Vietnam's central bank, the State Bank of Vietnam (SBV), has finalised a draft circular to help non-bank credit institutions, including financial companies, expand their operations. The draft allows these institutions to convert from specialised to general financial companies upon SBV approval, addressing operational limitations due to narrow scopes. It also outlines procedures for granting licences when commercial banks invest in or acquire credit institutions, altering their legal form. Despite a pre-tax profit decline of VND3.62tr last year, finance companies are entering a new growth cycle, according to FiinGroup. Lending by consumer finance firms is improving; FE Credit, Vietnam's largest consumer finance company, posted a profit of nearly VND300bn in the third quarter of 2024.