Vietnam Consumer Finance - Customer Survey Report 2019

1Financial Information - Business Information - Research and Consulting

NO . ACRONYM STANDS FOR
1 CAGR Compounded annual growth rate
2 CF Consumer finance
3 DSA Direct sales agents
4 FinCo Finance Company
5 GDP Gross domestic product
6 NFSC National Financial Supervision Commission
7 NIM Net interest margin
8 NPL Non-performing loan
9 P2P Peer to peer
10 POS Point of sales
11 SBV State Bank of Vietnam
12 SMS Text messaging
13 YoY Year over year
Abbreviation

PART CONTENT PAGE PART CONTENT PAGE
Executive Summary 4 4 Company ranking
1 Overview of Vietnam CF market 4.1 Overall company performance 44
1.1 Sector structure 7 4.2 Company ranked by satisfaction factors 54
1.2 Market size and growth 9 Appendices
1.3 Market segmentation 11 1 Demographic of booster group 57
1.4 Market share of CF companies 15 2 Survey methodology 61
2 General findings 3 Questionnaire 63
2.1 Awareness 18 4 Selected FinCos’ profiles 77
2.2 Knowledge 22
3 Customer decision journey
3.1 Consideration factors before borrowing 27
3.2 Decision drivers 34
3.3 Customer’s overall satisfaction 39
TABLE OF CONTENTS

Executive Summary

Contents
Section 1: Overview of Vietnam Consumer Finance Market
Part Content Page
1.1 Sector structure 7
1.2 Market size and growth 8
1.3 Market Segmentation 11
1.4 Market share of CF companies 15

Table 1: Main groups of Consumer Finance products and services in Vietnam
Sector structure

Contents
Part Content Page

Figure 1: Market Size (VNDbn) of total CF market (banks & FinCos) Figure 2: Consumer Loan/GDP in Asian countries, 2017
Market size and growth

Contents
Part Content Page

Figure 3: Loanbook of Banks vs. FinCos in Consumer Finance
Market segmentation

Figure 4: Market Size (VNDbn) of banks’ CF loans
12* According to VIB’s Annual Report 2018Financial Information - Business Information - Research and Consulting
Table 2: Top Retail Banks in Main CF Product Categories
Market segmentation

Figure 5: Market Size (VNDbn) of FinCo’s loans
Figure 6: Growth YoY (%) of FinCos vs. Banks
Market segmentation

Contents
Part Content Page

Figure 7: Market Share by FinCos 2017 vs. 2018
Figure 8: Market Size by FinCos (VNDbn)
Market share of Fincos

Figure 9: Comparison in loan book growth of FinCos
Table 2: Loan book growth of selected FinCos
Market share of Fincos

Contents
Section 2: General Findings
Part Content Page
2.1 Awareness 18
2.2 Knowledge 22

Awareness
Figure 11: Percentage of surveyed people who know more than
one CF product, 2017 vs 2019
Figure 10: Percentage of surveyed people who are aware of CF,
2017 vs 2019

Awareness - Regions and Occupation
Figure 12: Percentage of people aware of CF by regions, 2019 Figure 13: Percentage of people aware of CF by occupation, 2019

Awareness - Products
Figure 14: Most recognized CF products, 2017 vs 2019

Contents
Part Content Page
2.1 Awareness 18
2.2 Knowledge 22

Knowledge – Impression
Figure 15: Positive opinions of CF
HCMC
DN
HN

Knowledge – Impression
Figure 16: Negative opinions of CF
HCMC
DN
HN

Knowledge - Channels
Figure 17: Most popular channels used to learn about
CF products
Figure 18: Most popular channels used to learn about CF
products by occupation

Knowledge – Mobile lending app
Table 3: Conversion rate
Figure 19: Number of people who knew mobile lending apps for mobile phones, 2019

Contents
Section 3: Customer Decision Journey
Part Content Page

Section 3: Customer decision journey
Important factors – Funding source priorities
Figure 20: Customers ranking of their priority in financing sources by purpose

Important factors – Awareness
Figure 21: Most recognized CF products, 2019
Figure 22: Most recognized CF products in HN
Figure 23: Most recognized CF products in DN
Figure 24: Most recognized CF products in HCMC
Source: FiinGroup CF Customer Survey 2019

Important factors – Reasons to use
Figure 26: Reasons to use CF products breakdown by productsFigure 25: Reasons to use CF products

Important factors – Top 5 important factors
POTENTIALCUSTOMERS
Figure 27: Top 5 important factors affecting potential
customers’ decision to use CF
Figure 28: Top 5 important factors affecting potential
customers’ decision to use CF, breakdown by products

