Develop car loan at toyota dealers in vietnam a case study of TFSVN (2)

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY  NGUYỄN HOÀNG DUY DEVELOP CAR LOAN AT TOYOTA DEALERS IN VIETNAM A CASE STUDY OF TFSVN MASTER’S THESIS HO CHI MINH CITY – 2010 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY  NGUYỄN HOÀNG DUY DEVELOP CAR LOAN AT TOYOTA DEALERS IN VIETNAM A CASE STUDY OF TFSVN MAJOR MAJOR CODE : BANKING : 60.31.12 MASTER’S THESIS THESIS INSTRUCTOR: DR A PR PHẠM VĂN NĂNG 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 A Pr Phạm Văn Năng, 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 Nguyễn Hoàng Duy ii In order to complete this dissertation, the author spent time on studying, collecting relevant information, exchanging ideas with experts, working for and accumulating practical and the dissertation TABLE OF CONTENT INTRODUCTION CHAPTER 1: OVERVIEW OF CAR LOAN 1.1 Consumer loan 1.1.1 Consumer loan .1 1.1.2 Personal loan .1 1.2 Car loan 1.2.1 Car loan .1 1.2.2 Car loan of Banks 1.2.3 Common car loan attributes 1.3 CAMPARI Model – The Risk management model of Car loan 1.4 Credit risk 1.5 Overdue debt CHAPTER 2: CAR LOAN AT TOYOTA DEALERS & TFSVN .10 2.1 Overview of Vietnam’s economy in recent years 10 2.1.1 The economic growth 10 2.1.2 GDP per capita 11 2.1.3 Stabilizing the Macro-economy 11 2.2 Overview of Credit institutions in Vietnam 14 2.2.1 Overview of the forms of credit institutions .14 2.2.2 Reform of Vietnam’s banking system 15 2.3 2.2.2.1 Overview 15 2.2.2.2 Prospects 16 2.2.2.3 Needs for and potentials of consumer finance 17 Vietnam automotive industry .18 2.3.1 Development of automotive industry 18 2.3.2 Vietnam’s master plan of the automotive industry 19 2.3.3 Finance and supporting policies 21 2.3.4 The automobile markets in East Asian countries and Vietnam 21 2.4 Toyota Motor Vietnam 23 2.4.1 Introduction 23 2.4.2 Toyota dealer network 24 2.5 Automotive market & Toyota sales in Vietnam 26 2.5.1 Car model purchase in 2009 26 2.5.2 Toyota sales in the world 28 2.5.3 Toyota sales in Vietnam .30 2.5.3.1 Toyota market share in Vietnam 30 2.5.3.2 Toyota sales from Jan to Jun 2010 33 2.5.4 2.6 Toyota customer profile 34 Toyota Financial Services Vietnam (TFSVN) 35 2.6.1 Information on TFSVN 35 2.6.1.1 Incorporation of TFSVN 35 2.6.1.2 Organizational structure 36 2.6.1.3 Legal status 36 2.6.1.4 Legal framework 37 2.6.1.5 Objectives and Scope of business 38 2.6.1.6 TFSVN’s car loan products 39 2.6.1.7 TFSVN’s SWOTs .41 2.6.1.8 Car loan comparison among Banks and TFSVN 41 2.6.2 Car loan at Toyota dealers 44 2.6.2.1 Growing proportion of car loan in Toyota sales 44 2.6.2.2 Car loan sales 46 2.6.2.3 Car loan to individual 48 2.6.2.4 Individual car loan by Bank types and TFSVN 49 2.6.3 TFSVN’s prudential ratios 53 2.6.3.1 Capital Adequacy Ratio 53 2.6.3.2 Credit limit to customers 53 2.6.3.3 Payment ability .54 2.6.3.4 Short-term capital for medium to long term lending .55 2.6.4 Loan classification and Provision .55 CHAPTER 3: RECOMMENDATIONS FOR TFSVN 57 3.1 TFSVN’s Credit risk management .57 3.1.1 TFSVN’s Credit risk management principles 57 3.1.2 TFSVN’s Credit risk management process 57 3.1.3 Credit assessment .58 3.2 The orientation of development 63 3.2.1 Niche strategy 63 3.2.1.1 Sales performance 63 3.2.1.2 Customer retention .64 3.2.1.3 Dealer support 64 3.2.2 New products launch 65 3.2.2.1 Car loan to fleet customers .65 3.2.2.2 