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Research objectives: To propose recommendations to promote credit access for individual business households in Vietnam In order to achieve the above goal, research needs to address the f[r]
(1)The research group on factors affecting credit accessibility based on the INTRODUCTION characteristics of the borrower Rational In the present conditions, access to formal credit and the role of formal credit institutions are especially important in timely response capital for households to supplement business capital, ensuring the production, business and service activities to develop continuously and sustainably Loan processes as well as credit products are particularly suitable for business households because of the state's preference for this object Most of the studies mentioned have evaluated the access to credit (both formal and informal) on paperworks, without considering access to credit by the internet, especially in developing countries Therefore, research on the access to formal credit of individual business households in Vietnam is currently essential, when Vietnam is increasingly integrating into the world economy The research group on factors affecting credit accessibility based on the characteristics of both customers and credit institutions 2.1.3 Research on barriers to credit access Research group on demand-side barriers to credit Research on supply-side barriers to formal credit access Research on barriers to access to formal credit services by the government 2.1.4 Research on access to informal and loan sharking The first group approaches the factors that lead to informal credit and loan sharking behavior The second group approaches from the lender's behavior However, the access to formal credit of individual business households is still limited due to insufficient collateral, ineffective business plans, and slow access to technology, etc This means that the access to credit of individual business households is problematic Credit access is becoming urgent in order to fulfill the Party's requirements in the upcoming time: both to support the development of official credit, to partly support the development of informal credit (in a beneficial way), but still has to limit loan sharking Stemming from the reasons above, the topic “Factors affecting the credit access for individual business household in Vietnam” was selected for research Literature review and research gaps 2.2 Research gaps The application of models TAM, TRA, UTAUT to study the factors influencing the “Intention to use” of formal and informal credit services is quite new The authors have not pointed out specific effects and lack of empirical evidence to measure the influence of these factors Differences in context, time, and socio-economic characteristics enrich the research, but reduce the accuracy and relevance of the research results if they are to be applied in developing countries like Vietnam Research objectives and Research questions 3.1 Research objectives and research missions 2.1 Literature review 2.1.1 General study of “Intention to use” models In the world, the research direction on “Intention to use” is very popular and is often explained by the application of: Theory of Reasoned Action (TRA), Theory of Planned Behavior (TPB), Technology Acceptance Model (TAM), etc Theory of Reasoned Action (TRA) was built and developed by Ajzen and Fishbein According to this theory, human behavior is determined by the most important factor, which is the "Behavior intention" (Ajzen và Fishbein, 1980) Besides, "Behavior intention" is explained by “Attitude” for the behavior and “Subjective Norm” for that behavior 2.1.2 Research relating to factors affecting the ability to access credit Research objectives: To propose recommendations to promote credit access for individual business households in Vietnam In order to achieve the above goal, research needs to address the following tasks: - Systematize basic theoretical issues (theoretical framework) on credit access and factors affecting access to credit by individual business households in Vietnam which are divided into formal credit access and informal credit access - Assess the status of credit access of individual business households in Vietnam through surveys - Analyze and evaluate factors affecting individual business households' access (2) to credit in Vietnam - Propose policy implications to promote access to formal credit, and limit the use of loan sharking by individual business households in Vietnam CHAPTER 1: Theoretical basis for credit access of individual business households and affecting factors 3.2 Research question The research aims to answer the following questions: - What is included in the theoretical framework that the research uses? - What is the current status of credit access of individual business households in Vietnam? - How these factors: “Expected effect”, “Effort to expect”, “Favorable conditions”, “Social impact”, “Convenience”, “Financial literacy”, “Security” impact on the credit access of individual business households in Vietnam? - What are the policy implications to promote access to formal credit and limit the use of loan sharking by individual business households in Vietnam? Research subject and research scope The research subjects are: access to credit by individual business households in Vietnam - which is divided into formal credit access and informal