Banks are Predicted to Overpower the Vietnam Auto Finance Market Owing to Lower Interest Rates Compared to Other Financial Institutions – Ken Research
1. Issues such as supply chains, finance, and human resources during the pandemic, pressurizing businesses to adapt to new normal
Due to the restriction on movement imposed during COVID-19, Vietnam experienced a significant decline in the GDP growth rate. Layoffs and pay cuts were observed during the pandemic year across industries along with the increasing preference of employees to work in a remote working environment. The advent of COVID-19 negatively impacted the financial condition of consumers and therefore a temporary decline in the four-wheeler market was seen and increase in the uptake of used automobiles was evident.
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2. Automotive market sales in Vietnam are at a rebounding stage with no of consumers shifting to personal vehicles after the pandemic
The sale of automobiles is expected to increase as consumers prefer to have their own vehicle than traveling in the public transport system. This is further augmented by an uncertain future, loss of jobs, a falling economy, a lesser propensity to spend, and higher prices of new vehicles due to a rise in demand. Migration from public transport systems towards personal vehicles due to COVID-19 is expected to give much-needed impetus to the industry.
3. Migration from public transport systems towards personal vehicles due to COVID-19 is expected to give the much-needed impetus to the industry.
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To emerge from this crisis with reputation and finances intact, auto lenders need to understand their customers and the macroeconomic conditions. They can implement strategies that will reduce repossession in the first place. For example, in addition to developing agile resolution strategies, they can also digitally enable downgrades. Also, to manage increased workload from customer calls and delinquencies, which may be delayed because of payment deferrals and loan extensions, auto financiers will need to consider solutions such as interactive voice messaging, backed by conversational artificial intelligence (AI) with integrated speech analytics.
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