0
0
Home » Financial Services » Payments

Vietnam Cards and Payments – Opportunities and Risks to 2025

The annual value of card transactions in the Vietnam cards and payments market was valued at $31 billion in 2021. The report analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Vietnam cards and payments market overview

Vietnam cards and payments market overview

For more insights on this report, download a free sample

What are the market dynamics in the cards and payments market in Vietnam?

The Vietnamese government and State Bank of Vietnam (SBV) (the country’s central bank) have taken steps to promote digital payments. In May 2019, the Payment Department of SBV – in collaboration with Tuoi Tre Newspaper, Vietnam E-commerce Association, and NAPAS – announced that June 16 of each year will be Non-Cash Day. On this day, participants including banks, retailers, and payment services providers will offer promotions and discounts for payments made via non-cash methods. During Non-Cash Day 2020, the government focused on building awareness of cashless payments by sticking “non-cash payment” labels in multiple shopping stores in Ho Chi Minh City in order to help customers identify stores accepting cashless payments. In 2021, Visa supported Non-Cash Day by providing discounts and cashback on online purchases to its card holders.

What are the key segments in the cards and payments market in Vietnam?

The key segments in the Spain cards and payments market include card-based payments, e-commerce payments, and alternative payments.

Card-based payments market in Vietnam

Vietnam is a cash-dominated society due to low banking penetration in 2021e and limited awareness of banking products. However, payment cards are gradually gaining traction, with consumers steadily increasing their adoption and usage of payment cards. The government and the central bank have taken steps including mandating the issuance of chip and PIN cards, enabling online account opening to promote bank account holding, increasing awareness of digital payments, and improving payment acceptance infrastructure. These initiatives will drive growth in the Vietnamese cards and payments market. The country’s strong ecommerce market and rising adoption of contactless payments will support the growth of electronic payments.

Ecommerce payments market in Vietnam

The outbreak of COVID-19 has made online purchasing more appealing, as it allows consumers to avoid close social contact and help prevent the spread of the virus. A significant percentage of Vietnamese consumers installed ecommerce apps on their smartphones for the purchase of goods and services in 2020, highlighting the shift in purchasing behaviors. Shopping events during festivals such as Tet Lunar New Year as well as major online shopping events such as Online Shopping Day and Singles’ Day 11/11 have also aided ecommerce market growth.

To benefit from growing online demand for clothing and footwear, Japanese clothing manufacturer Uniqlo launched its online store in Vietnam in May 2021, while US-based footwear manufacturer Crocs launched its online store in the country in December 2021

Alternative payments market in Vietnam

Alternative payments in the cards and payments market in Vietnam include PayPal, MoMo, Samsung Pay, VTC pay, ZaloPay, Payoo, NganLuong e-wallet, SmartPay, Moca, mPAYvn, VNPAYQR, AirPay, TrueMoney, Vi Viet

Vietnam cards and payments market, by segments

Vietnam cards and payments market, by segments

For more segment insights,  download a free sample

Which are the key companies in the cards and payments market in Vietnam?

Some of the key companies in the cards and payments market in Vietnam are VietinBank, Agribank, BIDV, Vietcombank, DongA Bank, Techcombank, Sacombank, ACB, and Eximbank.

Vietnam cards and payments market, by key companies

Vietnam cards and payments market, by key companies

To know more about key companies, download a free sample

Market report scope

Market size 2021 $31 billion
Forecast period 2021-2025
Key segments Card-Based Payments, Ecommerce Payments, and Alternative Payments.
Key companies VietinBank, Agribank, BIDV, Vietcombank, DongA Bank, Techcombank, Sacombank, ACB, and Eximbank

Highlights

  • The Vietnamese government and State Bank of Vietnam (SBV) (the country’s central bank) have taken steps to promote digital payments. In May 2019, the Payment Department of SBV – in collaboration with Tuoi Tre Newspaper, Vietnam E-commerce Association, and NAPAS – announced that June 16 of each year will be Non-Cash Day. On this day, participants including banks, retailers, and payment services providers will offer promotions and discounts for payments made via non-cash methods. During Non-Cash Day 2020, the government focused on building awareness of cashless payments by sticking “non-cash payment” labels in multiple shopping stores in Ho Chi Minh City in order to help customers identify stores accepting cashless payments. In 2021, Visa supported Non-Cash Day by providing discounts and cashback on online purchases to its card holders.
  • To further promote financial inclusion in the country, the central bank introduced regulation that came into effect in April 2020, which removed the requirement that debit card holders must be legal entities. As a result, all eligible non-legal entities operating in the country are allowed to apply for debit cards and use them. The regulation also allowed supplementary card holders aged between 15 and 18 to use debit or credit cards without the need for written approval from their legal representative.
  • Visa is taking various initiatives in collaboration with banks and payment companies to enhance the growth of cashless payments in Vietnam. In February 2022, Visa and payment services provider VNPAY announced a partnership to roll out a range of electronic payment solutions including a solution to accept contactless payments via mobile phones (Tap to Phone), Visa prepaid virtual cards, Visa Direct money transfer and receipt services, and the Visa Installment Solution for in-store payments. Meanwhile, in January 2022, Visa partnered with Public Bank Vietnam to offer a range of debit and credit cards. Premium credit card holders receive cashback, an interest-free period of up to 51 days, and comprehensive travel insurance cover.

Reasons to Buy

The report provides top-level market analysis, information and insights into the Vietnamese cards and payments industry, including –

  • Make strategic business decisions, using top-level historic and forecast market data, related to the Vietnamese cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Vietnamese cards and payments industry.
  • Assess the competitive dynamics in the Vietnamese cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Vietnam.
  • Gain insights into key regulations governing the Vietnamese cards and payments industry.”

Key Players

VietinBank

Agribank

BIDV

Vietcombank

DongA Bank

Techcombank

Sacombank

ACB

Eximbank

Table of Contents

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently Asked Questions

The cards and payments market size in Vietnam was valued at $31 billion in the year 2021.

Card-based payments, ecommerce payments, and alternative payments are the key segments in the Vietnamese cards and payments market.

VietinBank, Agribank, BIDV, Vietcombank, DongA Bank, Techcombank, Sacombank, ACB, and Eximbank are the key companies in the Vietnamese cards and payments market.

    Pricing

Discounts available for multiple purchases.

reportstore@globaldata.com
+44 20 7947 2960

Join our mailing list

Saved reports