credit access In informal credit, the author focuses on access to loan sharking by individual business households The thesis does not study the semi-formal credit Research Scope: The research focuses on individual business households with business registrations across the country Respondents: owners of individual businesses Research period: The study is conducted from 2017 - 2020, in which the survey framework is from March 2019 to November 2019 Approach This research approaches on directions at the same time (1) the possibility that individual business households can obtain loans, both formal and informal; (2) Financial Inclusion 1.1 Overview of individual business households and credit access of individual business households 1.1.1 Overview of individual business households A business household owned by an individual who is a Vietnamese citizen, or a group of individuals who are at least 18-year-old Vietnamese citizen They need to have full capacity for civil acts, or be owned by a household, register bussiness in one location only, employ no more than ten employees and take full responsibility with assets for the businessfor its business 1.1.2 Formal credit and informal credit Formal credit is a service provided by licensed credit institutions, for example credit services provided by banks, finance companies, finance leasing companies, etc Informal credit is generally understood as the forms of borrowing outside the management and supervision of the financial and monetary authorities, including loans from individuals, loans through the form of tontine, or loan from family, friends or relatives 1.1.3 Credit access Access to formal credit means that people, households, and business households know and can get loans from credit institutions In other words, this is a form of asset transactions between the credit institutions-called the lender- and the other party is the individuals and enterprises, called the borrower In terms of informal credit access, it can be understood that individual business households would use credit services not provided by licensed credit institutions or socio-political organizations This is almost the same as using loan sharking 1.2 Effects of credit access on individual business households 1.2.1 Positive effects 1.2.1.1 From formal credit Access to credit institutions has provided borrowers with opportunities to create livelihood capacity and promote their self-ownership 1.2.1.2 From informal credit (3) Informal credit (and even loan sharking) is not always completely bad because it allows people in need of capital to borrow immediately, with simple procedures, meeting the urgent needs of borrowers CHAPTER 2: RESEARCH METHOD AND RESEARCH MODEL 1.2.2 Negative effects 2.1 Research Methods 1.2.1.1 From formal credit 2.1.1 Research process Formal credit would increase the costs of individual business households in the early stages, because of the requirements for proof of income, and reports proving the solvency 1.2.1.2 From informal credit This research uses both qualitative and quantitative methods to answer the research question Qualitative research methods used in the development of questionnaires and scales and quantitative research methods used after qualitative research has been completed and questionnaire has been adjusted The consequences of loan sharking are very serious (for developed countries, informal credit and loan sharking are identified as one), and therefore it is necessary to 2.1.2 Qualitative research prevent and limit loan sharking as much as possible, in order to ensure social stability, protect customers Studies have mentioned the negative effects of loan sharking on many sites, focusing on economic security, living standards of the population, social between variables in the original theoretical model (which was established based on theoretical review research) Qualitative research objectives: To test, refine and determine relationships 1.3 Foundation theory and expected model Qualitative research method: In-depth interview, because this is the most appropriate way to check the suitability of the proposed research model, build the survey questionnaire and the appropriateness of research results 1.3.1 Foundation theories 2.1.3 Quantitative research security and order, etc 1.3.1.1 Theory of Reasoned Action (TRA) 1.3.1.2 Theory of Planned Behavior (TPB) 1.3.1.3 Technology Acceptance Model (TAM) 1.3.1.4 Unified Theory of Acceptance and Use Technology (UTAUT) 1.3.2 Expected research model 1.3.1.1 Choosing theory as research foundation Research quantitatively by collecting data from surveys on the target group of households that have used formal and/or informal credit (excluding loans from relatives or loans from tontine) The author processes the data using SPSS 25 and AMOS 20 software to analyze individual business household characteristics, scale reliability, Exploratory factor analysis (EFA), Confirmatory factor analysis (CFA), Structural equation modeling (SEM), the influence of moderator variables on the relationship of structural model This thesis approaches the fundamental model which is the TPB model and adds additional data in the research of UTAUT 2.2 Research model and research hypothesis 1.3.2.2 Building preliminary research model 2.2.1.1 Collateral For the first model, as for the formal credit approach, the author used the TPB model to evaluate, which combined with the UTAUT model to give the