Vietnam’s Cards and Payments Industry Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape
by Timetric
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Vietnam’s Cards and Payments Industry Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape Synopsis The report provides top-level market analysis, information and insights into Vietnam’s cards and payments industry, including: Current and forecast values for each category of Vietnam’s cards and payments industry, including debit cards, credit cards and prepaid cards Comprehensive analysis of the industry’s market attractiveness and future growth areas Analysis of various market drivers and regulations governing Vietnam’s cards and payments industry Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid. Summary Vietnam’s economic growth has enhanced job creation and household income, and propelled a greater number of previously unbanked people into the realm of financial services. Vietnam’s GDP per capita subsequently rose during the review period from US$1,097.1 in 2009 to US$1,728.4 in 2013. Even though Vietnam remains a highly untapped financial services market, economic growth is enhancing the number of people gaining access to bank accounts. Complete Report Available at http://www.rnrmarketresearch.com/vietnams-cards-andpayments-industry-emerging-opportunities-trends-size-drivers-strategies-products-andcompetitive-landscape-market-report.html . © RnRMarketResearch.com ; sales@rnrmarketresearch.com ; +1 888 391 5441
Vietnam’s Cards and Payments Industry Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape The Vietnamese card payments channel grew in value and volume terms during the review period. In terms of the number of cards in circulation, the channel grew from 21.7 million in 2009 to 67.8 million in 2013, at a compound annual growth rate (CAGR) of 32.95% and is anticipated to further post a forecast-period CAGR of 9.89%. In terms of transaction value, the card payments channel grew from VND364.8 trillion (US$21.4 billion) in 2009 to VND1.32 quadrillion (US$62.8 billion) in 2013, at a review-period CAGR of 37.91%, it is anticipated to post a forecast-period CAGR of 12.30%, to reach VND2.58 quadrillion (US$106.5 billion) in 2018. In terms of the number of cards in circulation, the credit and prepaid card categories collectively accounted for a channel share of 7.3% in 2013, reflecting lower penetration rates than the debit cards category. However, a growth in the number of middle-class families, the greater need for access to credit, changes in consumer spending habits and the comfortable approval of credit cards fueled demand. Banks are issuing customized credit cards targeted at diverse customer segments such as the young population, high-income customers, females and travelers. Cobranded credit cards are slowly gaining popularity in Vietnam. In 2013, most banks issued cobranded credit cards in association with retailers, airline companies, educational institutions and football clubs. Vietcombank, for example, offers the Vietnam Airlines American Express Platinum Card in association with Vietnam Airlines. Request sample copy of the Report at http://www.rnrmarketresearch.com/contacts/requestsample?rname=190686 . Š RnRMarketResearch.com ; sales@rnrmarketresearch.com ; +1 888 391 5441
Vietnam’s Cards and Payments Industry Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape Key highlights Vietnam’s economy remained consistently strong during the financial crisis and recorded robust gross domestic product (GDP) growth during the review period (2009–2013). Over the forecast period (2014–2018), it is anticipated to post a GDP growth rate of more than 5.4%, supported by the government’s monetary policy in 2014 which aimed to ensure capital sources for economic development and regulate inflationary pressure. Vietnam’s entry into the World Trade Organization (WTO) in 2007 underpinned its growth potential, aided by inflows of foreign direct investment (FDI), which in 2013 reached US$21.6 billion, an increase of 54.5% year-on-year. Vietnam’s economic growth has enhanced job creation and household income, and propelled a greater number of previously unbanked people into the realm of financial services. Vietnam’s GDP per capita subsequently rose during the review period from US$1,097.1 in 2009 to US$1,728.4 in 2013. Consequently, as more people and businesses are brought into the financial mainstream and are becoming aware of the benefits of electronic transactions, the use of cash as a payment method is decreasing. In terms of the overall card payments channel, the share of cash transactions decreased from 3.4% in 2009 to 2.7% in 2013, while the share of card transactions doubled to increase from 1.5% in 2009 to 3.1% in 2013. Buy a Copy of the report at http://www.rnrmarketresearch.com/contacts/purchase?rname=190686 . © RnRMarketResearch.com ; sales@rnrmarketresearch.com ; +1 888 391 5441