Consumer finance firms such as Home Credit are undergoing downgrade reviews Experts are raising concerns over consumers falling behind on their credit card and loan payments, which could snowball into higher defaults in the coming months. Some lenders and finance firms have reduced loan originations as a result of reduced incomes from their customers. Le Minh Hung, Governor of the State Bank of Vietnam (SBV) said that credit growth for the first two months of 2020 stood at a meagre 0.1 per cent on-year – much lower than the previous 0.85 per cent of the same period last year. Meanwhile, loan surplus to sectors hit by coronavirus has reached VND2 quadrillion ($86.96 trillion), equal to 23 per cent of the banking sector’s total outstanding loan balance as of April 10. As of March 31, the credit balance was estimated at nearly VND8.302 trilllion ($360.96 million), surging by 1.3 per cent compared to December 2019. The monthly growth witnessed a steady increase stretching from January (0.1 per cent) and February (0.07 per cent) to March (1.1 per cent). The SBV has also taken relief measures to mitigate a sharp contraction sparked by the pandemic including cutting costs, slashing lending rates, imposing… Read full this story
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