According to data presented at the seminar “Transparent and Responsible Consumer Finance – A Foundation for Sustainable Development,” organized by the Consumer Finance Club under the Vietnam Banks Association (VNBA) in Ho Chi Minh City on October 2, 2026, outstanding loans for living expenses and credit-card lending by consumer finance companies licensed by the State Bank of Vietnam (SBV) reached nearly VND 185 trillion as of the end of August 2026, up 13.37% year on year. Of this amount, loans for living expenses stood at nearly VND 134 trillion, an increase of more than 19%, while credit-card lending exceeded VND 51 trillion.
Dr. Dao Minh Tu, Vice Chairman cum Secretary General of VNBA
Speaking at the seminar, Dr. Dao Minh Tu, Vice Chairman cum Secretary General of the Vietnam Banks Association and former Permanent Deputy Governor of the State Bank of Vietnam, said that licensed consumer finance companies can be regarded as an “extension of the banking system,” helping channel formal credit to customer groups that may have limited access to traditional bank lending. In his view, expanding formal credit can help narrow the credit gap and, in turn, reduce the space available to illegal lending, loan-sharking and other informal lending activities.
Nguyen Dinh Duc, Chairman of the Consumer Finance Club and Deputy General Director of HD SAISON
From a market perspective, Nguyen Dinh Duc, Chairman of the Consumer Finance Club and Deputy General Director of HD SAISON, emphasized that the value of consumer finance should not be measured simply by loan growth. More important is expanding financial access in a safe and sustainable manner, enabling customers to build sound credit histories and reducing their reliance on informal sources of finance. “An appropriate loan is not necessarily the loan with the highest limit”; rather, it should meet the customer’s actual needs while remaining within their repayment capacity.
Rapid technological development is enabling consumer finance companies to shorten application-processing times, reach more customers and improve service efficiency. At the same time, greater reliance on technology and data creates higher expectations for credit assessment, data protection and accountability for credit decisions supported by automated systems.
Going forward, the market needs to move from a focus on loan volume and growth rates toward responsible growth. Transparency regarding interest rates, fees, loan terms, repayment methods and customers’ total financial obligations should become fundamental requirements. Consumer finance companies must also strengthen affordability assessments, risk management, customer protection and compliance with applicable regulations.
With total outstanding credit for living expenses and credit-card lending across the banking system estimated at approximately VND 4.62 quadrillion, including nearly VND 185 trillion provided by SBV-licensed consumer finance companies, the market retains considerable growth potential. However, the greatest opportunity does not lie simply in expanding outstanding loans. It lies in extending formal credit to underserved segments and gradually replacing informal sources of finance with transparent, suitable and responsible credit products.
The development of consumer finance, therefore, is not merely a matter of expanding the lending market. It can also improve financial inclusion, strengthen the role of formal credit in the economy and provide an additional source of support for domestic consumption.
VNBA News
