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Consumer loans on the rise

Wednesday,  Dec 6,2017,17:01 (GMT+7)
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Consumer loans on the rise

HCMC – Consumer loans will continue strong growth until early next year, according to a report of the National Financial Supervisory Commission.

The report is quoted by the news website VnExpress as saying that Vietnam’s total outstanding consumer loans are estimated to soar by a staggering 59% compared to end-2016.

Notably, loans for renting, purchasing and repairing apartments, and transferring residential land account for 52.9%, up from 49.5% late last year.

Besides, loans for buying home appliances make up 15.3% of the total while car loans represent 8.3%. They are two major market segments for consumer finance companies.

The National Financial Supervisory Commission says total loans as of end-November had expanded 2.8% month-on-month, and 15.3% against early this year.

Data of the State Bank of Vietnam indicates consumer loans have surged over 40% annually in the past three years.

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