Bank staff continuously send text messages, emails or make phone calls, along with promotional packages of interest rate reductions, gifts... launched to attract customers to borrow money to shop before Tet.

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For the past week, Ms. Mai, from Ho Chi Minh City, said that she has received 3-4 text messages and several phone calls from bank employees offering loans almost every day. "Because I want to redecorate my house for Tet, I have tried to learn about loan packages. However, sometimes when I am busy and keep receiving phone calls offering loans, it is annoying," she said.

In addition to increasing the number of retail staff to reach customers, banks also continuously offer preferential interest rates to attract borrowers. For example, at TPBank, car loan interest rates are only 7.7% per year for 18 months. At VPBank, customers can choose from two interest rates when borrowing unsecured loans, from 9.99% and 14.99% per year, depending on the interest rate fixing period.

As for HSBC, this bank supports customers who borrow to buy houses with interest rates from 6.49% per year. Similarly, VietinBank is also ready to give away home furniture or car gifts to customers who borrow to buy cars or houses near Tet.

In addition, to increase consumer loan balance at the end of the year, many banks also aim to promote the development of credit cards. Most banks run preferential card opening programs, from free issuance to gifts (suitcases, household appliances), or declare refunds of up to one or two million VND when using the card.

For example, at Vietcombank, they give away money from 150,000 VND to several million VND to customers who swipe their cards at the bank's POS. Similarly, TPBank also offers a series of payment points, shopping discounts of up to 50% when spending by credit card....

Sharing with VnExpress, Mr. Nguyen Hung - General Director of TPBank said that this is the peak season for consumer loans when people's shopping needs increase, so this bank pays special attention. Moreover, according to the rule of every year, after Tet is always a period of slowing down credit growth when customers are afraid to borrow due to the psychology and customs of Vietnamese people. "At this time after Tet, people seem to be afraid to buy cars and houses. Customers' shopping often falls near the Lunar New Year," he said.

The general director of another joint stock bank also admitted: "Apart from Tet, businesses and people are reluctant to shop, so if we want to stimulate demand, this is the most appropriate period," he said.

In the past year, consumer loans have been considered a key product by banks. For example, Sacombank has seen its profits increase sharply in recent years, partly thanks to the important contribution from the retail sector. HDBank itself, its leaders said, pays great attention to this sector.

At the recent 2015 banking industry review meeting in Ho Chi Minh City, Deputy Governor of the State Bank, Mr. Nguyen Phuoc Thanh, also recommended that banks boost credit along with quality. To do so, Mr. Thanh said that in the coming time, banks should boost retail, strictly control credit to real estate and long-term loans to limit risks.

According to experts, the potential of consumer lending in Vietnam is huge, but loans in this segment are still quite limited and products are not diverse.

On the other hand, there is still some hesitation among borrowers about interest rates. Experts say that encouraging consumer lending helps stimulate the economy. However, incentives are often short-lived, after which banks apply floating interest rates.

"Therefore, borrowers must be careful about this issue and must carefully study the terms of the contract to avoid future risks," an expert advised.

According to VnExpress