Vietnam’s consumer finance market is entering a new phase of recovery and transformation. After a period of economic slowdown and heightened credit risks, 2024 has marked a turning point, as both banks and finance companies (FinCos) have regained growth momentum. This rebound is driven by internal restructuring, digital innovation, and a resurgence in credit demand, fueled by rising domestic consumption and a new generation of young, tech-savvy consumers.

At the same time, the market continues to face both domestic and global challenges. On the external front, renewed U.S. tariffs and escalating trade tensions under the “Trump-era 2.0” protectionist agenda could pressure Vietnam’s export-driven economy particularly labour-intensive sectors like textiles and garments, aquatic products, leather and footwear, and electronics. These disruptions are expected to affect household income, employment, and ultimately, debt repayment capacity of borrowers and funding from corporates customers to banks and FinCos.

This report by FiinGroup provides a comprehensive overview of the consumer finance landscape in Vietnam, including growth trends, risk factors, competitive dynamics, and strategic moves by leading market players. It aims to equip stakeholders with data-driven insights to navigate the changing landscape and identify opportunities in the next growth cycle.

This report addresses the following questions:

• How did the consumer finance sector perform regarding credit growth in 2024, and what is the outlook for 2025?
• What is the market size of Vietnam's consumer finance sector, specifically among mainstream credit providers (i.e., credit institutions) and consumer finance companies (FinCos)?
• How has the competitive landscape evolved over the past five years, and what can be expected moving forward?
• How has the product mix of FinCos changed in the post-pandemic period, and what trends are anticipated?
• What are current consumer sentiments and perceptions regarding consumer finance and FinCos?
• How have the financial and operational performances of major FinCos changed over the past year, and what insights can be drawn from the market?
• What emerging challenges and opportunities exist for incumbents and foreign investors?
• What are the latest key market and development trends to monitor?
• What are the recent regulatory developments and their implications?