Expanding consumer credit must be accompanied by risk management.

Consumer credit is accelerating again along with the recovery of purchasing power and spending demand in the economy. Not only is it expanding in scale, but the market is also shifting strongly towards digital models, cashless payments, and online lending.

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This trend is clearly reflected in two key areas, Ho Chi Minh City and Dong Nai, where consumer credit outstanding reached over 1.61 trillion VND by the end of March 2026, a 4% increase compared to the end of the previous year, mainly serving essential needs such as shopping, education, tourism , and healthcare.

According to experts, recent consumer credit growth has been driven by a stable economic environment, along with the promotion of electronic lending, online payments, and the digitalization of credit granting processes, making it easier and faster for people to access capital. Technologies such as eKYC, AI, and Big Data are also being applied by many banks and financial companies to shorten approval times and improve risk control efficiency.

Furthermore, changes in consumer behavior are driving the development of online lending solutions, "buy now, pay later" options, and the trend of linking digital ecosystems between banks and retail and telecommunications businesses to expand payment convenience and access to financial services.

Notable information regarding this issue: The State Bank of Vietnam (SBV) is seeking opinions on amending Circular 39/2016/TT-NHNN regulating lending activities of credit institutions and branches of foreign banks, with a view to broadening the conditions for small-value loans. According to the draft, the limit for small loans is proposed to be raised from VND 100 million to a maximum of VND 400 million; simultaneously, the VND 100 million limit on outstanding balances for online consumer loans will be abolished, and credit institutions will be given more autonomy in loan approval.

Mr. Tu Tien Phat, General Directorof ACB, assessed that the proposal to increase the consumer loan limit to 400 million VND is a significant improvement in the process. According to him, the key point is to shift from manual appraisal to approval based on the customer's reputation and transaction history, instead of relying heavily on paper documents.

According to an ACB representative, raising the credit limit could provide opportunities for customers with good credit histories to access larger amounts of capital to meet their living needs.

However, along with the significant growth potential, the need for risk control is also becoming more pronounced, as the majority of consumer loans are unsecured and concentrated among middle- and low-income customer groups.

According to experts, although interest rates are currently relatively stable and credit policies are geared towards supporting growth, the pressure of bad debt remains due to the income and financial capacity of a segment of the workforce. Therefore, the need to control loan quality and limit the 발생 of bad debt is becoming more prominent.

Dr. Nguyen Quoc Hung, former Secretary General of the Vietnam Banking Association, believes that the policy of expanding consumer credit aims to help people access legitimate sources of capital, thereby limiting illegal lending and promoting domestic consumption. However, this expansion needs to be accompanied by conditions regarding interest rate transparency, control over the purpose of capital use, and ensuring the customer's ability to repay the debt. He also noted that if disbursement is too easy, especially for unsecured loans, the risk of fraud and misuse of capital could increase.

From another perspective, Associate Professor Pham Manh Hung, Deputy Director of the Institute of Banking Science Research (Banking Academy), noted that consumer credit currently faces not only risks related to repayment ability but also the impact of borrowers' cautious mindset. In reality, many people still prioritize paying off old debts or accumulating finances instead of taking out new loans for spending, which could affect the expansion of consumer credit.

According to experts, to minimize risks in consumer lending, credit institutions need to implement sustainable solutions. Specifically, banks need to strengthen data sharing through the National Credit Information Center (CIC) to manage multi-institutional lending risks. Along with that, improving service quality and transparency regarding interest rates and borrowing costs are considered crucial factors in strengthening public trust in formal credit, thereby limiting illegal lending and other related risks.

Undeniably, consumer credit is entering a new growth phase, driven by digital technology, cashless payments, and the increasingly deep connection between banks and the retail ecosystem. With domestic consumption continuing to be identified as a key driver of economic growth, consumer credit is expected to further expand people's access to capital. For sustainable market development, expanding credit must go hand in hand with risk management, information transparency, and improving the quality of consumer credit.

Source: https://thoibaonganhang.vn/mo-rong-tin-dung-tieu-dung-di-kem-quan-tri-rui-ro-182576.html