F88 Pawned Vehicle Count Doubles, Driving 100% Net Profit Growth in 2025

Overview

F88 Investment Joint Stock Company reported strong 2025 financial results, with net profit more than doubling year-on-year and loan revenue growing 39%. The performance was driven by a significant increase in pawned vehicles and strategic expansion through a partnership with VNPost, positioning the company for further growth in Vietnam’s personal finance market.

Key Facts

• Net profit in 2025 exceeded VND 719 billion, more than double the previous year’s figure.
• Loan revenue reached over VND 3,491 billion, a 39% year-on-year increase.
• Pawned motorcycles totaled 468,975 units, up 2.1 times from end-2024, and pawned cars reached 34,710 units, up 2.4 times.
• Net loan balance stood at VND 7,216 billion, up 57%, with total loan disbursement at VND 16,476 billion, up 37%.
• Insurance agency service revenue was VND 483 billion, a 52% increase, driven by over 1.5 million contracts.
• The company operates 949 transaction points and, through a partnership with VNPost, aims to expand to over 8,000 postal points in coming years.
• Average monthly employee income at F88 was approximately VND 22.7 million, up nearly 11%, with total salary and bonus costs rising 29% to about VND 1,277 billion.

What Happened

According to F88’s audited 2025 financial report, the company recorded a substantial rise in pawned vehicles, with 468,975 motorcycles and 34,710 cars pledged by customers, representing increases of 2.1 times and 2.4 times, respectively, compared to the end of 2024. The company’s core business involves pawn loans secured by vehicles, with a maximum loan value of VND 2 billion and a disbursement time of about 30 minutes. F88 assesses vehicles directly at transaction points based on brand, model, condition, and production year, comparing these factors to market prices stored in its centralized valuation system.

Management attributed the strong results to growth in lending scale. In addition to its 949 transaction points, F88 expanded services through a strategic partnership with VNPost, which began implementation in April 2025. Nearly 2,000 VNPost offices have started offering pawn loan services, with plans to reach over 8,000 offices in the coming years. This expansion aims to serve mass-market customers, particularly in remote areas. The company also implemented risk management measures and cost controls, though salary and bonus expenses increased by 29%.

Market Context

F88 is listed on the UPCoM exchange and closed at VND 131,800 per share on April 14, approximately 40% higher than at the start of the year. The company plans to transfer its shares to the HoSE exchange, which could enhance liquidity and visibility. Founded in 2013, F88 has grown rapidly in Vietnam’s personal finance sector, with Mekong Capital as a strategic investor since 2017. The surge in pawned vehicles and profit growth reflects strong demand for short-term secured loans amid economic conditions favoring alternative lending.

Strategic Significance

The doubling of pawned vehicles underscores F88’s effective penetration of Vietnam’s underbanked market, leveraging its extensive network and partnership with VNPost to reach rural customers. The 39% loan revenue growth and 57% increase in net loan balance indicate scalable operations, while the 52% rise in insurance revenue diversifies income streams. The planned move to HoSE aligns with ambitions for greater institutional investment, potentially supporting further capital-raising for expansion.

What to Watch

• Progress on the transfer of F88 shares from UPCoM to the HoSE exchange, including regulatory approvals and timeline.
• Quarterly earnings reports to monitor sustainability of loan growth and profit margins, especially in light of rising salary costs.
• Expansion metrics from the VNPost partnership, such as the number of operational postal points and contribution to loan disbursements.
• Updates on risk management practices, given the increase in pawned assets and loan balances.
• Foreign ownership filings or additional strategic investments, particularly following the HoSE listing plan.