FE CREDIT Loses Momentum as VietCredit Accelerates

VietCredit supplied nearly 70% of the additional profit generated by six Vietnamese consumer finance companies in the first half of 2026, while FE CREDIT moved in the opposite direction.

The group’s combined pretax profit reached about 3.983 trillion dong, up 1.071 trillion dong, or 36.8%, from the same period a year earlier. VietCredit recorded the fastest growth, with pretax profit climbing 232% to 1.055 trillion dong. Home Credit Vietnam remained the largest profit-maker at 1.680 trillion dong, up 15.2%, followed by HD SAISON at 804 billion dong, up 13.4%.

Mirae Asset Finance Vietnam posted pretax profit of 191 billion dong, while Mcredit reported about 100 billion dong. FE CREDIT was the only company whose profit declined, falling 42.8% to 153 billion dong.

VietCredit’s expansion was tied to larger lending. Customer loans reached 18.221 trillion dong at June 30, up 22.6% from the end of 2025. Net interest income jumped 211.6% to 3.278 trillion dong, while profit before provisions rose 266% to 2.354 trillion dong. At the same time, provisions for credit risks increased nearly fourfold, from about 325 billion dong to 1.299 trillion dong. The share of second-category debt also rose from 6.7% to 8.4% of total loans.

FE CREDIT recorded revenue of more than 10.232 trillion dong, up 7.7%, and profit before provisions of about 6.311 trillion dong, up 6.2%. Provisions rose to 6.158 trillion dong, absorbing 97.6% of profit before provisions. The company’s results came as it continued to address asset quality. VPBank Chairman Ngo Chi Dung previously said FE CREDIT’s non-performing loan ratio had reached about 20% after the pandemic, later falling to 14% to 15%, with restructuring aimed at bringing it down to about 11% to 12%.