Consumer credit grows rapidly as retailers thriveVietNamNet Bridge - The appearance of big foreign retail chains like CircleK, Shop&Go, FamilyMart and Aeon and the strong rise of Vietnamese chains Vinamart, Co-op and The Gioi Di Dong have fostered the development of consumer credit in Vietnam, according to the State Bank of Vietnam. StoxPlus’ 2016 report on Vietnam’s consumer credit showed that the credit market has seen amazing leaps in recent years.The outstanding loans of Vietnam consumer finance soared from $7.3 billion in 2012 to $26.55 billion in 2016. The total outstanding consumer loans granted to customers in 2015 was VND583 trillion, equivalent to 20.5 percent of the consumption value of individuals and households. As the growth rate of lending to fund production and business has slowed down for several reasons, banks tend to increase consumer credit to offset the slowdown. RELATED NEWSBanks rush to buy financial companies, anticipating consumer credit boomDraft law requires banks to offer consumer credit via finance companiesChi Mai

Source: VietNamNet News July 24, 2017 09:00 UTC