Vietnam Consumer Durable Loan Market To Be Dominated By Business Loan segment through 2028
Rising demand for
consumer durables with limited income and ease of availing loan are the factors
influencing the growth of the consumer durable loan market across the country
through 2028.
According
to TechSci Research report, “Vietnam Consumer Durable Loan Market - Industry
Size, Share, Trends, Competition, Opportunities and Forecast, 2018-2028F” The Vietnam Consumer Durable Loan
market is expected to project robust growth during the forecast period owing to
booming
online loans, rising demand for advance durable goods, surging ease of loan
availability, and negligible interest rates.
A consumer
durable loan is a type of unsecured personal loan that enables simple
online or offline purchases of consumer durables. With online consumer loans,
one can avoid waiting and make purchases right away. A person's eligibility for
an unsecured loan is determined by their credit rating, repayment history, and
the cost of the consumer durable they wish to buy. It can be used to finance
the purchase of durable consumer goods such as furniture, appliances, and even
everyday household items. A consumer durable loan is typically used to buy appliances
and gadgets such as air conditioners, home theatre systems, televisions,
refrigerators, washing machines, modular kitchens, ovens, mobile phones,
cameras, and laptops.
The market witnessed significant rise in
2022, with the rising ease of availing loan’s for the consumer durables products,
owing to the rise in purchasing power, growing technological advancements, increasing
standard of living, and preferable shift toward availing loan.
Vietnamese
spend over 67% of their income for the consumer durable products, and this is
expected to increase further. Another factor contributing to their popularity,
particularly among the younger people of Vietnam is that the consumer
durable loan facility provides the ease with which consumer lending
procedures can be completed and the absence of collateral requirements.
'Cash loans' and credit cards are
increasingly in demand from people without bank accounts and those with low
incomes, according to business information provider StoxPlus, while instalment
lending for the purchase of cars and appliances at stores and retail outlets
has reached saturation. Financial institutions do not publicly state what
percentage of the total consumer credit balance is made up of cash loans, but
observers believe it to be a sizeable portion. For instance, according to
estimates from Viet Dragon Securities Company, the proportion of cash loans in
HD Saison's portfolio was maintained at 32% in 2018, compared to 41% of
motorcycle loans and 25% of loans for durable consumer goods.
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The Vietnam Consumer Durable Loan Market is
segmented on the basis of type, tenure period, region, and competitional
landscape.
Most consumer
durable loans are majorly availed for certain categories such as smart phone,
washing machine, refrigerator, air conditioner, laptop, television, etc. Whether
it’s for work or entertainment, electronic gadgets such as television,
smartphone, laptop, tablets, webcams have become a necessity. But in times
where technology is constantly upgrading, the electronic devices are usually
expensive and in order to own such products people prefer availing loans,
without dipping into their savings. All home appliances such as washing
machines and kitchen essentials like refrigerators, microwave ovens,
dishwashers, etc., are considered consumer durables. So, variety of loan
offering companies are coming up with attractive offers to ease the chores by
bringing home these electronic helpers. Moreover, the demand for consumer
durable loan is surging owing to the growing price of gadgets such as smartphones,
therefore, variety of people prefer to avail loans.
Furthermore,
based on tenure period, 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.
Key
market players in the Vietnam Consumer Durable Loan Market include:
- 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 (TP Bank)
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"An
important trend that is anticipated to have an impact on growth over the forecast
period includes increasing internet penetration, booming online loans, and
growing collaboration between banks and various consumer durable loan offering
companies. The main elements that will favorably affect the Vietnam consumer
durable loan market are rising residential demand, rising standards of living,
and increased focus on the sector by banks and NBFCs. The market is expanding
as a result of the extensive selection of loans offered online to meet the
unique needs of customers and the rising popularity of the internet channel,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
Vietnam
Consumer Durable Loan Market By Type (Smart Phone, Washing Machine, Refrigerator,
Air Conditioner, Others (Laptop, Television, etc.)), By Tenure (Less than 1
Year, 1 Year to 3 Years, More than 3 Years), By Region, Competition, Forecast & Opportunities, 2028F, has
evaluated the future growth potential of consumer durable loan products and provides statistics and information on market structure, size, share,
and future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in Consumer Durable
Loan products in Vietnam.
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