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.
The Important Aspects of the Vietnam Consumer Durable Loan Market
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 a significant rise in 2022, with the rising ease of availing loans for consumer durables products, owing to the rise in purchasing power, growing technological advancements, increasing standard of living, and preferable shift toward availing loans.
Vietnamese spend over 67% of their income on 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 installment 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 smartphones, washing machines, refrigerators, air conditioners, laptops, television, etc. Whether it’s for work or entertainment, electronic gadgets such as television, smartphone, laptop, tablets, and webcams have become a necessity. But in times when technology is constantly upgrading, electronic devices are usually expensive, and in order to own such products people prefer availing of 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, a 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 loans is surging owing to the growing price of gadgets such as smartphones, therefore, a variety of people prefer to avail of loans.
Furthermore, based on tenure period, the market is segmented into less than 1 year, 1 year to 3 years, and 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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