Vietnam’s payment card market has been growing rapidly for the past few years with a constant increase in young population, technological developments, and emerging trend of e-commerce. Though the market is relatively small, it is among the most dynamic ones in the world. As per our recent findings, there exists an ever-increasing demand for payment cards in Vietnam, including credit, prepaid and debit cards that are widely used in shopping. This growth in the demand translates into ample growth opportunities for card issuers, suppliers, and manufacturers.
According to “Vietnam Plastic Card Market Forecast to 2013”, our latest research report, the total number of cards issued in Vietnam nearly doubled during 2008-2010, and with the growing consumer awareness, there is a vast scope for further developments. The study estimates that the Vietnamese payment cards market will grow at a CAGR of about 20.4% during 2011-2014. We observed that debit cards presently dominate the market, while prepaid cards and credit cards, which are relatively new, occupy over 4% and around 2% share, respectively. On account of such meager share, huge opportunities exist in the largely untapped credit card market.
Some of the new banks in Vietnam have actively participated in the country’s plastic card market. We found that these banks have come up with a number of card services, including International VISA/Master Debit and Credit Card to cater to the growing needs of customers and have competitive advantage. As per our analysis, the market remains largely concentrated to debit transactions and few key players. At 2010-end, Agribank had the majority share in the market.
Analyzing the macroeconomic factors, our report presents the future outlook for the industry. The detailed analysis of the emerging market trends, current developments, and competitive landscape will help clients understand the market situation and its progress in the coming years. The technological developments have been studied specifically and carefully in order to portray the industry’s clear picture to those investors or players who are planning to enter the market.