F88 pawn-loan book doubles in 2025 as vehicle pledges rise; net profit exceeds 719 billion dong

F88’s audited 2025 financial statements show the company recorded 468,975 motorcycles and 34,710 cars pledged by customers in 2025, rising more than twofold from the previous year. The pledged volumes increased by 2.1 times for motorcycles and 2.4 times for cars compared with end-2024.

Vehicle pawn lending model and operating details

F88’s lending activity is primarily pawn loans secured by motorcycles and cars. When customers take out a vehicle pawn loan, they sign the original registration handover document. If customers default, the pawn network can repossess the vehicle to recover the remaining debt.

Vehicle pawn loans typically run from 1 to 36 months, with a maximum loan value of 2 billion dong. Disbursement time is about 30 minutes. At the transaction room, F88 assesses vehicle condition by evaluating brand, model, condition, and year of manufacture, and compares these factors with market prices in its centralized valuation system.

Expansion through VNPost network

In addition to its 949 F88 transaction rooms, the vehicle pawn service is also deployed through the VNPost network following a strategic partnership. Since April 2025, nearly 2,000 VNPost post offices have begun deployment, with a target of more than 8,000 post offices in the coming years.

2025 financial performance and lending growth

The increase in pledged vehicles reflects business growth. In 2025, F88’s consolidated net profit exceeded 719 billion dong. Revenue from pawn lending reached over 3,491 billion dong, up 39% year over year.

Net loan receivables stood at 7,216 billion dong, while total disbursement reached 16,476 billion dong, up 57% and 37% respectively from the year-ago period.

Insurance agency revenue and contract growth

F88 also reported insurance agency services revenue of 483 billion dong, up 52%. This was supported by more than 1.5 million insurance contracts, up nearly 35% year over year.

The company implemented risk management and cost-control measures alongside the expansion of its lending and insurance activities.

Costs, workforce, and compensation

In the past year, F88 increased payroll and bonuses for employees. Expense rose nearly 29% to about 1,277 billion dong. By end-2025, the company employed 4,681 people, with average monthly earnings around 22.7 million dong, up about 11%.

F88’s average salary remains higher than some banks including VietBank, SaigonBank and BacABank, and is only 1–2 million dong below the average for NamABank, VietABank or BVBank.

Company background and stock market update

Founded in 2013, F88 is among Vietnam’s fastest-growing consumer finance providers, with a branch network across urban and rural areas. Since 2017, Mekong Capital has invested in F88 and become a strategic partner.

F88 shares were listed on UPCoM from August 2025. The stock closed on 14 April at 131,800 dong per share, about 40% higher than at the start of the year. The company plans to move its listing to HOSE.