Car loan for used cars 66 3.2.2.3 Agency for insurance 67 3.2.3 Implement low cost business model 68 3.2.4 Efforts for sustainable growth 68 3.2.5 Short term and Mid-long term plan 70 CONCLUSION 72 LIST OF REFERENCES .73 LIST OF INTERVIEWEES 75 LIST OF APPENDICES .76 APPENDIX .77 TOYOTA FINANCE GROUP’S EXPERIENCES IN CONSUMER FINANCE vi APPENDIX .82 TOYOTA MOTOR VIETNAM APPENDIX .89 ECONOMIC ITEMS vii ABBREVIATIONS BTC : Banking Training and Consultancy CBU : Complete Built Unit CKD : Complete Knock Down CIC : Credit Information Center CRM : Credit Risk Management CPI : Index FDI : Consumer Price 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 : Association Vietnam Automobile Manufacturers’ viii LIST OF TABLES Table 2.1: The structure of Vietnam’s economy 10 Table 2.2: List of 17 members of VAMA 19 Table 2.3: Forecasts of automotive output up to 2020 and Existing and required production capacity up to 2010 .20 Table 2.4: Dealers scale 25 Table 2.5: Car model purchase in 2009 26 Table 2.6: Toyota production by region .29 Table 2.7: Toyota sales by region 29 Table 2.8: Estimation of automotive market, Toyota sales and Toyota market share 30 Table 2.9: Market share of VAMA members in 2008 and 2009 31 Table 2.10: Toyota customer profile (Percentage) .34 Table 2.11: An interest rate comparison among Banks and TFSVN 42 Table 2.12: A car loan comparison among typical Commercial local bank (Techcombank), Foreign bank (HSBC) and the Financial company (TFSVN) 42 Table 2.13: Financed portion and Collateral of car loan 44 Table 2.14: Toyota sales and car loan 45 Table 2.15: Car loan at Toyota dealers 46 Table 2.16: Ratio of customer profile 47 Table 2.17: Car loan to individual .48 Table 2.18: Individual Car loan by bank types and TFSVN 49 Table 2.19: Market share of individual car loan by bank type and TFSVN 51 Table 2.20: Loan classification and Provision 55 Table 3.1: Estimated living expense 60 challenge, TFSC expects that TFC will strengthen its international connection for its further growth Furthermore, TFC emphasized its credit card business which is supporting TMC’s automotive marketing in Japan Toyota Credit Card (“TS3 Card” is its marketing brand name) membership is mainly promoted at TMC’s dealers in Japan when customers purchase Toyota cars TS3 Card members, using the cards for payment, can earn TS3 Privilege Points upon members’ purchasing at dealership as well as any other card member shops where international card brand, such as VISA, Master, Amex and JTB is accepted TFC are utilizing TS3 Card for customer retention activities and analyzing customer’s shopping behavior and taste through their card shopping record for TMC’s product planning and sales promotion activity at dealerships TS3 card privilege points can be redeemed when customer’s purchasing Toyota cars, related products, accessories and after service 3.Overview of Toyota Financial Service Corporation Group TFSC Group network TFSC Group comprises of TFSC and its subsidiaries TFSC Group now operates in 33 countries, Vietnam is the 33 rd countries TFSC Group now has 9,600 people, including 3,750 in the US and 2,280 in Japan and temporary staff in the world Lending assets TFSC Group now has US$103 billion in assets for 6.6 million units Network in Asia In Asia, TFSC Group has been expanding its service network since 1993 (starting in Thailand) TFSC group now has operations in Thailand, Malaysia, the