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Consumer finance market to reach VND1 quadrillion by 2019

Wed, 11 Jul 2018 14:23:28 PM GMT + 7    Print   Email   Share:

VOV.VN - The scale of Vietnamese consumer finance market has seen remarkable growth and will hit VND1 quadrillion by 2019, according to the Viet Capital Securities Joint Stock Company.

consumer finance market to reach vnd1 quadrillion by 2019 hinh 0

The scale of the consumer finance market was estimated at VND646 trillion in 2016 and is set to reach VND1 quadrillion by 2019 with an annual average growth of 29%.

 

The market’s vigorous growth in recent times comes on the back of a rise in population to nearly 95 million people, with a high rate of urban migration and the associated increase in people’s take home pay. 

Dr Can Van Luc, a banking-finance expert underscores the need to work out synchronized solutions for the sustainable development of the consumer finance market while calling for residents, businesses and society to raise their awareness regarding consumer loans.

There should have been a national strategy for a comprehensive financial sustainable development and financial education as well as fine-tuning the legal framework for consumer loans.

 

  • By : VOV

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