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Vietnam Cards & Payments Market Report

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  • Published Date: June 2023


This report provides a comprehensive overview of Vietnam's cards, payments and consumer banking market, with clearsighted commentary backed by relevant data.
Total credit-card revenue in Vietnam increased by almost a fifth in 2021, and profit per card is projected to increase on average by 20 per cent in the forecast years to the middle of the decade.
In the first half of last year, the value of transactions made via mobile phone in Vietnam rose over 80 per cent on the back of a near-doubling of transactional activity.
Non-cash transactions rose by over 70 per cent in the first half of 2022, supported by the government's target for increasing cashless payments.In tandem with this successful public/private drive, payments are rapidly materialising the growth potential implied by one of the lowest banked populations in the region.

Huge potential for card-based lending in Vietnam

With a population of almost 100 million and about eight million credit cards in use in Vietnam, card-based lending has huge potential.
Domestic network NAPAS should grow as higher fees associated with global cards are perceived as hindering the general market. There are 19 debit cards for every credit card in use in Vietnam, with the cash economy driving high ATM withdrawal volumes.

What about global players in Vietnam?

Visa, Mastercard, American Express, JCB and UnionPay are active in the Vietnamese cards market. In recent years there has been a push towards the greater use of domestic cards, the better to target lower-income segments.

How are other players and challengers faring?

Important BNPL players include Fundiin, Litnow , Home Credit, Bankograph, Grab, Pine Labs and AfterPay. The sector's value approached half a billion dollars during 2021 and is forecast to grow more than eightfold by 2028. In the e-wallet space, MoMo, Moca and ZaloPay account for 90 per cent of market share.

This is what you will learn from this report

The report explores Vietnam's payments system covering infrastructure payment preferences, consumer payment trends and the development of online payment systems.
It gives an expert analysis of the payment and card markets operating in Vietnam. It has detailed intelligence on cards in circulation, key issuers' market share, transaction numbers and billed volumes.
The report discloses details of regulatory policy and developments in supervisory roles in Vietnam's payment cards market, enabling clients to understand and evaluate key market trends and growth opportunities in Vietnam's cards and payments industry.

Vietnam Payments Research | Report Contents

Key facts
Payments environment
Cards market
Fintech and mobile payments
Credit card profitability
Merchant acquiring
Regulatory environment

Appendices: Vietnam Payments Data Tables
(All 2016-25F unless otherwise stated)

Appendix I: Payments environment
1: Demographic and economic indicators.
2: Ownership of key consumer devices.
3: Internet usage by population: 2016-23F.
4: Access points: 2016-23F.
5: B2C e-commerce payment methods: 2016-23F.

Appendix II: Cards market

6: Total card payment metrics.
7: Contactless cards metrics: 2017-25F.
8: Credit card numbers.
9: Total credit card metrics.
10: Credit cards profitability indicators.
11: Debit card numbers.
12: Debit card metrics.

Appendix III: Mobile payments

13: Mobile proximity payment metrics: 2017-25F.

Appendix IV: Profit pool

14: Vietnam market profit pool including credit card numbers, billed volumes, outstandings, interest incomes, net interest revenues, merchant revenues, card fee revenues, other non-interest incomes, total revenues, net credit losses, operating expenses, total expenses, pre-tax profits, merchant service charges, rollover rates, APR, net credit losses to outstandings, operating costs to revenues, ROA (pre-tax profits to outstandings).

(All below 2016-23F unless otherwise stated)

Appendix V: The networks

15: Networks' credit card market shares.
16: Credit card interchange fees by network.
17: Networks' debit card market shares.
18: Networks' debit card numbers.

Appendix VI: Key retail banks and issuers

19: Key credit card issuers market shares by credit card numbers: 2018-23F.
20: Key issuers market shares in credit card outstandings: 2018-23F.
21: Key debit card issuers market shares by debit card numbers: 2018-23F.

Appendix VII: Acquiring and processing

22: Merchant acquirer credit card market share: 2022E.
23: Credit card merchant service charges: 2016-25F.
24: Merchant acquirer debit card market share: 2022E.
25: Debit card merchant service charges: 2016-25F.
26: Credit card issuer/issuing processor relationships
27: Credit card acquirer/acquiring processor relationships
28: Credit card issuing processor market shares by card numbers: 2022E.
29: Credit card acquiring processor market shares by the number of POS transactions: 2022E.

Vietnam Country Report | Selected Extracts

Payments Environment
Non-cash transactions rose by over 70 per cent in the first half of 2022 and is supported by the government's target of increasing cashless payments. Cash remains popular in rural and remote locations. Digitalisation is key to banks' strategies, given the threat of successful neobanks.

Cards Market
Debit cards account for about 95 per cent of total payment cards in issue. Many credit card issuers are now improving discounts and cashback features to address the low uptake, targeting customised cards and adding high-end offerings.

Vietnamese B2C e-commerce sales almost trebled from 2016 to 2022 to reach $16.4 billion. Cash-on-delivery is by far the preferred means of paying for online purchases here, accounting for almost three-quarters of all online payments in 2022.

Fintech and mobile
By the end of 2022, an estimated 65 out of 100 Vietnamese people owned a smartphone, with 71 per cent of these using Android. Mobile money – incorporating payments, e-wallets and QR payments – is expected to grow at pace in the next few years.

Credit Card Profitability
Credit cards, typically offered to those on a good salary, are not overly popular and are normally used as transactional instruments, with balances usually settled at the end of each month.

Five international schemes – Visa, Mastercard, American Express, JCB and UnionPay – compete in the credit cards market, with the former pair dominant. There are also some proprietary cards in issue.

The low level of credit-card penetration in this market underscores the growth potential. The market is concentrated: VPBank/ FE Credit, VietinBank, Techombank and Vietcombank together issued more than three-quarters of active cards in 2022.

Merchant Acquiring
There are a variety of acquirers in Vietnam, but the market is highly concentrated. The trio of leading players – Vietcombank, BIDV and VietinBank – collectively account for over half of all merchant accounts in the country.

Regulatory Environment
The State Bank of Vietnam (SBV) is the central bank of the country and regulates banks and other credit institutions. The Ministry of Finance regulates insurance, securities, and fund management companies.


Argus Advisory Research reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit. Analysts and researchers use primary and secondary source data and conduct in-depth interviews with senior industry executives and local experts.

See more at Asia-Pacific Country Reports or explore the full range available for markets worldwide.

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