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Report Description

Report Description

Vietnam consumer durable loan market is expected to project robust growth during the forecast period on account of increasing demand for technologically upgraded consumer durable products, attractive marketing strategies, rising demand from middle class segment of the country, increasing internet penetration and increasing digitalization.

 

During the forecast period in Vietnam, the steadily growing economy, rising consumer demand with no or minimal interest rates are the elements that create the ideal conditions for customers to take loan. Consumer durable loans (CDL) and personal loans/cash loans (PL) have consistently performed better than the others key product offerings through the pandemic. Widespread lockdown orders increased demand for consumer durables that could be used for remote working and studying in addition to the rising need for cash during economic uncertainty. This led to an increase in consumer durable loans.


The Ministry of Industry and Trade estimates that household appliance purchases account for 9% of all private spending. The ministry anticipates that a significant portion of young people will result in a significant increase in the purchase of household appliances because it believes that consumers aged 18 to 45 account for 57 to 60% of total market spending. Furthermore, popular Vietnamese brand names have replaced hand-made and basic household appliances in rural markets. A market study found that in the first quarter of 2017, shopping growth in rural areas increased by 12.4% compared to only 6.5% in urban areas.

 

Increasing Partnerships to Support the Market Growth

And with the growing opportunities, various loan offering companies had significant tie-ups with the electronics providers to keep a significant pace within the market. For instance, Consumer Durables Loan (CDL), was introduced by FE CREDIT in 2013. It is defined as an innovative unsecured loan which is provided to the customers for the purchase of digital devices and household appliances such as mobile phones, laptops, washing machines, refrigerators, air conditioners, televisions, microwaves, etc., in partnership with well-known brands such as Samsung and Oppo. Thus, with growing partnership between loan providers and the electronic companies, the Vietnam Consumer durable loan market is expected to grow at a fast rate.

 

Booming Digitalization Will Boost the Market Growth

The use of quick, user-friendly apps that facilitate financing is helping to improve the customer experience on digital channels as a result of new technologies. Big data and digitalization also provide a deeper understanding of consumer needs, which enhances the services being provided. For instance, Home Credit's push for various digital transformational initiatives that has picked up speed recently. The company has utilized the power of an advanced data analytics and AI system, to provide and support virtual credit cards, online BNPL, a redesigned mobile app, QR code payments, and a 24-hour virtual assistant. Thus, all these factors are expected to play an important role in fueling the growth of Vietnam Consumer durable loan market.

 

Rising Demand of Imported Consumer durable loan will Fuel the Market Growth

The income of Vietnamese people is rising quickly. The World Bank estimates that Vietnam's GDP per capita increased by more than two times between 2010 and 2020, reaching USD 2,786. Income growth is also accompanied by an increase in consumer demand. Notably, there will be about 13 million members of Vietnam's middle class by 2020. This class has contemporary shopping habits and a high demand for imported high-quality goods from developed nations such as the US, Japan, Europe, and Germany. In addition, Vietnamese consumer behaviour is changing considerably as the Vietnamese consumers used to base their purchases of goods and services on fair prices, but now the  emphasis has shifted from price to product quality and its origin.  Thus, demand of loans for the imported durable goods will have huge impact on Vietnam Consumer durable loan market.

 



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Market Segmentation

The Vietnam Consumer durable loan market is segmented on the basis of type, tenure period, region, and competitional landscape. On the basis of type, the market is further fragmented into smart phone, washing machine, refrigerator, air conditioner, others (laptop, television, etc.)). Based on tenure, the market is segmented into less than 1 year, 1 year to 3 years, more than 3 years. On the basis of region, the market is divided into North, South, and Central.

 

Company Profiles

VP Bank Finance Company Limited (FE CREDIT), Home Credit Vietnam Finance Company Limited, HD SAISON Finance Company Limited, JACCS International Vietnam Finance Co., Ltd, Mirae Asset Finance Company, Vietnam Technological and Commercial Joint Stock Bank (TECHCOMBANK), Military Commercial Joint Stock Bank (MB Bank), Tien Phong Commercial Joint Stock Bank (TPBank) are also actively entering the market in recent years and further strengthening the market growth.


