Luận văn thạc sĩ ueh develop car loan at toyota dealers in vietnam a case study of tfsvn

Luận văn thạc sĩ nghiên cứu ueh develop car loan at toyota dealers in vietnam a case study of tfsvn, đánh giá hiện trạng, phân tích vấn đề, đề xuất biện pháp hoàn thiện trong lĩnh

• Tác giả: Nguyeãn Hoaøng Duy
• Người hướng dẫn: Dr. Phạm Văn Năng
• Trường học: University of Economics Ho Chi Minh City
• Chuyên ngành: Banking
• Đề tài: Develop Car Loan at Toyota Dealers in Vietnam - A Case Study of TFSVN
• Loại tài liệu: master’s thesis
• Năm xuất bản: 2010
• Địa điểm: Ho Chi Minh City

Mục lục chi tiết

• ACKNOWLEDGEMENTS
• DECLARATION OF THESIS
• TABLE OF CONTENT
• 1. CHAPTER 1: OVERVIEW OF CAR LOAN
• 1.1. Consumer loan
• 1.2. Car loan of Banks
• 1.3. Common car loan attributes
• 1.4. CAMPARI Model – The Risk management model of Car loan
• 2. CHAPTER 2: CAR LOAN AT TOYOTA DEALERS & TFSVN
• 2.1. Overview of Vietnam’s economy in recent years
• 2.1.1. The economic growth
• 2.1.2. GDP per capita
• 2.1.3. Stabilizing the Macro-economy
• 2.2. Overview of Credit institutions in Vietnam
• 2.2.1. Overview of the forms of credit institutions
• 2.2.2. Reform of Vietnam’s banking system
• 2.2.3. Needs for and potentials of consumer finance
• 2.3. Vietnam automotive industry
• 2.3.1. Development of automotive industry
• 2.3.2. Vietnam’s master plan of the automotive industry
• 2.3.3. Finance and supporting policies
• 2.3.4. The automobile markets in East Asian countries and Vietnam
• 2.4. Toyota Motor Vietnam
• 2.4.1. Toyota dealer network
• 2.4.2. Automotive market & Toyota sales in Vietnam
• 2.4.2.1. Car model purchase in 2009
• 2.4.2.2. Toyota sales in the world
• 2.4.2.3. Toyota sales in Vietnam
• 2.4.2.3.1. Toyota market share in Vietnam
• 2.4.2.3.2. Toyota sales from Jan to Jun 2010
• 2.4.2.4. Toyota customer profile
• 2.5. Toyota Financial Services Vietnam (TFSVN)
• 2.5.1. Information on TFSVN
• 2.5.1.1. Incorporation of TFSVN
• 2.5.2. Objectives and Scope of business
• 2.5.3. TFSVN’s car loan products
• 2.5.4. Car loan comparison among Banks and TFSVN
• 2.5.5. Car loan at Toyota dealers
• 2.5.5.1. Growing proportion of car loan in Toyota sales
• 2.5.5.2. Car loan sales
• 2.5.5.3. Car loan to individual
• 2.5.5.4. Individual car loan by Bank types and TFSVN
• 2.5.6. TFSVN’s prudential ratios
• 2.5.6.1. Capital Adequacy Ratio
• 2.5.6.2. Credit limit to customers
• 2.5.6.3. Short-term capital for medium to long term lending
• 2.5.6.4. Loan classification and Provision
• 3. CHAPTER 3: RECOMMENDATIONS FOR TFSVN
• 3.1. TFSVN’s Credit risk management
• 3.1.1. TFSVN’s Credit risk management principles
• 3.1.2. TFSVN’s Credit risk management process
• 3.2. The orientation of development
• 3.2.1. New products launch
• 3.2.1.1. Car loan to fleet customers
• 3.2.1.2. Car loan for used cars
• 3.2.1.3. Agency for insurance
• 3.2.2. Implement low cost business model
• 3.2.3. Efforts for sustainable growth
• 3.2.4. Short term and Mid-long term plan
• LIST OF REFERENCES
• LIST OF INTERVIEWEES
• LIST OF APPENDICES
• APPENDIX 2. TOYOTA FINANCE GROUP’S EXPERIENCES IN CONSUMER FINANCE
• APPENDIX 3. TOYOTA MOTOR VIETNAM ECONOMIC ITEMS

Tóm tắt

I. Tổng quan về phát triển cho vay ô tô tại đại lý Toyota

Nghiên cứu về cho vay ô tô tại các đại lý Toyota ở Việt Nam cho thấy sự phát triển mạnh mẽ trong những năm gần đây. Toyota Financial Services Vietnam (TFSVN) đã đóng vai trò quan trọng trong việc cung cấp các sản phẩm tài chính cho khách hàng. Sự gia tăng nhu cầu về ô tô đã thúc đẩy các đại lý Toyota mở rộng dịch vụ cho vay, từ đó tạo ra cơ hội cho nhiều người tiêu dùng sở hữu xe hơi.

