Who holds Vietnam's pawn market
Share of pawn loan balances, 2025 · store counts
Sources: FiinGroup estimate via F88 deck (market size, F88 share); SHS (traditional share, chain stores); Vietstock (outlet counts). Market size is an estimate.
F88 loan book
VND bn · year-end, and Sep 2026
Gross principal incl. partner-bank loans. Sources: Vietstock, Thoi bao Tai chinh, CafeBiz.
The funding gap
What it costs to fund a loan book · % a year
Vietnam's leader pays roughly three times what Thai title lenders pay for money. Who can close that gap, and what it is worth, is in the paid deck and dashboard.
F88: interest expense ÷ average borrowings, 9M25 annualised. Vietnamese banks: SBV average lending rate Aug 2026 (VnFinance); Big-4 from bank websites. Thai lenders: broker figures FY2025.
Rules of the game in Vietnam
What a new entrant faces · Nov 2026
Pawn certificate from the police within days; Ministry of Public Security for foreign-involved firms (Decree 58/2026).
Finance-company licence: VND500bn capital, new licences very rarely granted.
Interest capped at 20% a year by the Civil Code; fees are unregulated, the likely target of new rules.
Papers-only pledges are common, but lawyers differ on whether they hold up.
Security interests sync to the traffic-police register since Dec 2024; no lender access found.
Deal tracker
Latest 5 Vietnam deals · 24 across four markets
| When | Deal | Size |
|---|---|---|
| Jul–Aug 26 | F88 public offering at VND71,000; half of 22m shares sold | VND782bn |
| May 25 | Lendable three-year debt facility to F88 | US$30m |
| Mar 25 | Digiworld sells 81% of the VietMoney holding company to an individual | n.d. |
| Q4 23 | Digiworld raises its VietMoney stake to 72.8% | n.d. |
| Mar 23 | F88 Series C (Mekong IV, Vietnam-Oman fund) | US$50m |
| Aug 25 | Bank raises its stake in a Thai title lender | — |
| Mar 24 | Bank group buys control of a multifinance company | — |
What the deck and dashboard answer
Pick your seat at the table
- Q1F88 trades about 60% below its January 2026 peak. Is it cheap on book, on earnings or on return?Slides 7, 15
- Q2Which listed lender gives the most profit for each dollar of market price?Slides 3, 15
- Q3How big a credit shock can each lender take, and why does the answer change with how you measure it?Slide 22 + tool
- Q1Which control stakes are in play, and what have buyers paid as a multiple of book?Slides 15, 17
- Q2Buy, build or partner: what did Krungsri, MUFG and Security Bank do, and what did it cost?Slides 16, 17
- Q3Can the Thai model travel? What moved to the Philippines with Krungsri, and what did not?Slide 23
- Q1About 23,700 Vietnamese pawnshops hold about 97% of loans. What would they need to scale?Slides 26, 28
- Q2Which lenders run insurance in-house, and which still sell only the loan?Slide 9
- Q3Why does a first title loan still need a branch, and which branch jobs can move online?Slides 10, 25
Market structure
Share held by the named leaders · market size in US$bn
TH: BoT title loans Aug 2026; vehicle-title part of each company's book (MTC 1Q24 mix, TRIS; Srisawad 2024, excluding land deeds; Tidlor Jun 2026, excluding hire purchase). AutoX has no figure after Q1 2024, so it sits in everyone else. ID: size = OJK multipurpose receivables (proxy); shares of all multifinance receivables, Dec 2025. VN: pawn balances 2025, FiinGroup via F88. PH: bank motor-vehicle loans (proxy); no title-loan total, so no shares are shown.
Lender scorecard
Six listed title lenders · FY2025 · loan book at constant FX
| Lender | Mkt | Loan book US$m | Branches | ROE | Loan growth | Stress buffer, 2 reads | P/B vs control deals | Deal angle |
|---|---|---|---|---|---|---|---|---|
| MTC | TH | 5,434 | 8,673 | 16.8% | +11.6% | |||
| Ngern Tid Lor | TH | 3,250 | 1,873 | 15.2% | +5.4% | |||
| Srisawad | TH | 2,816 | ~6,000 | 13.0% | −1.2% | |||
| F88 | VN | 280 | 950 | 34.4% | +57.6% | |||
| Adira Finance | ID | 3,494 | 850 | 10.5% | +13.0% | |||
| BFI Finance | ID | 1,449 | 191 | 14.8% | +8.9% |
Sources: company filings and broker notes (Kaohoon, Trinity, SHS, Kontan, Fortune IDN). Adira and BFI books are managed receivables; F88 includes partner-bank loans; Srisawad branch count is rounded.
Registry access for lenders
Can a lender check a vehicle title by API? · Nov 2026
Land transport API serves 63 agencies; none is a lender.
Security interests sync to the traffic-police register since Dec 2024; no lender access.
Chipped e-BPKB for new cars since Mar 2025, all vehicles from 2027.
Online security registry since Feb 2025, not linked to LTO records.
"None found" is not a legal finding. Sources: Thai PBS, Ministry of Justice (VN), Detik, LRA.
Who runs what, and where the gaps are
Six listed title lenders · three shown in full, gaps shown for the rest · Nov 2026
| Lender | Mkt | Attached insurance | Own insurance broker | Digital channel | Partner or agent network | Services beyond the loan |
|---|---|---|---|---|---|---|
| MTC | TH | In place | In place | In place | Partial | In place |
| Ngern Tid Lor | TH | In place | In place | In place | In place | In place |
| Srisawad | TH | |||||
| F88 | VN | In place | In place | In place | In place | Partial |
| BFI Finance | ID | Gap | ||||
| Adira Finance | ID | Gap |
MTC, Ngern Tid Lor and F88 run their own insurance broker; BFI and Adira do not (Adira sold its insurer to Zurich in 2019). MTC is the one large Thai lender with no origination partners found. Those gaps are where a partner or vendor gets in.
"Gap" means not found in public sources as of Nov 2026, not a confirmed absence. Sources: company releases and filings, SET, Vietcap.
Sample slides
3 of 32 real slides from the deck · tap to enlarge · scroll sideways
The Branch Is the Product
Returns, valuations and the next deals in SEA vehicle-title lending · out Fri 4 Dec 2026
- 2-page executive summary + ~32-slide deck (PowerPoint or PDF)
- Paid tool: compare builder, stress test and valuation on real lenders, CSV export
- Data frozen at 30 Nov 2026
- Everything in Individual, for one company
- Live data feed (CSV/JSON) updated to quarter end
- Data dictionary and changelog