Philippines, China, Taiwan, South Korea and Indonesia TFSC Global Business Network (as of January, 2010) Details of TFSC Group are provided in the attached brochure as well as in the following table Company Name TFA Australia 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 TMCC TKG TFSUK TFC TFNZ TCCI TLT TFF TCPR TFSI TFSN TFSF TCFA BTB TFSSW TBP TFSSA TFSCZ TSV TSM UMWTC TFSDK TFSH TFSPH HFC TFSES TFSSK TMFCN TFSKR TAFS TBR TFSVN Total US Germany UK Japa NZ Canada Thailand Finland Puerto Rico Italy Norway France Argentina Brazil Sweden Poland South Africa Czech Venezuela Mexico Malaysia Denmark Hungary Philippines Taiwan Spai Slovakia China Korea Indonesia Russia Vietnam Establishe Head d Count Jun-82 38 Oct-82 3,750 Apr-88 Nov-88 Nov-88 Jul-89 Feb-90 Oct-93 Aug-95 Jan-96 Jul-97 Jul-97 Dec-97 Sep-98 Jan-99 Mar-00 Mar-00 Apr-00 May-00 Oct-01 Oct-01 Dec-01 Mar-02 Jul-02 Aug-02 Dec-02 Apr-03 Jan-05 Jan-05 Feb-05 May-06 Mar-07 Nov-08 21 17 2,280 60 13 60 30 70 10 20 80 40 90 20 70 27 20 50 80 13 20 20 80 35 40 10 15 20 26 15 40 9,790 Assets (US$ million) 4,000 62,000 3,400 2,100 14,200 500 4,800 2,500 500 80 1,100 500 1,000 30 60 30 30 1,700 100 20 70 40 40 10 100 350 500 30 100 10 100 50 16 103,616 Accoun ts 170 3,300 22 110 1,500 30 390 240 30 50 120 20 50 40 30 20 110 10 20 40 30 20 10 20 15 20 6,619 TFSC’ global business experiences In 1982, TMC commenced its 100% subsidiary finance company (SFC) operation in Australia and the US TFSC have been facing a stiff competition against the western giant retail financing companies such as General Electric Credit Corporation (GECC) and several commercial banks especially in the US On the other hand, our SFC could survive together with other automotive SFCs such as General Motors Acceptance Corporation (GMAC), Ford Credit and Volkswagen Finance’s since respective player specified its services to the customers of its group automotive brand Thanks to growth of Toyota products sales and through the efforts for expanding SFC’s network, TFSC had 33 SFCs globally including Vietnam and are now covering the areas of more than 80% of Toyota product sales In the past decade, commercial banks have been trying to penetrate more and more into the personal credit market in view of spreading/diluting risk of loans among individual clients, and among other products, car loans was the most attractive market for them as well as loans for individual real estates Under such an environment, TFSC and its SFC’s, in accordance with TMC’s global products and marketing strategy and in collaboration with TMC’s overseas distributors, have been exerting continuous orthodox efforts to improve quality of its financial products and customer service to further strengthen the customer satisfaction TFSC strongly believes that orthodox, consistent and faithful continuous efforts are the most important element to secure the leadership in the market APPENDIX TOYOTA MOTOR VIETNAM The Profile of Toyota Motor Vietnam Histo  Sep 1995: Investment license ry  Oct 1996: Temporary plant operation start  Oct 1997: Main plant grand opening  1997-1998: Training center / branch office st  Sep 1998: car maker achieved ISO 14001 st  Mar 2003: Opening ever stamping shop st  Jul 2004: car maker’s part export center  2005: Establish Toyota Vietnam Foundation  2006-2007: Plant capacity expansion (15,000 to 20,000 vehicles)  2007-2008: Plant capacity expansion (20,000 to 25,000 vehicles)  Feb 2009: Opening TMV South Center VIP Investment capital: $US 89.6 million Business field:  Producing, assembling and selling Toyota vehicles  Repairing, maintaining and selling Toyota genuine parts  Exporting auto parts Products:  Hiace, Camry, Corolla Altis, Innova, Vios and Fortuner (Locallyproduced models)  Land Cruiser, Hilux (Imported models) Mission statement  Toyota devotes utmost efforts for customers’ full satisfaction Appendix  Be a good corporate citizen with social contribution to help people to improve the quality of life Partners:  Toyota Motor Corporation (70%)  Vietnam Engine and Agricultural Machinery Corporation – VEAM (20%)  KUO Singapore Pte Ltd (10%) Employees: nearly 1,400 employees (including seasonal members) Top Management (2010):  President: Mr Akito Tachibana  Vice President: Mrs Dang Phan Thu Huong Production Capacity: 20,000 vehicles/year/2 working shifts Address:  Headquarter: Phuc Thang Ward, Phuc Yen Town, Vinh Phuc  Hanoi Branch: 8th floor, Viglacera Tower, Me Tri, Tu Liem, Hanoi  Ho Chi Minh Branch: 9th Floor, Centre Point Building,106 Nguyen Van Troi, Phu Nhuan District, HCMC  South Center: 32A Huu Nghi Road, Vietnam – Singapore Industrial Park, Thuan An Ward, Binh Duong Province Toyota group  Denso Manufacturing Vietnam Company Limited, Address: Lot E1-Thang Long Industrial Park, Dong Anh District, Hanoi, Products for export: Accelerator Pedal Module, Exhaust Gas Recirculation Valve, and Duty Control Valve  Toyota Boshoku Hai Phong Company Limited, Address: Lot M, Nomura Industrial Zone, An Hung Commune, An Duong District, Hai Phong, Products for export: Airbag  Toyota Boshoku Ha Noi Company Limited, Address: Phuc Thang Ward, Phuc Yen Town, Vinh Phuc Province, Products for export: Seat Set  Toyota Gosei Hai Phong Company Limited, Address: Lot M, Nomura Industrial Zone, An Hung Commune, An Duong District, Hai Phong, Products for export: Airbag, Steering wheel Toyota Dealer Networks Toyota dealer network as of August 2010 (1) Toyota Lang Ha Company Limited (TTHC) 103 Lang Ha, Dong Da District, Hanoi (2) Toyota Hoan Kiem Company (THKC) Le Thanh Tong, Hoan Kiem District, Hanoi (3) Toyota Giai Phong Company (TGP) 807 Giai Phong, Hoang Mai District, Hanoi (4) Toyota Thang Long Joint Stock Company (TTL) 316 Cau Giay, Cau Giay District, Hanoi (5) Toyota My Dinh Joint Stock Company (TMD) 15 Pham Hung, Tu Liem District, Hanoi (6) Toyota Ha Dong Company Limited (THD) Do Lo, Yen Nghia, Ha Dong, Hanoi (7) Toyota Quang Ninh Company (TQN) 94 Don Dien, Ha Khau Ward, Ha Long City, Quang Ninh (8) Toyota Hai Phong Company (THP) 274 Lach Tray, Ngo Quyen District, Hai Phong (9) Toyota Vinh Joint Stock Corporation (TVC) 19 Quang Trung, Vinh City, Nghe An (10) Toyota Da Nang Company (TDN) 151-153 Le Dinh Ly, Hai Chau District, Da Nang Branch: 278A Nguyen Thi Dinh, Nguyen Van Cu Ward, Quy Nhon, Binh Dinh (11) Toyota Buon Ma Thuot Company (TBMT) 29 Truong Chinh, Buon Ma Thuot City, Daklak (12) Asta Motors Company Limited (ASTA) 606 Tran Hung Dao, District 5, HCMC (13) Toyota Ben Thanh Motor Company (TBTC) 262 Tran Hung Dao, District 1, HCMC (14) Toyota East Saigon Joint Stock Company (TESC) 507 Hanoi Highway, District 2, HCMC Branch: 18 Phan Van Tri, Go Vap District, HCMC (15) Toyota Tsusho Saigon Motor Service Corporation (TTSAMCO) 26 Kinh Duong Vuong, District 6, HCMC (16) Toyota Ly Thuong Kiet Company (TLTK) 151A Ly Thuong