1.1. Tình hình thị trường ô tô Việt Nam hiện nay

Thị trường ô tô Việt Nam đang trên đà phát triển với nhiều thương hiệu lớn tham gia. Sự gia tăng thu nhập và nhu cầu tiêu dùng đã tạo điều kiện thuận lợi cho cho vay ô tô. Theo thống kê, doanh số bán ô tô tăng trưởng đều qua các năm, đặc biệt là các mẫu xe của Toyota.

1.2. Vai trò của TFSVN trong phát triển cho vay ô tô

TFSVN cung cấp các sản phẩm cho vay linh hoạt, giúp khách hàng dễ dàng tiếp cận tài chính. Các sản phẩm này không chỉ hỗ trợ khách hàng mua xe mới mà còn mở rộng sang cho vay xe đã qua sử dụng, đáp ứng nhu cầu đa dạng của thị trường.

II. Thách thức trong việc phát triển cho vay ô tô tại đại lý Toyota

Mặc dù có nhiều cơ hội, nhưng phát triển cho vay ô tô tại các đại lý Toyota cũng đối mặt với nhiều thách thức. Các yếu tố như lãi suất, điều kiện vay và sự cạnh tranh từ các ngân hàng khác là những vấn đề cần được giải quyết.

2.1. Lãi suất cho vay ô tô và ảnh hưởng đến khách hàng

Lãi suất cho vay ô tô hiện nay có sự biến động lớn, ảnh hưởng trực tiếp đến quyết định mua xe của khách hàng. Việc đưa ra mức lãi suất cạnh tranh là rất quan trọng để thu hút khách hàng.

2.2. Điều kiện vay và quy trình phê duyệt

Điều kiện vay tại TFSVN có thể gây khó khăn cho một số khách hàng. Quy trình phê duyệt cần được đơn giản hóa để tạo điều kiện thuận lợi hơn cho người tiêu dùng.

III. Phương pháp cải thiện dịch vụ cho vay ô tô tại đại lý Toyota

Để nâng cao hiệu quả của dịch vụ cho vay ô tô, TFSVN cần áp dụng một số phương pháp cải tiến. Việc tối ưu hóa quy trình cho vay và cải thiện dịch vụ khách hàng là rất cần thiết.

3.1. Tối ưu hóa quy trình cho vay

Quy trình cho vay cần được đơn giản hóa và nhanh chóng hơn. Việc áp dụng công nghệ thông tin trong quản lý hồ sơ vay sẽ giúp tiết kiệm thời gian và nâng cao trải nghiệm của khách hàng.

3.2. Đào tạo nhân viên và nâng cao dịch vụ khách hàng

Đào tạo nhân viên về sản phẩm và dịch vụ sẽ giúp họ tư vấn tốt hơn cho khách hàng. Sự hài lòng của khách hàng là yếu tố quyết định đến sự thành công của dịch vụ cho vay.

IV. Ứng dụng thực tiễn và kết quả nghiên cứu về cho vay ô tô

Nghiên cứu cho thấy rằng việc phát triển dịch vụ cho vay ô tô tại các đại lý Toyota đã mang lại nhiều kết quả tích cực. Doanh số bán xe và số lượng khách hàng sử dụng dịch vụ cho vay đều tăng.

4.1. Tăng trưởng doanh số bán xe nhờ cho vay

Sự phát triển của dịch vụ cho vay đã giúp tăng trưởng doanh số bán xe tại các đại lý Toyota. Khách hàng có thể dễ dàng tiếp cận tài chính để sở hữu xe mà không gặp nhiều khó khăn.

4.2. Phản hồi từ khách hàng về dịch vụ cho vay

Khách hàng đánh giá cao sự tiện lợi và nhanh chóng của dịch vụ cho vay tại TFSVN. Những phản hồi tích cực này là động lực để TFSVN tiếp tục cải thiện và phát triển dịch vụ.

