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Vietnam’s Banking and Credit Card Industry – A Nascent Growth Story  - A recent study by Spire Research that Vietnam is beginning to develop into a cashless society. The Vietnam banking and credit card industry is evolving rapidly, raising comparisons with Indonesia’s credit card market expansion over the last 1o years
Vietnam’s Banking and Credit Card Industry – A Nascent Growth Story

 

NewswireToday - /newswire/ - Singapore, Singapore, 2012/08/22 - A recent study by Spire Research that Vietnam is beginning to develop into a cashless society. The Vietnam banking and credit card industry is evolving rapidly, raising comparisons with Indonesia’s credit card market expansion over the last 1o years.

   
 
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The findings of a recent study prepared for a banking road show in Vietnam by Spire Research and Consulting show that Vietnam has substantial market potential to expand its banking and credit card sectors. The first Vietnam credit card was issued in the year 1996 as an experimental initiative by Vietcombank. Since then, the growth of international tourism has driven merchant acceptance of credit cards.

Based on a 2008 report released by Visa Inc, a leading credit card issuer association, only one percent (88,000) of Vietnamese residents use Visa credit cards out of a total population of 85 million.

The Vietnam credit card market is expected to undergo major changes in the next ten years. To capitalize on the infrastructure and to provide quality services to customers, Vietnam credit card issuers have formed four major business alliances:

• The Vietcombank alliance consisting of 18 members;
• BankNet (the State Bank of Vietnam assigned Agribank to connect other banks);
• VNBC (the alliance of EAB, Saigon Commercial and Industrial Bank, MHB and Habubank);
• The alliance between Sacombank and ANZ.

The challenge facing the credit card market in Vietnam is that consumers prefer payment by cash because credit cards can only be used at shopping centers or high-end shops. Moreover, credit card holders have been advised not to withdraw cash from their card because they will be charged with a high cost. As with all countries, credit card issuers will have to win over both merchants and consumers to grow the market.

Opportunities for credit card growth in Vietnam: the parallels with Indonesia

“Vietnam’s young population and expanding middle income segment is an excellent market for credit cards. Indonesia’s credit card market increased 6 times from slightly over 2 million cards in 1999 to 11.7 million cards in Q2 2009. We strongly believe that Vietnam has huge potential for credit cards. Banks which understand customers well and introduce products that cater to the specific needs of each customer segment will have a good chance of being market leaders,” commented Linh Do, Spire’s Country Manager for Vietnam.

 
 
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Vietnam’s Banking and Credit Card Industry – A Nascent Growth Story

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