This briefing document summarizes the key findings and recommendations from the “Enhancing Financial Health for Vietnamese People” report, a collaborative effort by Home Credit Vietnam and Decision Lab. The report, based on an online survey of 1,200 Vietnamese internet users aged 18 and above conducted from December 1-7, 2023, provides insights into the financial landscape and needs of the Vietnamese population, particularly in the context of economic fluctuations in 2023 and the outlook for 2024.
Main Themes
The report identifies three overarching themes:
- Vietnamese people need support and improved financial literacy: Despite an optimistic outlook for 2024, many Vietnamese, especially those with low incomes, face financial insecurity and a lack of understanding regarding financial management and the consequences of debt.
- Consumer finance companies are seen as a viable financial support solution: While banks are often perceived as inaccessible, consumer finance companies are increasingly recognized for their speed, ease of access, and simplified procedures, filling a crucial gap in financial support.
- Transparency and trust are essential trends in the financial industry: Consumers prioritize clear fees, reasonable interest rates, and reputable brands, highlighting the importance of ethical practices and responsible lending.