V. Kết luận và tương lai của cho vay ô tô tại đại lý Toyota

Tương lai của dịch vụ cho vay ô tô tại các đại lý Toyota ở Việt Nam rất hứa hẹn. Với sự phát triển của nền kinh tế và nhu cầu tiêu dùng ngày càng tăng, TFSVN cần tiếp tục đổi mới và cải tiến dịch vụ để đáp ứng nhu cầu của thị trường.

5.1. Dự báo xu hướng phát triển trong tương lai

Dự báo rằng nhu cầu về cho vay ô tô sẽ tiếp tục tăng trong những năm tới. TFSVN cần chuẩn bị sẵn sàng để đáp ứng nhu cầu này bằng cách phát triển các sản phẩm tài chính đa dạng.

5.2. Chiến lược phát triển bền vững cho TFSVN

TFSVN cần xây dựng chiến lược phát triển bền vững, tập trung vào việc cải thiện chất lượng dịch vụ và mở rộng mạng lưới đại lý để phục vụ khách hàng tốt hơn.

Trích đoạn nội dung tài liệu

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY --  -- NGUYEÃN HOAØNG DUY DEVELOP CAR LOAN AT TOYOTA DEALERS IN VIETNAM A CASE STUDY OF TFSVN MASTER’S THESIS HO CHI MINH CITY – 2010 LUAN VAN CHAT LUONG download : add [e-mail] MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY --  -- NGUYEÃN HOAØNG DUY DEVELOP CAR LOAN AT TOYOTA DEALERS IN VIETNAM A CASE STUDY OF TFSVN MAJOR : BANKING MAJOR CODE : 60.12 MASTER’S THESIS THESIS INSTRUCTOR: DR. PHAÏM VAÊN NAÊNG HO CHI MINH CITY – 2010 LUAN VAN CHAT LUONG download : add [e-mail] i ACKNOWLEDGEMENTS This paper could not have been completed without the help, encouragement and support from a number of people who all deserve my sincerest gratitude and appreciation. First of all, I would like to express my special thanks to Dr. Phaïm Vaên Naêng, my thesis instructor.

I’m indebted to his inspiration, scholarly supervision and intellectual support throughout the course of writing this graduation paper. His continual encouragement, careful reading, critical comments and patient guidance made my work more enjoyable and easier. I would like to thank all my beloved teachers at University of Economics Ho Chi Minh City (UEH), the Post-graduate Faculty for their support and valuable knowledge and experiences during my study at UEH. Special words of thank also go to all my colleagues at Toyota Financial Services Vietnam, Toyota Motor Vietnam, Toyota Authorised Dealers and other interviewees for their willing participation and ideas in the study.

I greatly appreciate their generosity with their time and efforts in helping me. Without them this paper could not have been possible. Finally, my deepest gratitude and appreciation go to my family, my friends and my classmates. Their love, support and constant encouragement gave me a great deal of strength and determination that help me during the time of writing this paper.

Nguyeãn Hoaøng Duy LUAN VAN CHAT LUONG download : add [e-mail] ii DECLARATION OF THESIS Author’s full name : Nguyeãn Hoaøng Duy Date of birth : 11th January 1982 Thesis title : Develop Car Loan at Toyota Dealers – A Case Study of TFSVN Thesis instructor : Dr. Phạm Văn Năng Major code : 60.12 In order to complete this dissertation, the author spent time on studying, collecting relevant information, exchanging ideas with experts, working for and accumulating practical facts from the company’s operation and business. I hereby declare that the submitted work has been done by me, data and findings given in this thesis is true and correct. I agree to any crosscheck about the mentioned information and the dissertation.

