Government Initiatives Enhancing Vietnam’s Plastic Card Market

According to our recent report “Vietnam Plastic Card Market Forecast to 2013”, Vietnamese payment card market is one of the fastest growing card markets worldwide. The total number of cards issued in the country nearly doubled during 2008-2010. With the rising consumer awareness, technological developments, and rising trend of e-commerce, payment cards in Vietnam has gained considerable popularity during the last few years.

 

As per our research, State Bank of Vietnam is encouraging the usage of bank cards in the country. The State Bank of Vietnam (SBV) has been promoting banks to develop infrastructure for non-cash payments and is offering incentives to financial institutions to apply for more enhanced technologies in non-cash payment systems. Further, during December 2010, SBV introduced its eight goals for the whole banking system and introduced steps to boost up non-cash transactions in the country during the five-year period of 2011-2015. All these steps, along with others discussed and analyzed in the report will provide a further boost to the country’s non-cash payments.

 

Further, our report reveals that, the payment cards market in Vietnam is dominated by domestic cards. International cards accounts for just 1.4% of the total payment cards issued in the country. Such a small share of international cards is attributed to the fact that, the country’s international cards providers charge heavy interest rates on late payments. However, as per the latest industry developments, various banks in the country are promoting the usage of international cards. Contributing to satisfy the growing demand for foreign currencies by individual customers, commercial banks are accelerating the development of international card services, particularly international payment cards. The State Bank of Vietnam has requested credit institutions to enhance the opening of international payment cards to facilitate individuals to use international payment cards, while making payment abroad.

 

Our report “Vietnam Plastic Card Market Forecast to 2013”, hasdiscussed the key macroeconomic factors and also features future outlook of the payment card industry. The report has also covered emerging market trends, current developments, and major players to enable clients better understand the market situation and its progress in coming years.

For more information visit: http://www.rncos.com/Report/IM240.htm