dependent variables For the second model, the author builds the model with four main factors: 2.2.1.2 Income “Expected effect”, “Expected effort”, “Social influence”, “Favorable conditions” like the original theoretical model In addition, the UTAUT model also takes into account the following factors: “Age”, “Gender”, “Experience of using” and “Voluntary use” 2.2.1 Model of formal credit access 2.2.1.3 Business experience of the owners of household (KNCH) 2.2.1.4 Distance (KC) 2.2.1.5 Loan interest rate (LS) 2.2.1.6 Loan procedure (TTV) (4) 2.2.1.7 Experience of commercial bank (KNNH) CHAPTER 3: RESEARCH RESULTS 2.2.1.8 Electronic banking services (NHDT) 2.2.1.9 Ability of individual business households to access bank credit 2.2.1.1 Expected effect 3.1 Overview of Vietnamese individual business households and credit access of individual business households 2.2.2.2 Expected effort (NOLUC) 3.1.1 Situation of individual business households in Vietnam 2.2.2 Model of informal credit access Table 3.1 Individual business households in Vietnam divided by regions 2.2.2.3 Social influence (XAHOI) 2.2.2.4 Favorable conditions Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Red river delta 1,093.1 1,113.9 1,233.8 1,183.4 Northern Midlands and Mountains 369.6 380.4 430.4 423.2 Central 945.4 979.4 1,054.0 Central Highlands 181.1 187.8 213.8 219.5 229.9 226.4 2,366.5 245.7 252.844 271.945 South East 664.8 672.0 748.9 752.2 779.9 820.1 856.3 900.9 942.680 978.384 Mekong River Delta 871.0 902.8 947.9 912.5 935.6 944.1 983.6 994.5 995.397 1,045.242 Total 4,125.0 4,236.3 4,628.8 2.2.2.5 Financial literacy (HIEUBIET) 1,2132 1,228.0 1,256.7 1,330.1 1,324.377 1,357.069 2.2.2.6 Convenience 2.2.2.7 Security (BAOMAT) 2.2.2.8 Intend to use informal credit 436.3 440.3 450.6 487.1 481.628 493.655 1,045.2 1,062.8 1,095.9 1,126.1 1,184.3 1,201.809 1,233.100 4,536.0 4,657.7 4,754.8 4,909.8 5,142.6 5,198.735 5,379.395 Source: General Statistics Office (2020) Individual business households are distributed relatively evenly across the country In which, the Red River Delta, Central, Mekong River Delta and Southeast are the regions with the highest proportion, at 25.86%; 23.03%; 19.34% and 17.52% respectively The Northern Midlands and Mountains and the Central Highlands accounted for the lowest proportions, at 9.47% and 4.78% of the total number of households, respectively Based on population distribution, the proportion of individual business households between regions has not changed significantly for many years 3.1.2 Credit access of individual business households in Vietnam An individual business household in Vietnam is a form of business organization using mainly its own capital for production and business From 2007 to 2014, the (5) average equity to total capital ratio ranged from nearly 89% to about 93% Access to owners with level of education from primary school and below is very low, at only 46 capital of business households is even more difficult when there was only 47.22% of business households have access to formal credit at a reasonable interest rate – at about 8% - 14%/year This shows that households have to seek funding from the semi-formal and informal sector However, if they access semi-formal capital (from the farmers', women's union, youth union's funds), it will be not much, and it cannot be used in long-term The reaon for this problem is that the semi-formal credit has a small amount of capital, and must be used for regular needs (such as activities of the unions, households, accounting for about 6.37% This shows that, the education level of households has increased significantly to improve their own literacy The majority of these households and those with lower secondary and upper secondary education are located in rural areas, which have little conditions for economic development as well as education The number of households with intermediate education accounts for the highest proportion - as the majority of household owners think that they only need vocational training to be able to business Therefore, as for the group of or rewards, etc) Therefore, they must use the informal credit to have enough capital This capital source for individual business households comes from a number of sources such as loans from individuals in the market, loans from pawn shops with high households that are involved in technology (such as repairing machines, trading in machines) this is appropriate Some farming households related to agriculture are trained in intermediate-level occupations such as crops, livestocks, and fertilizers interest rates (loan sharking), loans from funds (in the form of tontine) Most of the remaining households with higher qualifications (college - university postgraduate) concentrate in urban areas, trading in high-tech goods (such as electricity, electronics, public services, etc.) This is consistent with the reality in Vietnam since these households have conditions (economically, geographically, 3.2 Overview of research sample 3.2.1 Information on demographics Table 3.2 Demographic results from research samples Male Ratio 550 76.18% Gender of household owner Average income of the household (monthly average, unit: million VND) Operational area Average number of years of business Average number of employees per household etc.) to study Frequency 3.2.2 Access to credit of individual business households in Vietnam based on survey results Female 172 23.82% Under 