Nguyeãn Hoaøng Duy LUAN VAN CHAT LUONG download : add [e-mail] iii TABLE OF CONTENT INTRODUCTION CHAPTER 1: OVERVIEW OF CAR LOAN .2 Car loan of Banks .3 Common car loan attributes.3 CAMPARI Model – The Risk management model of Car loan. 8 CHAPTER 2: CAR LOAN AT TOYOTA DEALERS & TFSVN .1 Overview of Vietnam’s economy in recent years .1 The economic growth .2 GDP per capita .3 Stabilizing the Macro-economy .2 Overview of Credit institutions in Vietnam .1 Overview of the forms of credit institutions .2 Reform of Vietnam’s banking system .3 Needs for and potentials of consumer finance .3 Vietnam automotive industry .1 Development of automotive industry .2 Vietnam’s master plan of the automotive industry. 19 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.3 Finance and supporting policies .4 The automobile markets in East Asian countries and Vietnam .4 Toyota Motor Vietnam .2 Toyota dealer network .5 Automotive market & Toyota sales in Vietnam .1 Car model purchase in 2009 .2 Toyota sales in the world.3 Toyota sales in Vietnam .1 Toyota market share in Vietnam .2 Toyota sales from Jan to Jun 2010 .4 Toyota customer profile .6 Toyota Financial Services Vietnam (TFSVN) .1 Information on TFSVN .1 Incorporation of TFSVN .5 Objectives and Scope of business .6 TFSVN’s car loan products .8 Car loan comparison among Banks and TFSVN .2 Car loan at Toyota dealers .1 Growing proportion of car loan in Toyota sales .2 Car loan sales .3 Car loan to individual .4 Individual car loan by Bank types and TFSVN .3 TFSVN’s prudential ratios.1 Capital Adequacy Ratio. 53 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.2 Credit limit to customers .4 Short-term capital for medium to long term lending .4 Loan classification and Provision.

55 CHAPTER 3: RECOMMENDATIONS FOR TFSVN.1 TFSVN’s Credit risk management.1 TFSVN’s Credit risk management principles .2 TFSVN’s Credit risk management process .2 The orientation of development .2 New products launch .1 Car loan to fleet customers .2 Car loan for used cars .3 Agency for insurance .3 Implement low cost business model .4 Efforts for sustainable growth .5 Short term and Mid-long term plan. 72 LIST OF REFERENCES. 73 LIST OF INTERVIEWEES. 75 LIST OF APPENDICES.

77 TOYOTA FINANCE GROUP’S EXPERIENCES IN CONSUMER FINANCE LUAN VAN CHAT LUONG download : add [e-mail] vi APPENDIX 2. 82 TOYOTA MOTOR VIETNAM APPENDIX 3. 89 ECONOMIC ITEMS LUAN VAN CHAT LUONG download : add [e-mail] vii ABBREVIATIONS BTC : Banking Training and Consultancy CBU : Complete Built Unit CKD : Complete Knock Down CIC : Credit Information Center CRM : Credit Risk Management CPI : Consumer Price Index FDI : Foreign Direct Investment FED : Federal Reserve System FDIC : Federal Deposit Insurance Corporation GDP : Gross Domestic Product MOF : Ministry of Finance MNCs : Multi-National Corporations MPV : Multi-Purposed Vehicle PC : Passenger Car SOEs : State-Owned Enterprises SOCBs : State-Owned Commercial Banks SBV : State Bank of Vietnam SFCs : Subsidiary Finance Companies SUV : Sport Utility Vehicle TASS : Toyota Authorised Service Station TFSVN : Toyota Financial Services Vietnam TFSC : Toyota Financial Services Corporation TFC : Toyota Finance Corporation TMC : Toyota Motor Corporation TMV : Toyota Motor Vietnam VAMA : Vietnam Automobile Manufacturers’ Association LUAN VAN CHAT LUONG download : add [e-mail] viii LIST OF TABLES Table 2.1: The structure of Vietnam’s economy .2: List of 17 members of VAMA .3: Forecasts of automotive output up to 2020 and Existing and required production capacity up to 2010 .5: Car model purchase in 2009 .6: Toyota production by region .7: Toyota sales by region .8: Estimation of automotive market, Toyota sales and Toyota market share .9: Market share of VAMA members in 2008 and 2009 .10: Toyota customer profile (Percentage) .11: An interest rate comparison among Banks and TFSVN .12: A car loan comparison among typical Commercial local bank (Techcombank), Foreign bank (HSBC) and the Financial company (TFSVN) .13: Financed portion and Collateral of car loan .14: Toyota sales and car loan .15: Car loan at Toyota dealers .16: Ratio of customer profile .17: Car loan to individual .18: Individual Car loan by bank types and TFSVN .19: Market share of individual car loan by bank type and TFSVN .20: Loan classification and Provision .1: Estimated living expense. 60 LUAN VAN CHAT LUONG download : add [e-mail] ix LIST OF FIGURES Figure 1.1: Car loan process .2: Types of credit risks and affect .3: Days of overdue and ratio of return .1: Vietnam’s GDP per capita .2: Export-Import Growth Rate (%) .3: The system of credit institutions in Vietnam .4: Automobile market size in Asian countries in 2009 .5: Establishing Solid Foundation .6: Vietnam market segment movement in FDI automakers 2007-2009 .7: Circle of Vietnam automotive industry .8: Toyota market share during 2000-2009 .9: Market share of VAMA members .10: Toyota sales from Jan to Jun 2010 .13: TFSVN’s lending process.14: Individual car individual loan by bank type and TFSVN .15: Market share of individual car loan by bank type and TFSVN.

