Vietnam Automotive Loan Market, By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Provider Type (Banks, NBFCs (Non-Banking Financial companies, OEM (Original Equipment Manufacturer)), Others (Fintech Companies)), By Percentage of Amount Sanctioned (Less than 25%, 25-50%, 51-75%, More than 75%), By Tenure ( Less than 3 Years, 3-5 Years, More than 5 Years), By Region, By Company, Forecast & Opportunities, 2018-2028F

Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format

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Vietnam Automotive Loan Market, By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Provider Type (Banks, NBFCs (Non-Banking Financial companies, OEM (Original Equipment Manufacturer)), Others (Fintech Companies)), By Percentage of Amount Sanctioned (Less than 25%, 25-50%, 51-75%, More than 75%), By Tenure ( Less than 3 Years, 3-5 Years, More than 5 Years), By Region, By Company, Forecast & Opportunities, 2018-2028F

Forecast Period 2024-2028
Market Size (2022) USD5.24 Billion
CAGR (2023-2028) 15.25%
Fastest Growing Segment NBFCs
Largest Market North Region

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The Vietnam automotive loan market is witnessing robust growth owing to the growing number of new financed cars because of consumers'

Automotive loan is a sustainable solution for an individual which allows them to buy a vehicle either for personal use or commercial use if one has not enough savings. By using automotive loans, an individual can purchase a vehicle outright by obtaining out a loan from a bank or another financial institution. Then, over a specified period of time, one must repay the loan in equal monthly instalments together with interest.

According to a report of Vietnam Automobile Manufactures’ Association 2021, the total sales of automobiles in Vietnam was around 304,149 units. According to Vietnam Register, there were 4.512 million cars in use as of 2021, or 46 vehicles per 1,000 inhabitants. Vietnamese citizens would need to save money for 12 years to purchase a car worth VND 600 million (USD30,000) with the average monthly income of VND 4.25 million (USD 180) in 2020.Thus, to purchase the vehicle, people are availing loan which in turn is expected to drive the automotive loan market in Vietnam during the forecast period.

Digitalization of Financial Institutions is Fueling the Market Growth

The rate of digitalization in Vietnam is expected to expand in the coming years, as the number of multiple offline and online businesses are significantly shifting toward entering within the automotive loan sector. In Vietnam, digitization has significantly accelerated workflow improvements, reduced risk, faster processing, and enhanced document handling. For instance, with digitalization financial institutions are offering auto credit feature in which the amount of EMI will automatically deduct from the linked account of the borrower. Additionally, a number of blockchain-powered financing solutions are currently being evaluated by insurers and banks, and auto captive lenders are acting as market areas for manufacturer blockchains, which is expected to drive the Vietnam automotive loan market.

Growing Demand for Commercial Vehicles Fuels Market Growth

The demand for commercial vehicles is increasing in Vietnam for transportation and light commercial vehicle is mostly preferred in Vietnam for high volume transportation, low bulk cargo, particularly for the transportation of consumer products, textiles, and other items across short distances. Therefore, sales of commercial vehicles are likely to increase. In Vietnam, the demand for goods through e-commerce is also increasing, which is driving the usage of light commercial vehicles in logistics and opening up new market opportunities in the country. As Vietnam has a middle-income economy, it is expected that most consumers will prefer a longer loan term to buy commercial vehicles because the instalments will be more affordable due to the lower monthly payments which is driving the automotive loan industry in Vietnam.

Growing Purchasing Power of Middle-Class Economy Drives Market Growth

The projected growth of the Vietnamese automotive loan market is attributed to the middle class’ rising purchasing power.

