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Vietnam Cards & Payments Market Report

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  • Published Date: September 2020


A comprehensive overview of the cards, payments and consumer banking market in Vietnam, with clearsighted commentary backed by relevant data.
Cashless payments became popular during the pandemic, fuelling consumer enthusiasm for innovative methods.
Vietnam aims to complete its contactless card migration by 2021, and QR Code interoperability is being extended across the region, driven by remarkable success in China.
Mobile technology is an increasingly used tool for targeting the unbanked, while, for the banked, credit card spend has trebled in four years.
Online too, the future looks bright with the country's e-commerce sector expected to grow.

What you will learn from this Vietnam cards market report:

How cash is beginning to lose its grip in everyday life.
Why the QR Code has such great potential.
What boosts profitability in Vietnam credit cards.
Why international debit cards are growing share.
How official goals align with industry aims.


  • Bank account penetration stood at an estimated 31 per cent in 2019, one of the lowest in the ten states of the ASEAN (Association of Southeast Asian Nations).
  • With virtually all internet users aged 15 to 64 owning a smartphone, there is great potential for mobile payments, which only had some ten million subscribers in 2019.
  • QR code payments are also taking off in Vietnam, with an estimated 50,000 merchants accepting the alternative payment technology in 2019.
  • Several new entrants, including consumer finance companies, have entered the unsecured lending market in the last three years, mostly seeking to expand beyond cash loans.
  • This has increased competition with traditional banks; in response, the number of credit cards in the Vietnamese market is forecast to treble in the medium term.
  • Issuers are increasingly segmenting through customised credit cards targeted at a wider range of consumer higher-end products, such as platinum cards, on the one hand, and, more recently, offerings for first-time holders in rural areas on the other.
  • With more competition, the average annual card fee has decreased from a high of $19 in 2015 to an estimated $11 in 2019.
  • Vietnam's e-commerce market has been gaining momentum in recent years, with sales exceeding $10 billion in 2019.
  • Cash-on-delivery is the most popular payment method; however, digital wallets are growing fast, as are payment cards.

Vietnam Payments Research | Report Contents

Demographics and the economy
Payments environment
Vietnamese cards market
Mobile payments
Profit pool
The networks
Key retail banks and issuers
Acquiring and processing
Online acquiring
Regulatory and other cards market information

Appendices: Cards Market Data

Appendix I: Demographics and the economy
Demographic and economic indicators
Ownership of key consumer devices
Internet usage by population

Appendix II: Payments environment
Access points
Account penetration
Consumer payment trends
B2C e-commerce payment methods

Appendix III: Cards market
Total cards payment metrics
Contactless cards metrics
Vietnam credit card data numbers
Total credit cards metrics
Credit cards profitability indicators
Debit cards numbers
Debit cards metrics

Appendix IV: Mobile payments
Mobile proximity payment metrics

Appendix V: Profit pool
Profit pool

Appendix VI: Card networks
Networks' credit card market shares
Networks' credit card numbers
Networks' credit card billed volume
Networks' number of credit card transactions
Networks' average credit card transaction value
Credit card interchange fees by network
Networks' debit card market shares
Networks' debit card numbers
Networks' debit card billed volume
Networks' number of debit card transactions
Networks' average debit card transaction value

Appendix VII: Key retail banks and issuers
Key credit card issuers market shares by credit card numbers
Key issuers market shares in credit card outstandings
Key debit card issuers market shares by debit card numbers

Appendix VIII: Acquiring and processing
Merchant acquirer credit card market share
Credit card merchant service charges
Merchant acquirer debit card market share
Debit card merchant service charges
Credit card issuer/issuing processor relationships
Credit card acquirer/acquiring processor relationships
Credit card issuing processor market shares by card numbers
Credit card acquiring processor market shares by the number of POS transactions

Appendix IX: Online acquiring
Online merchant acquirer market share

Vietnam Country Report | Selected Extracts

Demographics and Economy
Vietnam's real GDP growth of 7% in 2019 was in keeping with the country's impressive economic growth since liberalisation. However, Vietnam's growth in the first quarter of 2020 fell to almost half that of the previous quarter.

Payments Environment
Vietnam is a cash-driven economy with a mostly unbanked rural population that tends to prefer payment in cash or gold, an estimated 400 tonnes of which is in private hands. An estimated 85% of consumer payments are processed using cash.

Cards Market
In 2019 card figures recorded a 35% drop year-on-year, from 144 million to 94 million, because of the central bank's drive to replace ATM cards with debit cards carrying chip-and-pin technology as well as deactivating inactive cards.

Mobile Payments
There were an estimated ten million subscribers to these mobile payment service providers in 2019. However, there is a large number of inactive subscribers because of fewer cash-in/ cash-out agents in rural areas.

Profit Pool
In 2019, pre-tax profits stood at $135 million, up from $101 million in 2018. It is estimated that pre-tax profits would reach $209 million by 2022. However, improvements in profitability will slow overall, as competition drives up funding costs.

Card Networks
Although there has been an uptick in credit card issuing over the past six years, the penetration rate is still exceptionally low: seven cards per 100 adults in 2019. Visa and Mastercard are present in the debit cards sector; nonetheless, they have a limited role due to the dominance of the local network NAPAS (National Payment Corporation of Vietnam).

Key Retail Banks and Issuers
The credit card issuing market is going through some changes, due to central bank intervention and the influence of consumer finance companies with a strong focus on so-called 'cash loans products' that have also been moving into credit card issuing.

Acquiring and Processing
There is a variety of acquirers in Vietnam, but the market is highly concentrated. The quartet of leading players – Vietcombank, BIDV, VietinBank, and ACB – collectively account for around 87% of all merchant accounts in the country.

Online Acquiring
Although Vietnam has one of the smallest e-commerce markets in Southeast Asia in terms of sales volume, the market has been gaining momentum in the last few years. The country's B2C e-commerce sales figure is estimated to grow by around 23% during 2020.

Regulatory and Markets Information
Vietnamese banking and payments have been experiencing rapid change. To spread the benefit, the government has set financial inclusion targets, starting with the goal of more than 70% of people over 15 years old being part of the banked population by the end of 2020.

Vietnam Payments Report | Entities Referenced

Accor Group
American Express
Ant Financial
Bank of China
Citibank Vietnam
Diners Club
Finance Company Limited for the Community
First Data
Hyundai Card
Hyundai Motor Group
Intercontinental Hanoi Westlake
Lazada Group
LOTTE Finance
Maritime Commercial Joint Stock Bank
Nam A Bank
National Payment Corporation of Vietnam
Ocean Bank
Park Hyatt
Phuong Nam Bank
Prudential Vietnam Finance
Samsung Pay
Shinhan Card
Shinhan Vietnam Finance Company
Six Senses Hotels and Resorts
Southern Bank
State Bank of Vietnam
Techcom Finance
Vietjet Air
Vietnam Airlines
Vietnam Construction Bank
Vietnam E-commerce Association
Vietnam Joint Stock Commercial Bank for Industry and Trade
Vietnam Prosperity
Vietnam Prosperity Joint-Stock Commercial Bank
VNA Lotusmile Titan
VnPay Payment Gateway
WeChat Pay


Reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in the Asia Pacific region. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.

See more Asia-Pacific Country Reports, explore cards & payments research reports for markets worldwide or view our latest reports.

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