52 LUAN VAN CHAT LUONG download : add [e-mail] Page x INTRODUCTION 1. Rationale of the study In recent years, the world and Vietnam economy faced so many difficulties due to the financial crisis and the threat of economic recession. Economical difficulties have posed tremendous effects on the world and domestic automotive industry, globally vehicle sales were much lower than previous years, and some big car makers announced loss and are at the verge of bankruptcy. However, rescue plans and economic packages of many countries and Vietnam have brought optimistic signs for the economy and people’ lives.

We have the right to believe in that the crisis or difficulties would end soon and people’ lives are better. With statistics of past years, financial service sector has been improving and Toyota financed cars has been increasing in Vietnam by years. Toyota Financial Services Vietnam (TFSVN) was established in the context of not only difficulties but also opportunities. TFSVN’s financial products and services are designed for Toyota and for Vietnam market.

Those are innovative, which were developed from global experiences of Toyota Financial Services Corporation (TFSC), and consider Vietnam’s practical elements. The establishment of TFSVN is to support Toyota, increasing its market share in Vietnam, to bring car buyers another opportunity to own their desired cars. All is for Vietnamese prosperous lives and the success of Toyota authorized dealers. As credit institutions, TFSVN care profit and consider it a motivation for a better performance generally.

Credit is one of key business activities, which bring main income or profit to the company. However, this kind of activity is the most risky with bad consequences such as increasing costs, low revenue or loss, bad financial capacity and finally damage the company image and reputation, even bankruptcy. Credit risks always accompany with credit activities and cannot be eliminated completely, but only prevented or minimized by efficient risk management policy. LUAN VAN CHAT LUONG download : add [e-mail] Introduction Page xi At TFSVN, the setting up and implementing credit risk management policy is a necessity, together with possible strategies, in order to improve the competitiveness.

That’s why I chose the topic “Develop car loan at Toyota dealers in Vietnam – A case study of TFSVN” 2. Definition of the problem  Consumer lending, car loan attributes  Credit risk elements, types of risk  Result analysis: Vietnam automotive industry, Vietnam automotive market, Toyota Motor Vietnam, The situation of car loan at Toyota dealers  Toyota Financial Services Vietnam. An analysis of the company, in order to improve the company’s competitiveness and minimize risk 3. Research questions & objectives The objective of the thesis is to understand the issues of TFSVN and then we can find out strategic solutions to improve competitiveness and credit risk management.

 Research objectives:  Study on risks and risk management in providing credit services to Toyota car buyers.  Possible strategies of credit services and products.  To increase Toyota sales volume and its market share.  To increase the company’s profit and market share.

 Research questions:  How is the market?  What are advantages and disadvantages, Strength-Weakness-Opportunity-Threat of the company?  What is efficient credit risk management? LUAN VAN CHAT LUONG download : add [e-mail] Introduction Page xii  What is the orientation of development? 4. The object, scope and methodology of the study  Object of the study:  Toyota, Automotive industry and market  The situation of car loan at Toyota dealers in Vietnam.  Toyota Financial Services Vietnam.  Scope of the study: activities of Toyota, Toyota dealers and TFSVN in the period from 2005 to 2009.

 Methodology of the study: statistics – analysis – summarization. The primary data was collected and generated by the author, the research relied on the data from TMV, TFSVN, Toyota authorized dealers, VAMA, the master plan of Vietnam automotive industry and companies. Moreover, the secondary data was from policies and decisions of government, relevant ministries, newspaper, former researches, etc. The author also exchanged ideas with experts in finance and automotive industry about car market, car loan, credit risk management and the market trend.

Significance of the study Toyota is the first car maker in Vietnam which launched financed car services of its own.