Attribute

Details

Base Year

2022

Historical Years

2018–2021

Estimated Year

2023E

Forecast Period

2024F –2028F

Quantitative Units

Revenue in USD Million and CAGR for 2018-2022 and 2023E- 2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type

Tenure Period

Company

Regional Scope

North Vietnam, South Vietnam, and Central Vietnam

Key Companies Profiled

VPBank Finance Company Limited (FE CREDIT), Home Credit Vietnam Finance Company Limited, HD SAISON Finance Company Limited, JACCS International Vietnam Finance Co., Ltd., Mirae Asset Finance Company, Vietnam Technological and Commercial Joint Stock Bank (TECHCOMBANK), Military Commercial Joint Stock Bank (MB Bank), Tien Phong Commercial Joint Stock Bank (TPBank).

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, Vietnam consumer durable loan market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Vietnam Consumer Durable Loan Market, By Type:
    • Smart Phone
    • Washing Machine
    • Refrigerator
    • Air Conditioner
    • Others
  • Vietnam Consumer Durable Loan Market, By Tenure Period:
    • Less than 1 Year
    • 1 Year to 3 Years
    • More than 3 Years
  • Vietnam Consumer Durable Loan Market, By Region:
    • North
    • South
    • Central 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Vietnam consumer durable loan market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Vietnam Consumer Durable Loan Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.     By Gender

4.2.2.     By Age

4.2.3.     By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Availing Loan Decision

4.5.  Sources of Information

4.6.  Challenges Faced After Availing Loan

5.    Vietnam Consumer durable loan market Outlook

5.1.  Market Size & Forecast          

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Type Market Share Analysis (Smart Phone, Washing Machine, Refrigerator, Air Conditioner, Others (Laptop, Television, etc.))

5.2.2.     By Tenure Market Share Analysis (Less than 1 Year, 1 Year to 3 Years, More than 3 Years)

5.2.3.     By Regional Market Share Analysis

5.2.3.1.         North Market Analysis

5.2.3.2.         South Market Analysis

5.2.3.3.         Central Market Analysis

5.2.4.     By Company Market Share Analysis

5.3.  Vietnam Consumer durable loan market Mapping & Opportunity Assessment

5.3.1.     By Type Market Mapping & Opportunity Assessment

5.3.2.     By Tenure Market Mapping & Opportunity Assessment

5.3.3.     By Regional Market Mapping & Opportunity Assessment

6.    Vietnam Smart Phone Consumer durable loan market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Tenure Period Market Share Analysis

6.2.2.     By Region Market Share Analysis

7.    Vietnam Washing Machine Consumer durable loan market Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Tenure Period Market Share Analysis

7.2.2.     By Region Market Share Analysis

8.    Vietnam Refrigerator Consumer durable loan market Outlook

8.1.  Market Size & Forecast          

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Tenure Period Market Share Analysis

8.2.2.     By Region Market Share Analysis

9.    Vietnam Air Conditioner Consumer durable loan market Outlook

9.1.  Market Size & Forecast          

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Tenure Period Market Share Analysis

