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Dutch consumer group enters Vietnam
PPF Group NV, a Dutch-based financial group, opened a branch in Vietnam on Tuesday, Vietnam NetBridge, an online news vendor, reported.
PPF Vietnam Finance Company Ltd, the third foreign-owned consumer finance company in the country, has total chartered capital of 500 billion Vietnam dong and provides a product-tied lending market via the “Home Credit” brand.
The company brings to eight the number of markets in its emerging Europe and Asia portfolios.
PPF Group NV established a representative office in Vietnam in 2006. In April 2008, PPF was licensed to establish a 100% foreign-owned non-banking financial company in Vietnam.
“Vietnam has become the first Asian country for PPF consumer finance to start its fully licensed operations,” said Alexander Labak, chief risk officer of the group for consumer finance.
“There are two reasons we decided to come to Vietnam despite the crisis. First, we are a consumer finance provider in emerging markets. And the consumer finance market here is clearly underdeveloped. Second, we see potential in Vietnam due to the good fundamentals of the country, such as a young population and consumer-centric.
“We think it is a long-term opportunity to bring our expertise in the consumer finance market to Vietnam.”
PPF Vietnam, headquartered in HCMC, offers consumer loans, point-of-sales financing and other related services aimed at the mass market.
PPF Group NV has assets worth almost 10 billion euro and revenues in excess of 1.1 billion euro. Its three main businesses are insurance and pensions under the brand Genarali PPF, consumer finance under Home Credit, and banking operations under the brand PPF banka and Nomos bank.
Home Credit is a trademark of the Home Credit Group, another arm of PPF Group NV. Its products are available in such markets as Czech Republic, Slovakia, Russia, Ukraine, Kazakhstan, Belarus and China.
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