Vietnam's payment card market is relatively small but one of the most dynamic markets in the world.
According to a new report titled "Vietnam Plastic Card Market Forecast to 2013" by research firm RNCOS, the popularity of payment cards in Vietnam has soared significantly over the past couple of years.
The cards are increasingly used in the number of shopping malls and various on-line portals that carry luxury or world-class brands of consumer goods. The market has grown nearly three-fold over the last two years ending August 2009.
Debit cards dominate the market whereas credit cards are relatively new in the market and account just for 2% of the total market of payment cards in the country. Therefore, the market for credit cards remains largely untapped and full of opportunities.
As per findings of the report, with the growing consumer awareness, technological developments and emerging trend of e-commerce, there is ample scope for further developments in the Vietnamese payment cards market.
The market is expected to grow at CAGR of about 20% during 2010-2013. Debit cards with domestic acceptance will continue dominating the market. However, credit cards and internationally accepted cards will still be left with plenty of miles to go.