Nordcham Vietnam, in collaboration with Home Credit Vietnam and Decision Lab, hosted the Financial Empowerment Summit on May 23 under the theme "Supporting Vietnamese people to improve their financial well-being”. This high-level conference gathered almost 100 industry leaders and experts to explore actionable insights to enhance the financial well-being of Vietnamese people, facilitating financial stability and independence.

Almost 100 industry leaders and experts discussed solutions to improve financial well-being for Vietnamese people at the conference.

Vietnamese people need a financial inclusion ecosystem

In the first keynote speech, Dr. Trinh Quang Long, Lecturer at HCMC University of Banking as well as Project Consultant at ADB Institute, gave an analysis of the macroeconomic landscape and the importance of financial literacy in supporting individuals to navigate current challenges and achieve financial well-being. 

Based on a recent study conducted by Decision Lab and Home Credit Vietnam, Thue Quist Thomasen, CEO of Decision Lab, said that financial health and well-being are key to individual productivity, business profitability, and national prosperity. When people know how to manage their money and feel secure in their personal finances, they are happier and more successful in their jobs. This has a ripple effect throughout the economy. 

Among the leading digi-finance companies, Home Credit acknowledges its role in enhancing financial literacy, thus contributing to the financial inclusion ecosystem. Nevertheless, Pham Ngoc Khang, General Director of Home Credit Vietnam, believes that this journey needs to “start small and grow little by little”. It also requires consumers' commitment and responsibility in their personal financial management.

"Home Credit acts as a responsible lender by properly assessing a customer's repayment capability and providing them with transparent financial solutions. On the other hand, it is also critical for customers to understand the commitment they are taking on. At Home Credit, we bridge these two sides by offering diverse and customized products, in addition to knowledge about personal financial management”, said Khang.

Pham Ngoc Khang, General Director of Home Credit Vietnam, gave his keynote speech at the conference.

In particular, Home Credit has cooperated with the Communications Department of the State Bank to develop content for various financial literacy programs, including Dong tien thong thai, Tay hom chia khoa, Tien kheo tien khon, etc. This digi-finance company also collaborated with Vietnamese financial experts to publish the book Now you Know - A Guide of Smart Money Management. These are some of the activities carried out by Home Credit with the aim to provide comprehensive interpretations of financial terms, as well as tips for raising awareness and skills in financial management, through multiple media platforms to reach a wide range of audiences.

In addition, Home Credit conducts training sessions on livelihood skills and financial management skills for women within the Home for Life project, empowering hundreds of women to live the life they want. This project has granted financial support to hundreds of women in difficult circumstances to start their own businesses, which has not only improved the quality of their families’ lives but also created jobs for many other people.

Collaboration to enhance financial literacy for the community

Home Credit Vietnam has partnered with many local specialized authorized agencies, as well as organizations such as NOI and Hagar International, to execute those financial inclusion projects. Furthermore, in order to capture the real market landscape and the expectations of consumers, the company also needs the support of experts and research firms, such as Decision Lab which coordinated with Home Credit Vietnam in the implementation of the report “Supporting Vietnamese consumers in improving financial well-being”.

“Financial inclusion is really a long journey that requires the companionship of all stakeholders”, Pham Ngoc Khang emphasized.

Dr Trinh Quang Long participated in a panel discussion at the conference.

Dr Trinh Quang Long also emphasized the imperative for cooperation among regulators, educational and financial institutions, and the business community to improve financial literacy and develop financial inclusion in Vietnam.

According to this expert, although there are many financial education programs available in Vietnam today, they are dispersed and limited to a specific subgroup of the population. Therefore, the government's support and the community's collaboration will make them more accessible, efficient and inclusive.

Specifically, a financial inclusion ecosystem must start with financial literacy at very early education so that each individual understands the importance of financial knowledge and personal financial management skills.