More VN consumers put purchases on credit

More VN consumers put purchases on credit

Consumer habits of Vietnamese are changing, with an increasing number looking to purchase their desired products through affordable loans.

Igor Prerovsky, General Director of Home Credit Viet Nam, invested by PPF, said at yesterday's conference on consumer finance that consumer credit, which helped consumers buy their desired items and pay later, was expanding in Viet Nam.

Statistics released by Home Credit showed that around 20 per cent of consumers in the country's southern part made purchases on credit while it accounted for around 10 per cent in the north. These figures were showing signs of increasing.

Prerovsky pointed out that consumer finance was another way to contribute to economic development through boosting purchasing capacity and demand, while enhancing living standards of consumers.

This also helped consumers to form a habit of saving, he added.

In addition, financial companies targeted low-income earners rather than the middle-class, in comparison with retail banks.

Home Credit, with more than 5,000 points of sale in all 63 provinces and cities in Viet Nam, said fast, simple and professional services were the core basis for competition in the consumer lending sector but credit safety must be ensured. 

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