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Market Segmentation

MIR Segment1

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Company Profiles

Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcom Bank); Tien Phong Commercial Joint Stock Bank; Vietnam International Commercial Joint Stock Bank VIB; Vietnam Technological and Commercial Joint Stock Bank (Techcombank); Toyota Financial Services Vietnam Company Limited; HD SAISON Finance Co., Ltd; Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank); Shinhan Bank Vietnam Limited; Bank for Investment and Development of Vietnam; Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) are among the major players in driving the market growth of the Vietnam automotive loan market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Vehicle Type

Provider Type

Percentage of Amount Sanctioned

Tenure

Region

Regional Scope

North Vietnam, South Vietnam, Central Vietnam

Key Companies Profiled

Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcom Bank); Tien Phong Commercial Joint Stock Bank; Vietnam International Commercial Joint Stock Bank VIB; Vietnam Technological and Commercial Joint Stock Bank (Techcombank); Toyota Financial Services Vietnam Company Limited; HD SAISON Finance Co., Ltd; Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank); Shinhan Bank Vietnam Limited; Bank for Investment and Development of Vietnam; Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)

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Table of Content

Table of content
1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.     By Gender

4.2.2.     By Age

4.2.3.     By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision

4.5.  Sources of Information

4.6.  Challenges Faced After Purchase

5.    Vietnam Automotive Loan Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Vehicle Type Market Share Analysis [Two-Wheeler, Passenger Car, Commercial Vehicle]

5.2.2.     By Provider Type Market Share Analysis [Banks, NBFCs (Non-Banking Financial Companies, OEM (Original Equipment Manufacturer), Others (Fintech Companies)]

5.2.3.     By Percentage of Amount Sanctioned Market Share [Less than 25%, 25-50%, 51-75%, More than 75%]

5.2.4.     By Tenure Market Share [Less than 3 Years, 3-5 Years, More than 5 Years

5.2.5.     By Regional Market Share Analysis

5.2.5.1.         North Vietnam

5.2.5.2.         South Vietnam

5.2.5.3.         Central Vietnam

5.2.6.     By Company Market Share Analysis

5.3.  Vietnam Automotive Loan Market Mapping & Opportunity Assessment

5.3.1.     By Automotive Type Market Mapping & Opportunity Assessment

5.3.2.     By Provider Type Market Mapping & Opportunity Assessment

5.3.3.     By Percentage of Amount Sanctioned Market Mapping & Opportunity Assessment

5.3.4.     By Tenure Market Mapping & Opportunity Assessment

5.3.5.     By Region Market Mapping & Opportunity Assessment

6.    Vietnam Two-Wheeler Automotive Loan Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Provider Type Market Share Analysis

6.2.2.     By Percentage of Amount Sanctioned Market Share Analysis

6.2.3.     By Tenure Market Share Analysis

7.    Vietnam Passenger Car Automotive Loan Market Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Provider Type Market Share Analysis

7.2.2.     By Percentage of Amount Sanctioned Market Share Analysis

7.2.3.     By Tenure Market Share Analysis

8.    Vietnam Commercial Vehicle Automotive Loan Market Outlook

8.1.  Market Size & Forecast          

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Provider Type Market Share Analysis

8.2.2.     By Percentage of Amount Sanctioned Market Share Analysis

8.2.3.     By Tenure Market Share Analysis

9.    Market Dynamics

9.1.  Drivers

9.1.1.     Rising Economies of Tier 2 Cities in Vietnam

9.1.2.     Growing Purchasing Power of Middle Class Economy

9.1.3.     Demand of Commercial Vehicles

9.2.  Challenges

9.2.1.     Increasing Competition

9.2.2.     Bad-Debt issues

10.  Impact of COVID-19 on Global Automotive Loan Market

10.1.              Impact Assessment Model       

10.1.1.  Key Segments Impacted

10.1.2.  Key Regions Impacted

10.1.3.  Key Provider Type Impacted

11.  Market Trends & Developments

11.1.              Increase in Ride-Sharing Services in Vietnam

11.2.              Reduction in Interest Rate for of Automotive Loan

11.3.              Digitalization of Financial Institution

11.4.              Partnership of Various Automotive Providers with Financial Institution

11.5.              Growing Sales of Cars

12.  Porter’s Five Forces Model

12.1.              Competitive Landscape

12.2.              Buyer Power

12.3.              Supplier Power

12.4.              Threat of New Entrants

12.5.              Threat of Substitutes

13.  SWOT Analysis

13.1.              Strengths

13.2.              Weaknesses

13.3.              Opportunities

13.4.              Threats

14.  Policy and Regulatory Landscape

15.  Vietnam Economic Profile

16.  Competitive Landscape

16.1.              Competition Outlook

16.2.              Company Profiles

16.2.1.  Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcom Bank)

