FE Credit appoints new acting general director

Kalidas Ghose stepped down from his position as general director on April 30 to become a senior advisor to the board, advising on strategic planning and development of the consumer finance market.

Nguyet’s appointment took place on Thursday.

She was a member of the executive board of Vietnam Prosperity Bank (VPBank), the parent company of FE Credit. She took on the important positions at VPBank after joining in 2014.

Prior to VPBank, Nguyet worked for 17 years at ANZ bank as the manager of several different departments over time.

FE Credit has reported that the consumer finance industry has just experienced a year of difficulties, such as the global economic recession and high inflation, both which have caused interest rates to rise.

Laborers, the company’s main customer segment, lost their jobs in large numbers due to a shortage of orders or dissolution of many businesses, reducing their ability to repay loans.

Recently, Moody’s has downgraded FE Credit’s rating from Ba3 in 2022 to B1 in light of these difficulties.

However, FE management said that it had developed a comprehensive restructuring plan and would soon change in a positive direction, with support from VPBank and SMBC.

Nguyen Duc Vinh, general director of VPBank, told the recent annual shareholder meeting that FE Credit would restructure, re-evaluate its operations, and build long-term operational orientation this year.