PPF Vietnam educates consumers on credit

Information sessions will take place in 10 Co.opmart supermarkets in HCM City and 5 Fivimart supermarkets in Ha Noi.
Photo source VNS

The programme was held at Fivimart supermarkets in Hanoi to increase customers’ knowledge of financial products, personal installment plans, and fine print.

Home Credit is a leading provider of point of sale installment plans and both promotes creditors and ensures their responsibilities through consulting activities aimed at publicising and educating about consumer financing. The programme will improve people’s understanding and support people in understanding accessing modern shopping solutions.

“Most Vietnamese people are not accustomed to reading and inspecting the terms and conditions of a contract in a thorough and cautious manner before inking them. Such behavior can hurt customers as they will incur penalties or have bad credit which hurts their long-term credit plans. This is most often due to negligence and non-compliance with contract terms,” said PPF Vietnam CEO Friedrich Weiss.

“Our consulting programme reminds customers to think carefully before signing any contract. Our goal is for customers to use our consultants as advisors before applying for a loan and signing a contract,” he added.

According to a Home Credit random survey of 1,000 consumers in July, only 51 per cent indicated that they had knowledge of consumer financing, while 43 per cent said they had a basic idea and 7 per cent said they had no knowledge whatsoever.

PPF held similar programmes at Co-opmart supermarkets in Ho Chi Minh City in September.

The programme is currently being piloted before expanding to other provinces and cities nationwide in 2014.