16.2.1.1.      Company Details

16.2.1.2.      Product & Services

16.2.1.3.      Financials (As Reported)

16.2.1.4.      Key Market Focus & Geographical Presence

16.2.1.5.      Recent Developments

16.2.1.6.      Key Management Personnel

16.2.2.  Tien Phong Commercial Joint Stock Bank

16.2.2.1.      Company Details

16.2.2.2.      Product & Services

16.2.2.3.      Financials (As Reported)

16.2.2.4.      Key Market Focus & Geographical Presence

16.2.2.5.      Recent Developments

16.2.2.6.      Key Management Personnel

16.2.3.  Vietnam International Commercial Joint Stock Bank VIB

16.2.3.1.      Company Details

16.2.3.2.      Product & Services

16.2.3.3.      Financials (As Reported)

16.2.3.4.      Key Market Focus & Geographical Presence

16.2.3.5.      Recent Developments

16.2.3.6.      Key Management Personnel

16.2.4.  Vietnam Technological and Commercial Joint Stock Bank (Techcombank)

16.2.4.1.      Company Details

16.2.4.2.      Company Details

16.2.4.3.      Product & Services

16.2.4.4.      Financials (As Reported)

16.2.4.5.      Key Market Focus & Geographical Presence

16.2.4.6.      Recent Developments

16.2.4.7.      Key Management Personnel

16.2.5.  Toyota Financial Services Vietnam Company Limited

16.2.5.1.      Company Details

16.2.5.2.      Product & Services

16.2.5.3.      Financials (As Reported)

16.2.5.4.      Key Market Focus & Geographical Presence

16.2.5.5.      Recent Developments

16.2.5.6.      Key Management Personnel

16.2.6.  HD SAISON Finance Co., Ltd

16.2.6.1.      Company Details

16.2.6.2.      Product & Services

16.2.6.3.      Financials (As Reported)

16.2.6.4.      Key Market Focus & Geographical Presence

16.2.6.5.      Recent Developments

16.2.6.6.      Key Management Personnel

16.2.7.  Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank)

16.2.7.1.      Company Details

16.2.7.2.      Product & Services

16.2.7.3.      Financials (As Reported)

16.2.7.4.      Key Market Focus & Geographical Presence

16.2.7.5.      Recent Developments

16.2.7.6.      Key Management Personnel

16.2.8.  Shinhan Bank Vietnam Limited

16.2.8.1.      Company Details

16.2.8.2.      Product & Services

16.2.8.3.      Financials (As Reported)

16.2.8.4.      Key Market Focus & Geographical Presence

16.2.8.5.      Recent Developments

16.2.8.6.      Key Management Personnel

16.2.9.  Bank for Investment and Development of Vietnam

16.2.9.1.      Company Details

16.2.9.2.      Product & Services

16.2.9.3.      Financials (As Reported)

16.2.9.4.      Key Market Focus & Geographical Presence

16.2.9.5.      Recent Developments

16.2.9.6.      Key Management Personnel

16.2.10.   Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)

16.2.10.1.    Company Details

16.2.10.2.    Product & Services

16.2.10.3.    Financials (As Reported)

16.2.10.4.    Key Market Focus & Geographical Presence

16.2.10.5.    Recent Developments

16.2.10.6.    Key Management Personnel

17.  Strategic Recommendations/Action Plan

17.1.              Key Focus Areas

17.2.              Target Regions & Countries

17.3.              Target Vehicle Type

17.4.              Target Provider Type

17.5.              Target Percentage of Amount Sanctioned

17.6.               Target Tenure

18.   About Us & Disclaimer

 

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