Important factors – Top 5 important factors
EXISTING CUSTOMERS
Figure 29: Top 5 important factors affecting customers’
decision to use CF
Figure 30: Top 5 important factors affecting customers’
decision to use CF, breakdown by products

Important factors – Spending of Income
Figure 31: Percentage of monthly salary allocated to financing CF products

Contents
Part Content Page

The impact of marketing channels
Figure 32: Channels utilized to learn about CF products
Figure 33: Channels utilized to learn about CF products, customers
Figure 34: Channels utilized to learn about CF products, potential
customers
Figure 35: Channels utilized to learn about CF products, non-
customers

Decision moments
Figure 37: Decision moments breakdown by productsFigure 36: Decision moment

Alternative borrowing sources
Figure 38: Alternative borrowing sources Figure 39: Reasons not to use CF products

The impact of promotions
Figure 40: Most important promotions, 2019 Figure 41: Most important promotions breakdown by occupation

Contents
Part Content Page

Customer’s satisfaction with CF experience
Figure 42: Customer’s satisfaction with their CF experience, with 1-Very Dissatisfied to 5-Very Satisfied by %,

Figure 43: Customer’s satisfaction breakdown by regions
Customer’s satisfaction breakdown by regions

Section 4: Company ranking
Customer’s satisfaction - Improvement
Figure 44: Improvement suggestion during
approval and signing process
Figure 45: Improvement suggestion
during disbursement process
Figure 46: Improvement suggestion during
debt collection process

Figure 47: Customer recommendations
Customer’s satisfaction - Recommendations
Figure 48: Customer recommendations breakdown by Fincos

Contents
Part Content Page
4.1 Overall company performance 44
4.2 Company ranked by satisfaction factors 54

Company performance - Awareness
Figure 50: Most recognized Fincos breakdown by regionsFigure 49: Most recognized Fincos

Company performance – Overall Customer’s satisfaction ratings
Figure 51: Customer Satisfaction Ratings 2019

Company performance – FE Credit
Figure 53: Improvement for FE Credit’s approval and signing process
Figure 54: Improvement for FE Credit’s disbursement process
Figure 55: Improvement for FE Credit’s debt collection process
Figure 52: Ratings for FE Credit

Company performance – Home Credit
Figure 57: Improvement for Home Credit’s approval and signing
process
Figure 58: Improvement for Home Credit’s disbursement process
Figure 59: Improvement for Home Credit’s debt collection process
Figure 56: Ratings for Home Credit

Company performance – HD Saison
Figure 62: Improvement for HD Saison’s disbursement process
Figure 63: Improvement for HD Saison’s debt collection process
Figure 60: Ratings for HD Saison
Figure 61: Improvement for HD Saison’s approval and signing process

Company performance – Prudential Finance
Figure 65: Improvement for Prudential Finance’s approval and
signing process
Figure 66: Improvement for Prudential Finance’s disbursement process
Figure 67: Improvement for Prudential Finance’s debt collection process
Figure 64: Ratings for Prudential Finance

Company performance - MCredit
Figure 69: Improvement for Mcredit’s approval and signing process
Figure 70: Improvement for Mcredit’s disbursement process
Figure 71: Improvement for Mcredit’s debt collection process
Figure 68: Ratings for Mcredit

Company performance – Switch to new FinCo
Figure 72: Customers who will change CF companies Figure 73: Reasons to change CF companies

Company performance – Switch to new FinCo
Figure 74: Number of customers changing to new CF companies (right -> down)

Contents
Part Content Page
4.1 Overall company performance 44
4.2 Company ranked by satisfaction factors 54

Customer’s satisfaction ratings – Interest rate
Figure 75: Satisfaction of CF companies by Interest rates Figure 76: Satisfaction of CF companies by Appraisal process

Customer’s satisfaction ratings – Procedures
Figure 77: Satisfaction of CF companies by Procedures Figure 78: Satisfaction of CF companies by Contract Terms

Financial Information - Business Information - Market Research 56
For further inquiries and comment, please
contact our Financial Sector Specialist
team at FiinGroup
Dong Le, CFA
Director
Research & Consulting
+84 (024) 3562 69 62 (Ext.110)
+84 (0) 912 057529
dong.le@fiingroup.vn
Head Office
5th Floor, Anh Minh Building
36 Hoang Cau Street
Hanoi, Vietnam
+ 84 (24) 3562 6962
Ho Chi Minh City Branch
3rd Floor, Profomilk Plaza Building
51 - 53 Vo Van Tan, District3
Ho Chi Minh City, Vietnam
+ 84 (28) 3933 3586
Dung Vu
Assistant Manager, Financial Services Sector
Research & Consulting
+84 (024) 3562 69 62
+84 (0) 903 574 800
dung.vu@fiingroup.vn

Vietnam Consumer Finance - Customer Survey Report 2019

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