Kiet, Tan Binh District, HCMC (17) Toyota Hiroshima Tan Cang (THTC) 220 Bis Dien Bien Phu, Binh Thanh District, HCMC (18) Toyota Phu My Hung Company Limited (TPMH) 806 Nguyen Van Linh, District 7, HCMC (19) Toyota An Suong Company Limited (TAS) 382 National Highway 22, District 12, HCMC (20) Toyota Bien Hoa Company (TBH) A17, quarter 5, Hanoi Highway, Bien Hoa City, Dong Nai Branch: 7/30C National Road 13, Thuan An District, Binh Duong (21) Toyota Can Tho Company Limited (TCTC) No 20, Phu An Resident, Cai Rang District, Can Tho City Toyota Operation Process Toyota Operation Process Toyota Factory Japan & other Hai Phong port Dealer Customer TASS Local supplier Local supplier Local supplier Source: Toyota Motor Vietnam Toyota Pricelist in 2009-2010 26/11/09 01/01/10 01/03/10 10/06/10 01/09/10 998,900,00 1,377,100,0 00 1,020,000,0 00 1,406,000,0 00 Camry 2.4G 3.5Q Corolla Altis 1.8MT 1.8AT 2.0AT Vios 1.5E 923,200,00 967,600,00 998,900,00 0 1,272,800,00 1,333,900,00 1,377,100,00 0 603,100,00 642,000,00 697,500,00 632,700,00 673,400,00 730,800,00 653,200,00 695,200,00 754,500,00 653,200,00 695,200,00 754,500,00 667,000,00 710,000,00 770,000,00 464,400,00 486,600,00 502,300,00 504,200,00 515,000,00 1.5G C Limo Hiace Gasoline Diese l Super Wagon Innova V 2.0 AT GSR G 2.0 MT J 2.0 MT Land Cruiser 26/11/09 01/01/10 01/03/10 10/06/10 01/09/10 506,900,00 531,000,00 548,200,00 438,500,00 458,800,00 473,700,00 550,100,00 477,500,00 475,600,00 562,000,00 488,000,00 486,000,00 562,400,00 580,900,00 680,800,00 588,300,00 608,700,00 714,100,00 607,400,00 628,400,00 737,300,00 607,400,00 628,400,00 737,300,00 620,000,00 642,000,00 753,000,00 667,900,00 699,300,00 667,900,00 632,700,00 566,100,00 722,000,00 689,500,00 653,200,00 584,500,00 722,000,00 689,500,00 653,200,00 584,500,00 737,000,00 704,000,00 667,000,00 597,000,00 603,100,00 540,200,00 2,312,500,00 2,371,700,00 2,448,600,00 2,450,500,0 2,502,000,0 0 00 00 Hilux G E Fortuner Gasoline Diese l 599,400,00 479,200,00 629,000,00 503,200,00 649,400,00 519,500,00 649,400,00 519,500,00 663,000,00 530,000,00 847,300,00 708,600,00 889,900,00 743,700,00 918,700,00 767,800,00 924,400,00 944,000,00 0 767,800,00 784,000,00 0 Source: TMV Common price calculation of locally assembled cars No Item CIF price Import tax Assembly cost Production cost SGA expense (**) Formula (1) x 25% (1+2) x 12% (1+2+3) (4) x 10% Amount (USD) (*) 3,750 15,000 2,250 21,00 02,100 Percentag e 34.07% 5.21% 4.86% No Item Formula 10 11 12 13 Total Profit Selling price before tax SCT (Special Consumption Tax) Wholesales price Commission to dealers Retail price VAT (4+5) (6) x 5% (6+7) (8) x 50% (8+9) (10) x 8% (10+11) (12) x 10% 14 Total (12+13) Amount (USD) 23,10 01,155 24,25 12,127 36,382 52,910 39,293 3,929.3 43,222 41 (*) Assumed value (**) Selling General Administrative Percentag e 2.67% 28.06% 6.73% 9.09% 100% Source: VAMA APPENDIX ECONOMIC ITEMS Year Export Import Vietnam – Import-Export 1993-2009 Export Export Export Import Impor (million / GDP Growt (million t/ hRate GDP USD) USD) (%) (%) (%) Trade deficit Trade gap/ Export (%) Import Growt hRate (%) (Export Trade + gap Import) (millio /GDP n (%) USD) 52.3 939 1993 2,985 22.6 15.7 3,924 29.7 54.4 1994 4,054 24.8 35.8 5,825 35.6 48.4 60.4 1,771 1995 5,448 26.2 34.4 8,155 39.2 40.0 65.4 2,707 1996 7,256 29.3 33.2 11,144 45.1 36.6 74.4 3,888 1997 9,185 34.2 26.6 11,592 43.2 4.0 77.4 2,407 1998 9,360 34.7 