#7
#8
#9
Customers’ product requirements, attitudes and preferences are not unique, interest rate is still the
most concern for intended customers
Section 6: Demand of Future CF Users
Importance on key product elements
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79
Despite Vietnamese intended users still consider interest rate issue as the most important factor that
would affect the decision of using consumer finance service, unlike used customers, appraisal time and
time of disbursement is more important than procedure or contract’s terms
Section 6: Demand of Future CF Users
Importance on key product elements
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Appendices
Contents

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Question 1: Have you ever used cash loan/consumer goods instalment loan providing by any finance companies
within 2 years?
1. Yes
2. No
Question 2: How usually do you use the consumer finance provided by finance companies?
1. More than a month
2. Once per month
3. Once per 2-3 months
4. Once per 4-6 months
5. Once per 6-12 months
6. Less than once per year
Question 3: Recently, which finance company did you use?
1. ACS Trading
2. FE Credit
3. HD Saison Credit
4. Home Credit (PPF)
5. JACCS
6. Mirae Assets Finance
7. Prudential Finance
8. Toyota Finance
9. MobiVi
10. Others (Specific)
Question 4: Which consumer finance product did you use?
1. Consumer goods instalment loan -> Question 5
2. Cash loan -> Question 10
Appendix 1: Survey’s Question

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Question 5: which purpose for the use of consumer finance products?
1. Consumer durable goods (Television, air conditional, etc.)
2. Electronic technology/Digital devices
3. Computer/Laptop
4. Motorbike/E-bike
5. Automobiles
6. Furniture
7. Others (Specific)
Question 6a: Which channels did you apply to consumer finance products?
1. Shopping Mall/Supermarket (Aeon, Big C, Coopmart, etc.)
2. Point of sale (Mobile world, FPT shop, etc.)
3. Online retail websites
4. Others (Specific)
Question 6b: How did you know about consumer finance products?
1. Ads at POS
2. Sale agents at POS
3. Ads on internet
4. Newspaper/Flyers/Posters
5. Friends/Relatives
6. Others (Specific)
Question 7a: Which payment methods did you choose to pay monthly instalment?
1. Cash at branches in banking system
2. Cash at purchase location (Mobile World, Media Mart, etc.)
3. Cash at post office
4. Cash at convenience stores (Circle K, Foodcoo-mart, etc.)
5. Account transfer at bank
6. Online payment (Payoo, MobiVi, etc.)
7. Others (Specific)
Appendix 1: Survey’s Question – Consumer Good Instalment

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Question 7b: Why did you choose consumer finance services provided by finance companies?
1. Meet the purchase demand immediately
2. Split into small and reasonable expenses
3. Attract by discount and promotion program
4. Resell product to earn cash
5. Others (Specific)
Question 8: From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest
finance company you did use
1. Reasonable interest rate
2. Simple procedure
3. Clear contract’s terms & conditions
4. Appraisal time
5. Staff’s attitude
6. Disbursement time
7. Payment methods
8. Reasonable loan rescheduling
9. Penalties
Question 9: Do you likely introduce the finance company to your friends and relatives?
1. Very likely
2. Likely
3. Neutral
4. Unlikely
5. Very unlikely
Appendix 1: Survey’s Question – Consumer Good Instalment

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Question 10: Which acquisition channel did you use to apply the cash loan?
1. Shopping Mall/Supermarket
2. Point of sale
3. Sale agents at POS
4. Branches of finance company
5. Post office
6. Online website
7. Others (Specific)
Question 11a: Before cash loan, have you ever used other instalment loan products (motorbike, cars, electronic
device, etc.)?
1. Yes
2. No
Question 11b: How did you know about the consumer finance products – cash loan?
1. Used it before
2. Via sale agents
3. Via ads/website/facebook/social media/etc.
4. Via media/brochures/poster
5. Via friends/relatives
6. Others (Specific)
Question 12: Which payment methods did you choose to pay monthly instalment?
1. Cash at branches in banking system
2. Cash at purchase location (Mobile World, Media Mart, etc.)
3. Cash at post office
4. Cash via sale agents
5. Cash at convenience stores (Circle K, Foodcoo-mart, etc.)
6. Account transfer at bank
7. Online payment (Payoo, MobiVi, etc.)
8. Others (Specific)
Appendix 1: Survey’s Question – Cash Loan

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Question 12b: Why did you choose consumer finance product?
1. Urgent for cash
2. No other option
3. Discount and promotion programs
4. Others (Specific)
Question 13: From 1 to 5, 1 is very dissatisfied and 5 is very satisfied, please rank the satisfaction for the latest
finance company you did use
1. Reasonable interest rate
2. Simple procedure
3. Clear contract’s terms & conditions
4. Appraisal time
5. Staff’s attitude
6. Disbursement time
7. Payment methods
8. Reasonable loan rescheduling
9. Penalties
Question 14: How likely do you introduce finance company to friends and relatives?
1. Very likely
2. Likely
3. Neutral
4. Unlikely
5. Very unlikely
Appendix 1: Survey’s Question – Cash Loan

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Question 15: Would you like to continue using consumer finance products provided by finance companies in the
future?
1. Very likely
2. Likely
3. Neutral
4. Unlikely
5. Very unlikely
Question 16: From 1 to 5, 1 is Not at all important and 5 is very important, please rank the importance of
following elements when you consider to use consumer finance products?
1. Reasonable interest rate
2. Simple procedure
3. Clear contract’s terms & conditions
4. Appraisal time
5. Staff’s attitude
6. Disbursement time
7. Payment methods
8. Reasonable loan rescheduling
9. Penalties
Question 17a: Gender
1. Male
2. Female
Appendix 1: Survey’s Question

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Question 17b: Age
1. Under 18
2. Between 18 and 22
3. Between 23 and 34
4. Between 35 and 50
5. Between 51 and 60
6. Over 60
Question 18: Occupation
1. Student
2. Worker
3. Officer
4. Housewife
5. Freelancer
6. Farmer
7. Others
Question 19: Average monthly income
1. Under VND3 million
2. From VND3 million – VND5 million
3. From VND5 million – VND7million
4. From VND7 million – VND10 million
5. From VND10 million – VND40 million
6. From VND40 million – VND70 million
7. Over VND70 million
Question 20: Address
1. Street/District
2. Province
3. City
Appendix 1: Survey’s Question

88
Appendix 2: Research Methodology
StoxPlus surveyed 1000 consumer finance customers.
• To qualify, respondents had to used at least one consumer finance
product or intend to use and had knowledge about consumer
finance product.
• The survey was translated into Vietnamese and conducted through
direct interviewed in Hanoi, Ho Chi Minh City and Da Nang.
• The survey instrument was pre-test in Hanoi to ensure the survey
question were understood and captured relevant aspects of
consumer finance users’ behaviors and experiences.
• All questions referenced in local currency and were standardized
into US dollars.
• The target quotas were established based on the number of users
in each city.
• The data was collected from 20 June 2015 to 30 June 2015.

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‹#›
If you need further assistance, contact us at:
Hang Pham
Associate
+84 (0) 35626962 (ext. 109)
+84 (0) 90 400 2705
hang.pham@stoxplus.com
Head Office
5th Floor, Indovina Bank Building
36 Hoang Cau Street
Hanoi, Vietnam
+ 84 (4) 3562 6962
Ho Chi Minh Branch
20th Floor, AB Tower,
76 Le Lai Street, District 1
Ho Chi Minh City, Vietnam
+ 84 (8) 3823 3485
Lan Nguyen
Research Manager
+84 (0) 35626962 (ext. 109)
+84 (0) 96 494 6760
lan.nguyen@stoxplus.com