Vietnam to witness rapid expansion of international cards

With the significantly low penetration and huge potential for growth, Vietnam’s payment card market is set to see strong participation of international brands.

As per a recent study “Vietnam Plastic Card Market Forecast to 2013” by RNCOS, the popularity of payment cards in Vietnam has significantly soared over the past couple of years. The cards are increasingly used in shopping malls and various on-line portals that carry luxury or world-class brands of consumer goods. The cards market is largely dominated by domestic cards and international cards have yet to take off. International cards account for even below 10% of total payment cards circulation in the country.

The report has found that the international cards market is growing at a very fast pace, recording annual growth of around 100%. Visa, Master Card, American Express, JCB and Dinner club are the key brands in the Vietnamese international credit cards market. Of these, Visa is the most popular international brand and accounts for nearly half of total international cards market. Rest of the market is shared by other international brands - Master Card, American Express, JCB and Dinner Club.