11,499 42.7 -0.8 77.4 2,139 1999 11,541 40.3 23.3 11,742 41.0 2.1 81.3 201 2000 14,483 46.4 25.5 15,637 50.1 33.2 96.5 1,154 2001 15,029 46.0 16,218 49.6 3.7 95.6 1,189 2002 16,706 47.6 11.2 19,746 56.3 21.8 103.9 3,040 2003 20,149 50.9 20.6 25,256 63.8 27.9 117.7 5,107 2004 26,485 58.0 31.4 31,969 70.0 26.6 128.0 5,484 2005 32,447 61.3 22.5 36,761 69.5 15.0 130.8 4,314 2006 39,826 65.5 22.7 44,891 73.8 22.1 139.3 5,065 2007 48,561 68.4 21.9 62,765 88.4 39.8 156.8 14,20 2008 62,685 70.0 29.1 80,714 90.1 28.6 160.1 2009 57,096 Appendix 31.4 43.7 49.7 53.6 26.2 22.9 1.7 8.0 7.9 18.2 25.3 20.7 13.3 12.7 29.2 28.8 22.5 18,02 62.4 -8.9 69,949 76.4 -13.3 138.8 12,85 Source: Vietnam Economic Times (2010), Economy of 3Vietnam & the World 2009-2010 Vietnam – Growth Rate of Transportation of Passengers and Goods Year Passengers Rail Goods Road Waterwa Airway y -0.2 14 38.6 -9.2 Road Waterwa Airway y 15.8 6.9 69.0 40.1 12.0 6.1 87.9 1.4 72.7 27.8 26.4 149.9 -3.6 -3.8 12.8 12 4.4 -0.7 -8.9 2.9 44 22 3.4 -1.4 -10.7 -7.7 -3.0 9.4 -9.5 35.2 12.9 3.8 7.3 39.4 5.6 2001 5 2.5 2000 17.6 5.1 15.2 18 38.7 2002 9.8 16.2 16.4 16.1 - 2003 10.1 19.0 -7.4 14.0 15.7 12.5 15 0.7 21.1 2.8 6.0 22.6 2004 31.7 2005 12.7 7.9 18.8 7.4 18.3 9.6 2006 -5.0 12.9 -6.4 15.2 16.6 16.2 4.7 12.6 2007 13.3 -1.2 14.6 12.6 20.0 2008 -2.1 3.0 10.0 7.4 13.5 18 11 2009 -9.3 1993 1994 -6.5 7.8 1995 18.8 14.3 1996 13.1 1997 1998 1999 1.8 Rail 20.1 12.2 12.0 10.2 5.4 -8.8 2.0 Source: Vietnam Economic Times, Economy of Vietnam & the World 2009-2010 Vietnam – GDP per capita Year 1988 1989 1990 1991 1992 GDP (billion VND) Populati on 66,000,000 GDP per capita 242,000 434,000 636,000 1,141,000 1,615,000 GDP (billion USD) GDP per capita 86 110 118 118 145 Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 GDP (billion VND) Populati GDP per GDP GDP per (billion on capita capita USD) 69,644,500 2,014,000 190 70,824,500 2,521,000 231 228.892 71,995,500 3,179,000 20.807 289 272.036 73,156,700 3,719,000 24.727 338 313.623 74,306,900 4,221,000 26.825 361 361.017 75,456,300 4,784,000 26.938 357 399.942 76,596,700 5,221,000 28.647 374 441.646 77,630,900 5,689,000 31.208 402 481.295 78,621,000 6,122,000 32.706 416 535.762 79,538,700 6,736,000 35.077 441 613.443 80,468,400 7,623,000 39.590 492 715.307 81,437,700 8,783,000 45.687 561 839.211 82,393,500 10,185,000 52.897 642 974.266 83,313,000 11,694,000 60.818 730 1,143.715 84,221,100 13,579,000 70.998 843 1,485.000 85,122,300 17,445,000 89.549 1,05 1,658.400 86,024,900 19,278,000 91.530 1,06 Source: Vietnam Economic Times (2010), Economy of Vietnam & the World 2009-2010 Vietnam – Consumer Price Index (CPI) 22.97 7.8 3.9 -0.3 2001 8.3 7.5 8.3 6.88 3.1 2002 2003 2004 2005 2006 2007 2008 2009 Source: Vietnam Economic Times, Economy of Vietnam & the World 2009-2010 The world – Estimated Global GDP Growth Rate 5.1 3.0 1.3 -1.0 Global Developed countries 1.7 Developing countries -3.4 2009 2010 (estimated) Source: Vietnam Economic Times (2010), Economy of Vietnam & the World 2009-2010 ... company (TFSVN) 42 Table 2.13: Financed portion and Collateral of car loan 44 Table 2.14: Toyota sales and car loan 45 Table 2.15: Car loan at Toyota dealers 46 Table... 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... .41 2.6.1.8 Car loan comparison among Banks and TFSVN 41 2.6.2 Car loan at Toyota dealers 44 2.6.2.1 Growing proportion of car loan in Toyota sales 44 2.6.2.2 Car loan sales