FiinGroup proudly presents our latest industry report: Vietnam Consumer Finance 2025 Review, offering an up-to-date assessment of sector performance and forward-looking insights into its next growth phase.

Vietnam’s consumer finance market maintained strong growth momentum, supported by robust demand for consumer credit. FinCos recorded improved performance compared to the previous two years, though growth remained relatively moderate compared to the broader system, as the industry continued to prioritize portfolio quality, collection efficiency, and sustainable profitability following the elevated non-performing loan cycle of 2023–2024.

The competitive landscape is becoming increasingly dynamic, with banks, FinCos, and digital platforms intensifying their pursuit of quality customers. Market leadership is shifting away from balance-sheet scale toward ecosystem integration, white-label partnerships, digital distribution, and data-driven risk segmentation. In response, leading FinCos are reducing reliance on traditional high-risk cash loans and expanding into white-label lending, embedded finance, BNPL, and secured lending solutions.

The report provides comprehensive coverage of the sector across major dimensions, including credit expansion, portfolio composition, asset quality, earnings performance, profitability, evolving market trends, and regulatory developments shaping the industry outlook.

Key highlights from the report shall include:

• Total consumer lending expanded robustly in 2025, led by banks, growing at roughly twice the pace of FinCos. FinCos delivered stronger growth than the prior two years, though remained below system-wide levels as the sector prioritized portfolio quality and sustainable profitability over volume expansion.
• Product mix continued to shift, with credit cards and consumer durable loans gaining share as FinCos reduced exposure to cash loans in favor of more sustainable lines. Vehicle financing saw emerging traction in EV lending, a strategically important segment for broadening customer reach despite thinner margins.
• Asset quality reached a sector-wide inflection point in 2025, with NPL ratio and credit cost declining significantly from their recent peaks, signaling the end of the post-COVID bad debt cleansing cycle as FinCos transition toward a healthier growth model underpinned by tighter underwriting standards, AI-driven scoring, and digital channel diversification.
• Profitability staged a strong broad-based recovery, driven by easing provisioning burdens, optimized cost of funds, and continued efficiency improvement, confirming that the sector has largely completed its restructuring phase and entered a more sustainable earnings growth trajectory.
• The market is evolving from aggressive volume pursuit toward a digital "coopetition" model, with FinCos partnering fintechs and super-apps to share risk while pivoting to asset-backed portfolios, AI automation, and real-time data lending targeting MSME and Gen Z segments.
• Vietnam's consumer finance regulatory framework was meaningfully upgraded in 2025–2026, with the landmark Code of Conduct for Debt Collection (Decision 15/QĐ-HHNH) establishing binding ethical standards on recovery practices, raising the compliance bar across the industry.