10 232 32.13% From 10 - under 20 267 36.98% From 20 - under 30 182 25.21% 74% of individual business households are eligible for access to formal credit - much From 30 or more 41 5.68% higher than the survey results on individual access to credit in Vietnamese rural areas City 354 49.03% in previous studies, which only fluctuated at about 20-40% depending on the region Countryside 368 50.97% This shows that: households are also trying to improve their ability to access formal Less than year 28 3.88% services From to less than years Over years 267 36.98% 427 59.14% Under 162 22.44% From to less than 10 498 68.98% From 10 or more 62 8.59% Source: Author's calculations Among the individual business households surveyed, the number of household Among the surveyed households, there are 532 households using formal credit loans from commercial banks, financial companies, local people's credit funds, microfinance institutions and Bank for Social Polocies Thus, it can be seen that: up to There are also certain differences regarding the average loan amount at a time: 45 households only need to borrow the amount of less than 30 million VND (i.e the amount is not large - it is difficult for commercial banks to lend money This is not small amount, compared to the people's credit funds and Bank for Social Polocies) This amount needs to be borrowed in a short period of time (less than days), so the surveyed people answered that: they accept higher interest rates to be able to borrow, rather than waiting for banks or other institutions For formal credit, one of the biggest obstacles, when surveyed, the households (6) said that it is not the interest rate that is the hindrance, but the appraisal time Households fail to meet the requirements for loan applications, credit card payments or collateral issues, as most households in rural areas not have a House Ownership Certificate to meet the borrowing needs or it is difficult for urban households to prove their income if they borrow consumer oriented loans This has led households to use informal credit - especially loan sharking Loan sharks usually disburse quickly: on average, a loan only takes about 30 minutes, and accepts a small loan in a short time Structural equation modeling SEM The coefficients in the model are consistent with actual data The implementation results have Chi-square / df coefficient = 1.742 (<3); GFI = 0.896; TLI = 0.938 (> 0.9); CFI = 0.950 (> 0.9); RMSEA = 0.053 (<0.08) The model showing the influence of the factors affecting the ability to access credit of commercial banks includes factors that the author mentioned earlier This is also the consideration of state management agencies in the coming time 3.3 Research results of factors affecting credit access of individual business households in Vietnam 3.3.1 For the model of formal credit access The scale of independent variables includes components: characteristics of the household owner, experience of the household owner, distance, interest rates, loan procedures, banking experience, e-banking services with 21 scales and these scales are among the satisfactory factors, capable of converging and performing well of the observed variables The scale of the dependent variable ‘The household's accessibility to formal credit’ (4 observed variables), has converged and performed well on the scales Thus, the Exploratory factor analysis (EFA) shows that the independent and dependent variables all converge and represent well the observed variables in the scale and are put in the next test with CFA analysis At the same time, when considering the relationship between the independent variables KC, LS, TTV, KNCH, KNNH, NHI, DDCH with the dependent variable Y, it shows that the variables KC, TTV, LS and KNNH has the correlation coefficient r<0, which means it has inverse relationship with the dependent variable All the remaining independent variables have correlation coefficient 0.3 <r <0.7 Through the analysis, it can be seen that the correlation coefficient between the independent variables and the dependent variable shows a quite close correlation Therefore, the variables can be put into the CFA model for analysis Confirmatory factor analysis (CFA) After linking the errors to improve the model to match the actual data, the results of the Confirmatory factor analysis (CFA) had a coefficient of Chi-square/df = 1.889 (< 3); GFI = 0.885; TLI = 0.926 (> 0.9); CFI = 0.94 (> 0.9); RMSEA = 0.058 (<0.08) Figure Result of structural equation modeling SEM Source: Synthesis and analysis of the author 3.3.2 For the model of informal credit access After the first time running EFA, the observed variables TL4, TL5 were excluded because the load coefficients were less than 0.5 Also, observed variables DK4 and TL6 were also eliminated because they did not converge with the observed variables corresponding to the independent variables After running EFA for the second time, the variables DK1, DK2, DK3 were excluded because of the load factor (7) Figure SEM results of access to informal credit is lower than 0.5 Source: Synthesis and analysis of the author Table 3.9 KMO and Bartlett test KMO 0.894 Bartlett test 5675.71 Sig 0.000 Test the effect of moderator variable in the “Intention to use” structural model Table : Results of the second test on the impact of the moderator variable Effect direction Thus, after testing the reliability and value, scales that not meet the Estimates