Stimulating credit demand at the peak of consumption in the second half of the year

Profits of some consumer finance companies have increased sharply again and capital demand from individual customers is forecast to increase during the peak consumption period in the second half of 2025.

Drivers of consumer credit growth

In 2025, the Government targets GDP growth of 8%, and the banking sector strives for credit growth of 16%. This will create a favorable environment for consumer credit as employment and income of workers increase and people's purchasing power improves. At the same time, expansionary monetary and fiscal policies continue to strongly support consumer lending demand.

MBS Securities Company forecasts that consumer credit will pick up in 2025 due to economic recovery, higher GDP growth and improved household income. In addition, the Government's support and reform policies in the consumer finance sector will encourage borrowing demand from individual customers.

In particular, according to Circular No. 12/2024/TT-NHNN, from July 1, 2024, customers borrowing from banks from VND 100 million or less do not have to provide a feasible capital usage plan. Instead, customers only need to provide basic information about the purpose of the loan and the ability to repay the debt. This is considered a significant step forward to help promote consumer loan demand, especially among the mass customer group.

According to financial experts, consumer credit will increase faster in the coming time due to reasons such as general economic growth, the Law on Credit Institutions 2024 coming into effect, the recovery of the real estate market and the application of technology. With stimulus policies, increased purchasing power, and changes from the internal strength of banks and financial companies, the picture is expected to "not be worse".

In the first 6 months of the year, FE Credit earned more than VND 267 billion in pre-tax profit, recording a profit for the 5th consecutive quarter. In the first quarter of 2025, HD Saison maintained its top position in the market, reaching VND 306 billion in pre-tax profit, up 18.4% over the same period and having the best first quarter in many years. For Home Credit Vietnam, according to the audited financial report for 2024, total outstanding credit increased by 12.4% over the previous year thanks to the promotion of lending to individual customers...

Financial analysts say that the growth potential of the consumer finance industry in Vietnam is still very large. According to a report by FiinGroup, Vietnam's consumer lending penetration rate is still relatively low compared to other countries in Asia- Pacific , signaling abundant growth potential. Entering 2025, the consumer finance industry in general is expected to recover when the macro environment improves, consumer demand and household incomes improve.

Stimulating consumer credit during peak season

Home Credit Vietnam CEO Pham Ngoc Khang said that with the banking industry's target of 16% credit growth this year, the Company sees this as a positive opportunity to support Vietnam's economic growth and accelerate consumer credit, especially in the second half of 2025 - when consumer demand often increases.

According to Mr. Khang, the State Bank's credit growth target set at the above level is consistent with the country's economic growth targets. The State Bank will continue to ensure favorable and stable interest rate policies, while directing commercial banks to continue reducing lending rates by optimizing operating costs and applying technology. This creates more favorable conditions for both businesses and individuals to access capital sources, including consumer credit.

In addition, the period from now until the end of the year is always the most exciting time with a series of major consumer events, such as the back-to-school season, New Year and Lunar New Year. Grasping this trend, retail brands are actively preparing stimulus plans, ensuring to meet the diverse shopping needs of the people.

The combination of support policies from the State Bank and increased consumer demand will certainly create a big boost for the consumer credit market. At Home Credit, Mr. Khang said that in the near future, a Back to School Promotion Program will be launched for parents and students, aiming to share the financial burden and support families.

Meanwhile, HD Saison's Future-Starting Lecture Program offers a flexible tuition loan package that is suitable for different circumstances. From only 0.69%/month, simple procedures, quick disbursement and loan terms up to 36 months, parents can proactively register for a loan online via the website, HD Saison application or at more than 26,000 service introduction points nationwide.

Source: https://baodautu.vn/kich-cau-tin-dung-tai-cao-diem-tieu-dung-nua-cuoi-nam-d340163.html