9.2.2.     By Region Market Share Analysis

10.  Market Dynamics

10.1.              Drivers

10.1.1.     Rising demand from residential sector

10.1.2.     Minimal or 0% Interest Rate

10.1.3.     Booming digitalization

10.2.              Challenges

10.2.1.  Security concerns

10.2.2.  Surging Government Policies

11.  Impact of COVID-19 on Vietnam Market

11.1.              Impact Assessment Model       

11.1.1.  Key Segments Impacted

11.1.2.  Key Regions Impacted

12.  Market Trends & Developments

12.1.              Surging internet penetration

12.2.              Growing demand for Consumer Durables

12.3.              Attractive marketing strategies

12.4.              Rising product value

12.5.              Increasing Awareness for Consumer Durables Loan

13.  Porter’s Five Forces Model

13.1.              Competition Landscape

13.2.              Buyer Power

13.3.              Supplier Power

13.4.              Threat of New Entrants

13.5.              Threat of Substitutes

14.  Policy and Regulatory Landscape

15.  Vietnam Economic Profile

16.  Competitive Landscape

16.1.              Competition Outlook

16.2.              Company Profiles

16.2.1.  VP Bank Finance Company Limited (FE CREDIT)

16.2.1.1.      Company Details

16.2.1.2.      Product & Services

16.2.1.3.      Financials (As Reported)

16.2.1.4.      Key market Focus & Geographical Presence

16.2.1.5.      Recent Developments

16.2.1.6.      Key Management Personnel

16.2.2.  Home Credit Vietnam Finance Company Limited

16.2.2.1.      Company Details

16.2.2.2.      Product & Services

16.2.2.3.      Financials (As Reported)

16.2.2.4.      Key market Focus & Geographical Presence

16.2.2.5.      Recent Developments

16.2.2.6.      Key Management Personnel

16.2.3.  HD SAISON Finance Company Limited

16.2.3.1.      Company Details

16.2.3.2.      Product & Services

16.2.3.3.      Financials (As Reported)

16.2.3.4.      Key market Focus & Geographical Presence

16.2.3.5.      Recent Developments

16.2.3.6.      Key Management Personnel

16.2.4.  JACCS International Vietnam Finance Co., Ltd

16.2.4.1.      Company Details

16.2.4.2.      Product & Services

16.2.4.3.      Financials (As Reported)

16.2.4.4.      Key market Focus & Geographical Presence

16.2.4.5.      Recent Developments

16.2.4.6.      Key Management Personnel

16.2.5.  Mirae Asset Finance Company

16.2.5.1.      Company Details

16.2.5.2.      Product & Services

16.2.5.3.      Financials (As Reported)

16.2.5.4.      Key market Focus & Geographical Presence

16.2.5.5.      Recent Developments

16.2.5.6.      Key Management Personnel

16.2.6.  Vietnam Technological and Commercial Joint Stock Bank (TECHCOMBANK)

16.2.6.1.      Company Details

16.2.6.2.      Product & Services

16.2.6.3.      Financials (As Reported)

16.2.6.4.      Key market Focus & Geographical Presence

16.2.6.5.      Recent Developments

16.2.6.6.      Key Management Personnel

16.2.7.  Military Commercial Joint Stock Bank (MB Bank)

16.2.7.1.      Company Details

16.2.7.2.      Product & Services

16.2.7.3.      Financials (As Reported)

16.2.7.4.      Key market Focus & Geographical Presence

16.2.7.5.      Recent Developments

16.2.7.6.      Key Management Personnel

16.2.8.  Tien Phong Commercial Joint Stock Bank (TPBank)

16.2.8.1.      Company Details

16.2.8.2.      Product & Services

16.2.8.3.      Financials (As Reported)

16.2.8.4.      Key market Focus & Geographical Presence

16.2.8.5.      Recent Developments

16.2.8.6.      Key Management Personnel

17.  Strategic Recommendations/Action Plan

17.1.              Key Focus Areas

17.2.              Target Regions

17.3.              Target Type

17.4.              Target Tenure Period

18. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

Frequently asked questions

A particular type of personal loan known as a "consumer durable loan" is typically used to buy electronic devices and home appliances such as smartphones, televisions, PlayStations, home theatre systems, laptops, cameras, washing machines, modular kitchens, and much more.

Sales of these three large appliances increased by about 91,000 units, according to the report, with market trends favoring larger capacity refrigerators and washing machines as well as inverter air conditioners.

The key players in Vietnam consumer durable loan market are VP Bank Finance Company Limited (FE CREDIT), Home Credit Vietnam Finance Company Limited, HD SAISON Finance Company Limited, JACCS International Vietnam Finance Co., Ltd, Mirae Asset Finance Company, Vietnam Technological and Commercial Joint Stock Bank (TECHCOMBANK), Military Commercial Joint Stock Bank (MB Bank), Tien Phong Commercial Joint Stock Bank (TPBank).

An individual eventually default on their loan if they stop making payments. The person is required to pay more money as a result because their account may accrue penalties, fees, and interest charges.

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