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According to the TechSci Research report titled "Vietnam Automotive Loan Market–Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F," the Vietnam automotive loan market is anticipated to experience rapid growth during the forecast period. 

This growth is attributed to factors such as the expanding economy, increased consumer demand, and reduced interest rates, driving the sales of commercial vehicles and capitalizing on business opportunities. The industry's progression is further fueled by digitalization, infrastructure development, regional connectivity, economic expansion through exports and foreign investments, and a rising demand for buses and commercial vehicles, particularly due to improved roads and highways.

The automotive loan landscape in Vietnam is highly competitive due to extreme market fragmentation. Most financial institutions are concentrated in Hanoi and Ho Chi Minh City, serving as the country's financial and commercial hubs. In an effort to broaden their customer base, banks and consumer financial institutions are extending their reach to tier 2 cities like Hai Phong, Da Nang, and Bien Hoa. Both retail/small-scale and institutional/large-scale consumers in Vietnam actively participate in the automotive loan sector.

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These loans serve diverse purposes, including personal, business, industrial, pick-up and drop-off services, public transportation, and more. The automotive loan market is expanding as a larger portion of the population can now afford these loans due to reduced interest rates.

The government's focus on infrastructure development, exemplified by projects such as the urban development collaboration with the World Bank, has resulted in the construction of 243 km of new or renovated primary and secondary access roads in Vietnam. This has not only improved transportation capacity but also contributed to decreased accident rates, attracting more customers to purchase passenger and commercial vehicles.

The Vietnam Automotive Loan Market offers loans for various vehicle types, including two-wheelers, passenger cars, and commercial vehicles. These loans are provided by banks, non-banking financial companies (NBFCs), original equipment manufacturers (OEMs), and others (fintech companies), with specified tenures and interest rates.

The market is segmented based on vehicle type, provider type, percentage of amount sanctioned, tenure, and region. Passenger cars are the fastest-growing segment, driven by rising GDP per capita, infrastructure advancements, and increased social recognition associated with car ownership.

Key market players in the Vietnam automotive loan market include:

• 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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“With the rising digitalization, infrastructure growth, regional connectivity, economic expansion by increased exports & foreign investment, and growing demand for buses and commercial vehicles as a part of infrastructure development for the general public is a result of better roads & highways, which is driving the growth of the automotive loan market. Moreover, the market is expanding since a larger portion of the population is now more reliant on automotive loans due to the reduction in interest rates. Moreover, the rising demand for new vehicles and used vehicles is expected to drive the market growth during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Vietnam Automotive Loan Market Segmented 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”, has evaluated the future growth potential of automotive loan in the Vietnam market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Vietnam automotive loan market.

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