requirements are eliminated and the remaining scales selected have been tested to meet the requirements Thus, the research model will be adjusted as follows: Confirmatory factor analysis CFA The results of the second CFA analysis of the indicators measuring the appropriateness of the model show that Chi-quare/df = 2.201 < 3, TLI = 0.967, CFI = 0.974, GFI = 0.948, which are all greater than 0.9, the RMSEA value = 0.046 < 0.05, so the model is suitable for the market Also all AVE values > 0.5, the reliability of Intention to use (Y_DINH) Intention to use (Y_DINH) Intention to use (Y_DINH) aggregated>0.7, scale reliability is guaranteed, distinctness is guaranteed AVE >MSV P-value coefficients of observed variables representing the factors are <0.5, these observed variables have the ability to represent the factors in the CFA model Thus, it can be confirmed that the scale achieves convergence and unidirectional values Therefore, the research scales for individual business households accessing informal credit have satisfied analytical requirements Structural equation modeling SEM Intention to use (Y_DINH) Standard Critical ratio Perror value (C.R) (S.E.) Gender_ Social influence (GT_XH) Number of years_ Expected effort (SVN_NOLUC) Gender_Financial literacy 0,183 0.018 -10.015 *** 0.058 0.017 3.347 *** 0.142 0.017 8.485 *** -0.055 0.016 -3.340 *** (GT_HB) Number of years_ Financial literacy (SVN_HB) Source: Synthesis and analysis of the author (8) CHAPTER 4: RESULTS DISCUSSION AND RECOMMENDATIONS 4.1 Discuss research results an influence on the relationship between the factors “Expected effort” and “Financial literacy” and “Intention to use” in the structural model 4.2 Recommendations 4.2.1 Recommendations for state management agency and law agency 4.1.1 For factors that affect access to formal credit There are factors identified that affect households' access to credit in Vietnam, including: Collateral, Income, Household's Experience, Distance, Interest rates, Loan Procedures, Banking Experience and E-banking Service 4.1.2 For factors that affect access to informal credit Expected effort Based on the results of this study, the factor “Expected effort” has a significant negative impact on households' access to informal credit (with the meaning of “intention to use”), and the efficiency coefficient is -0.106 and corresponding coefficient Sig = 0.04 < 0.05, so this factor has the opposite impact to the hypothesis H2a Social influence Based on the results of data analysis in this study, the factor “Social influence” have positive effect to the “Intention to use” of informal credit of individual business households with the efficiency coefficient is 0.678 and the corresponding coefficient is Sig = *** < 0.05, so the factor effects the same direction as hypothesis H3a Financial literacy The research results of data analysis surprisingly show that the factor “Financial literacy” has a positive effect on the “Intention to use” of informal credit of individual business households with the efficiency coefficient is 0.096 and the corresponding coefficient is Sig = 0.047 < 0.5, so this factor has the opposite impact to the hypothesis Gender Research results have shown that the factor “Gender” has the effect of regulating the relationship between the factors “Social influence”, “Financial literacy” and “Intention to use” in the structural model Number of years of business The research results show that the number of business years of households has 4.2.1.1 To increase access to formal credit services ● About Collateral The author proposes policies to support credit institutions in reducing costs and risks on these loans, such as reducing tax on profits from unsecured loans; requesting the local SBV, trade authorities, and local tax authorities to cooperate closely and enthusiastically with commercial banks, so that banks can get authentic information, thereby approving loans more easily without the need for collateral; having policies to encourage the acceptance of all types of assets formed in the future or intangible assets such as intellectual property, patents, etc ● About Geographical Distance The State Bank of Vietnam should have recommendations on policies to support commercial banks in expanding branches in difficult areas, uneven terrain, and need support to access credit capital for production and business investment ● About Loan interest rate The State should have supportive policies on interest rates for business households in specific and spearhead industries such as industries that require high technology application, agriculture, industrial crops, etc ● About loan procedures - Include the optimization criteria of loan procedures in the criteria for rating of credit institutions - Clear regulations on maximum number of days to deal with credit applications, and a clear corridor on some cases that frequently arise ● About Electronic Banking Service - Include the e-banking quality improvement criteria in the criteria for rating credit institutions - Organize exchange programs, guide and clarify the benefits and risks of ebanking to household owners (9) - Develop a clear and coherent legal framework and sanctions for possible risks when dealing with electronic banking 4.2.1.2 To limit loan sharking The first recommendation is to review and supplement the system of legal documents in order to detect, prosecute, investigate and strictly handle acts of usury or