Press release
Vietnam Auto Finance Market is Expected to Reach Over VND 355 Trillion (Credit Disbursed) by the End of 2024: Ken Research
• Banking institutions are still expected to dominate the market in terms of being the most convenient and trusted source of credit lending, however their relative share in the market would decline by nearly 5% in 2024. The consumer finance entities & captives under NBFI’s are projected to witness growth registering a CAGR of close to 25% in terms of auto loan credit disbursed during 2018-2024.
Growth in Vietnam’s auto finance market size in future will be facilitated by simplified documentation & licensing processes, development in infrastructure, expanding geographical presence of major players, improvements in technology and equipments, new marketing strategies and product stream diversification. The planned highways and road improvements by the government are estimated to ease the congestion in the country and provide better and wider roads. These improvements should expand the number of personal and commercial vehicles financed, thereby growing the market.
The local manufacturers like Mazda, Mitsubishi, Nissan are planning to expand manufacturing operations by 100,000 units, 30,000-50,000 units and 200,000 units respectively, which is expected to increase the value of loan disbursements by banks and non-banks. The 80% of unbanked population are a rich potential segment for auto financing companies and this vast market is expected to be tapped into via the growing consumer financing companies. The rapid shift to digitalization by credit institutions is projected to see new schemes that are customer centric and enable them to opt for loans from home within hours to provide a convenient service. The low import taxes and increasing affluence of the middle class in Vietnam should result in cars becoming more affordable for a large number of customers.
The GDP per capita is Vietnam has been on increasing trend since 2013 form UDS 1900 to USD 2823 in 2018. It is expected that the GDP per capita will increase in the next 5 years also thereby indicating improved standard of living. Vietnam has a low car ownership, with only 16 out of 1000 people owning cars as of 2017 and a low car penetration rate; which forecasts a large untapped market for new and existing players. The urbanization of Vietnam, along with the economic growth of tier 2 cities will open up a new avenue of auto financing as the poorer segment of the population are able to afford motorbikes and low end passenger cars. The focus on public transport and ride sharing services to combat the traffic will also expand the number of commercial vehicles financed, further developing the auto finance market in Vietnam which is projected to contribute to 6% of the Auto lending market in Southeast Asia by 2018.
Ken Research in its latest study “Vietnam Auto Finance Market Outlook to 2024 - by Loan Tenure, by Type of Institution (Commercial Banks and Non- Banking Financial Institutions) and by Type of Vehicle (Passenger and Commercial)” suggests a growth at a CAGR of close to 27% on the basis of credit disbursed in the Vietnam Auto Finance Market by during 2014-2018.
For more information on the research report, refer to below link:
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/vietnam-auto-finance-market/180197-93.html
Key Segments Covered
• Market Segmentation by Type of Vehicles (Passenger Vehicles and Commercial Vehicles on the basis of Credit Disbursed and Auto Loan Outstanding)
• Market Segmentation By Type of Institutions (Banks & Subsidiaries and Non Bank Financial Institutes on the Basis of Auto Loan Outstanding)
• Market Segmentation By Loan Tenure (1 Year, 2 Years, 3 Years, 4 Years, 5 and More years on the basis of Auto Loan Outstanding)
Key Target Audience
• Existing Auto Finance Companies
• Banks & Subsidiaries
• Captive Finance Companies
• Non Banking Financial Institutions
• New Market Entrants
• Automobile Financing Companies
• Government Organizations
• Investors
• Automobile Associations
• Automobile Original Equipment Manufacturer
Time Period Captured in the Report:
• Financial Year 2014-2018: Historical Period
• Financial Year 2019-2024: Future Forecast
Key Target Audience
• Existing Auto Finance Companies
• New market entrants
• Government bodies
• Investors
• Automobile Manufacturers
• Automobile Associations
• Auto parts Equipment Manufacturers
Companies Cited in the Report
Banks & Subsidiaries
• Tien Phong Bank
• Vietcom Bank
• Sacom Bank
• Vietin Bank
• Shinhan Bank Vietnam
• Saigon Hanoi Bank
• Techcom Bank
• VIB
• Bank for Investment and Development of Vietnam
Non-Banking Financial Institutions
• Daimler Finance Vietnam
• HD Saison Finance Company
• BMW financial Services
• Toyota Financial Services Vietnam Company Limited
Key Topics Covered in the Report
• Vietnam Auto Finance Market Genesis
• Vietnam Auto Finance Market Value Chain
• Vietnam Auto Finance Market Ecosystem
• Vietnam Auto Finance Market Overview
• Vietnam Auto Finance Market Size on the Basis of Credit Disbursed, 2014–2018
• Vietnam Auto Finance Market Size on the Basis of Auto Loan Outstanding, 2014–2018
• Vietnam Auto Finance Market Growth Drivers & Challenges
• Vietnam Auto Finance Market Segmentation by Type of Vehicles (Passenger and Commercial on the basis of Credit disbursed and Auto Loan Outstanding)
• Vietnam Auto Finance Market Segmentation by Tenure of Loan (1-5 Years on the basis of Auto Loan Outstanding)
• Vietnam Auto Finance Market Segmentation by Type of Institutions (Banks and Non-Banks on the basis of Auto Loan Outstanding)
• Government Regulations in Vietnam Auto Finance Market
• Strengths and Weaknesses of Major Players in Vietnam Auto Finance Sector
• Company Profile of Major Players in Vietnam Auto Finance Sector
• Future Outlook and Projections in Vietnam Auto Finance Market (2019-2024)
• Growth Opportunities in Vietnam Auto Finance Market
• Future Market Segmentation of Vietnam Auto Finance Market
• SWOT Analysis of Vietnam Auto Finance Market
• Analyst Recommendations
Related Reports
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/indonesia-car-finance-market/142267-93.html
https://www.kenresearch.ae/banking-financial-services-and-insurance/loans-and-advances/philippines-auto-finance-market-outlook/227542-93.html
https://www.kenresearch.ae/banking-financial-services-and-insurance/loans-and-advances/saudi-arabia-car-finance-market/125720-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/egypt-car-finance-market/124560-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/india-car-finance-market-report/679-93.html
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India
Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.
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