Roundtable talk to foster consumption and economic growth
Roundtable talk to foster consumption and economic growth
A roundtable discussion of the development of the Vietnamese consumer finance market, with opportunities to foster consumption and economic growth, will be co-hosted by Vietnam Investment Review and E.Life on Wednesday, July 12.
Given a population of 95 million people with sumptuous demand for loans for homes, vehicles, and durable goods, consumer finance (CF) boasts of great opportunities for growth in the country.
In response to the rising demand for consumer credit, banks and finance companies have come up with a variety of CF products to cater to different consumer classes. This, in turn, has fostered consumption, production, and manufacturing, and contributed to the general economic growth.
Consumer lending, according to the State Bank of Vietnam, has only accounted for 8 per cent of the country’s total outstanding debts in 2016. The figure, when compared with other regional countries and the potential of the country, is quite modest.
The lending activities within the finance companies, meanwhile, face a number of issues, such as lending rates that are often comparatively higher than those offered by commercial banks. The quick and convenient CF procedures, however, have been manipulated by customers, posing a headache for CF companies themselves.
In a bid to provide more multi-dimensional information on the development of the consumer finance sector in Vietnam, the roundtable talk will touch on numerous issues, including the current stance of the CF market, the opportunities, the role of CF in promoting consumption and economic development in the economy, as well as international experience and lessons for Vietnam.
The roundtable talk will be joined by leaders of the State Bank of Vietnam, commercial banks, CF companies, and independent experts.