loan sharking Secondly, the Government should soon issue regulations as a legal basis for the management of financial activities that apply new technology and are in danger of becoming loan sharking in Vietnam The third recommendation is that the Government and the State Bank of Vietnam soon issue a loan program (including regulations on the conditions for participation of credit institutions, regulations to promote the development of loan products) to limit, prevent and eliminate loan sharking As a fourth recommendation, the Government should soon direct ministries and departments to complete regulations and facilitate the application of digital identification, the use of digital signatures and the ability to access basic information needed in order to help Credit institutions develop financial products associated with new technology (Fintech) designated by the branch, with the beneficiary's requirement belongs to the bank ● About income Vietnamese credit institutions should promote services associated with credit such as periodic savings for credit repayment financing ● About geographical distance ● About loan procedures - Simplize credit granting procedures to quickly respond to the needs of business households For example, VPBank already has a service that can provide credit in only days for loans from small households - The process should be clearly posted in all credit institutions' media channels and concurrently concise, easy to remember and clear so that household heads can easily grasp and no longer be hesitated to approach - Errors in the credit application file should be supported with clear and quick corrections, avoiding the need to travel and correct many times ● About the experience of commercial banks - Constantly innovating, in accordance with market conditions to be able to maintain the advantage of its experience and reputation - Focus on developing new products, catching up with new technology trends In the fifth recommendation, the Government soon drastically directs all levels of government, related ministries and departments from central to local level to have the responsibility and actively limit, prevent and eliminate loan sharking ● About Electronic Banking Service 4.2.2 Recommendations for credit institutions - Focusing on product development, diversifying types of services 4.2.1.1 To increase access to formal credit services - Promote the media on e-banking services through channels - Promote electronic payment activities, provide supports and incentives for ● About Collateral customers and household owners using this service such as discounts - Improve the qualifications of credit officers, strictly require the veracity of 4.2.2.2 To limit loan sharking information of credit application dossiers - Enhance the ability to value intangible assets such as copyrights, intellectual property rights, future assets from credit or assets such as inventories - Enhance determination and prepare financial resources for credit development to prevent and eliminate loan sharking, which can be called “Loan program to limit, prevent and eliminate loan sharking” - Expand types of collateral, especially intangible collateral (intellectual property rights, patents, ), collateral generated from future loans, and at the same time, improve the capacity to valuate these types of collateral - Select staff and conduct training courses to build and develop a separate workforce to operate the loan products under this special Credit Program - Require customers to buy insurance for this type of property at the business mass organizations and career organizations in localities to conduct surveys and - Credit institutions need to develop a coordination mechanism with authorities, (10) research on household credit needs in areas where credit institution operates This would help to develop suitable loan products (both in terms of loan size, term, disbursement method and debt collection) 4.2.3 Recommendations for household demand for loans Households which demand loans are targeted entities and are the beneficiaries of the “Loan program to limit, prevent and eliminate loan sharking” However, recommendations to these subjects include only groups: (1) raising awareness and a sense of responsibility to avoid “pitfalls” of loan sharking; and, (2) cooperate closely with credit institutions, local authorities and mass organizations to be best served 4.2.4 Recommendations for local government and public organizations Local governments, mass organizations and career organizations need to identify their important role in the implementation of the “Loan program to limit, prevent and eliminate loan sharking” in credit institutions 4.2.5 Recommendations for security agencies, media agencies, technical and technological support organizations First of all, the Ministry of Public Security is the place to keep a very large data system, including basic and important information of all citizens If credit institutions are coordinated and helped to share these databases, it will allows them to early apply modern technology to identify customers, significantly reducing the time, effort and cost to make loans to prevent and eliminate loan sharking The Ministry of Information and Communications should direct the propaganda activities of mass media as well as direct Information and Communication agencies in localities to give maximum priority to propagandize against loan sharking (11)