HCM CITY — Celebrating its 15th anniversary, FE CREDIT stands as one of the pioneers in shaping Việt Nam’s consumer finance industry, symbolising innovation, resilience, and a steadfast commitment to improving the lives of millions of Vietnamese people.

Entering a new phase of sustainable growth, the company continues to uphold its core values of being “Fast – Easy – Credible,” providing transparent, convenient, and trustworthy financial experiences for customers.

Bringing formal consumer finance to every Vietnamese

Established in 2010 as part of the VPBank Financial Ecosystem, FE CREDIT took on the challenging mission of developing Việt Nam’s then-nascent consumer finance market.

Its goal was to lay the foundation and set new standards for the industry, focusing on low-income and rural customers who previously had limited access to formal financial services and often relied on informal or high-interest loans.

FE CREDIT grows in step with Việt Nam’s consumer finance market. — Photo courtesy of FE CREDIT

At that time, consumer lending was still a new concept for many Vietnamese, and a lack of reliable lenders led to scepticism among consumers.

Overcoming these challenges, FE CREDIT worked to build understanding and trust in legitimate consumer lending, helping people recognise its benefits and responsible practices.

Thanks to its persistent efforts, the company’s financial products have become increasingly familiar to working-class customers — from factory workers and small traders to service employees.

At retail stores nationwide, customers can easily access loans ranging from a few million to several dozen million đồng at reasonable rates to support personal needs such as purchasing household goods, paying tuition fees, healthcare, starting small businesses, or improving their living standards.

At times, the company has held up to 50 per cent of Việt Nam’s consumer finance market share, becoming the trusted choice for millions of customers who otherwise lacked access to traditional banking services.

Today, it serves more than 17 million customers through over 13,400 service points and partnerships with 8,000 distributors. Its diverse product ecosystem includes FlexiMoney products, two-wheeler and consumer durable loans, and credit cards.

Beyond financial services, the company also emphasises strong partnerships and community impact.

Through hundreds of corporate social responsibility programmes nationwide, it has contributed to creating brighter futures for underprivileged communities.

FE CREDIT expands its network to deliver financial solutions to communities across Việt Nam. — Photo Courtesy of FE CREDIT

Pioneering sustainable growth

According to the State Bank of Việt Nam, by 2024, total credit across the economy reached VNĐ15.6 quadrillion (US$593 billion), with consumer loans accounting for about 21.6 per cent, or VNĐ3.3 quadrillion (US$125 billion).

However, data from Fiingroup’s report “Decoding the New Era: Risks and Opportunities in Việt Nam’s Banking and Consumer Finance Industry” (December 2024) showed that finance companies make up only around 5 per cent of total consumer lending, indicating that most consumer credit still comes from banks.

In recent years, banks have accelerated their entry into the consumer finance segment with tailored digital products and strategic partnerships with fintech companies.

While this has increased competition, it has also opened opportunities for finance companies like FE CREDIT to innovate and expand their market share through digital transformation.

As online shopping, instalment payments, and credit card usage become increasingly popular, especially among Gen Z consumers, FE CREDIT sees digitalisation as the key to sustainable growth.

The company is now executing a comprehensive “Customer Experience-led Digitalisation” strategy, placing customer satisfaction and convenience at the heart of every innovation.

A representative of FE CREDIT said the company looks forward to a future where every value it creates contributes to happiness and positive change for the Vietnamese people.

“We will continue to strengthen our leading position, enhance service quality, pursue sustainable growth, and uphold our responsibilities to the community.”

The company aims to contribute to building a transparent, accessible, and sustainable consumer finance ecosystem for Việt Nam’s future.-VNS