According to the report of the State Bank of Vietnam, consumer credit activities nationwide are growing strongly in terms of outstanding loan size, number of participating credit institutions and diversity of products and services. To date, the total outstanding loan balance for living and consumption in Vietnam has reached about 2.8 million billion VND, equivalent to 20% of the total outstanding credit balance of the entire economy.
Although outstanding loans in the first months of 2024 decreased compared to the end of 2023, financial experts predict that consumer loan demand in the last months of 2024 and the following year will increase sharply again. According to the latest survey by the State Bank, most banks expect that credit growth for the whole year of 2024 can reach 13.2%.
According to financial experts, Vietnamese consumer credit has begun to improve and will increase faster in the coming time due to main reasons such as: general economic growth, Law on credit institutions, recovery of real estate market and technology applications.
Specifically, economic growth in 2024-2025 is forecast to be more positive with GDP in 2024 reaching a growth rate of about 6.7% with a similar growth momentum in 2025. Domestic consumption growth is also strongly improved, as total retail sales of goods and consumer services increased by 8.5% in the first 8 months of 2024. The forecast for the whole year is that the growth rate will fluctuate between 9-10%.
The Law on Credit Institutions 2024 takes effect from July 1, 2024 with many open regulations, especially for online lending, to increase flexibility and boost consumer lending demand. These changes have reduced administrative procedures in consumer lending, allowing customers to borrow less than VND 100 million without having to prove the purpose of using the capital.
Credit institutions are promoting the application of technology, diversifying products and providing large stimulus credit packages, which are also important factors supporting the growth of consumer credit. For example, the Viettel Money digital financial ecosystem has actively contributed to meeting this demand.
As of November 2024, Viettel Money has more than 26 million users, with more than 1 billion transactions/year, equivalent to more than 83 million VND/month. This platform provides a variety of financial services, including money transfer, bill payment and especially consumer loan services, helping users easily access capital quickly and conveniently.
Viettel Money's "Postpaid Wallet" package has a payment term of up to 60 months.
Viettel Money users can choose "Short-term loans" from 3 to 5 million VND with a maximum loan term of 45 days with an interest rate of only 5%, no need to prove financial status, no prepayment fee, super-fast disbursement in just 5 minutes; or "Fast consumer loans" up to 20 million VND, 12-month term, interest rate of 3.3%/month on decreasing balance, customers can pay off at any time with a payment fee of only 5% of the remaining balance; or other diverse loan packages of Viettel Money. For details of Viettel Money's online loan packages, see here.
Not only providing a comprehensive and safe financial experience, Viettel Money also implements attractive promotional programs, such as incentives when topping up phones, buying data at the cheapest prices on the market and discounts when paying electricity and water bills. These policies not only attract new users but also encourage existing customers to increase their use of the service, contributing to the overall growth of the consumer finance market.
The "Short-Day Loan" package is the choice of many Viettel Money customers when they urgently need a not-too-large amount of money.
In addition, the strong development of technology and telecommunications infrastructure has created conditions for digital financial platforms such as Viettel Money to expand their scope of operations, reaching rural and remote areas. This helps people in all regions of the country easily access modern financial services, meeting consumer lending needs in a convenient and safe manner.
Experts forecast that the demand for consumer loans will continue to increase strongly in the coming years, contributing positively to domestic economic growth. With the support of digital financial platforms such as Viettel Money, consumers across the country can access capital more easily, promoting personal consumption and investment. This not only helps improve the quality of life but also creates momentum for the sustainable development of the Vietnamese economy.
Source: https://vtcnews.vn/nhu-cau-vay-tieu-dung-cua-nguoi-viet-du-kien-tang-manh-trong-thoi-gian-toi-ar907421.html
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