Vietnam Credit Cards

By: EconomyWatch Content   Date: 29 October 2009

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Vietnam credit cards are widely accepted across the territory for making direct or online payments. Earlier, the country has a cash based economy. However, as international tourism flourished, credit cards emerged as a popular mode of transactions. Threat posed by counterfeit currency also promoted the growth of credit cards in the country.

Vietnam Credit Cards: Market Overview

The first Vietnam credit card was issued in the year 1996 as a trial run by Vietcombank. Official economic reports reveal tremendous growth in credit card products in the period between 1996 and 2007. As the credit card market expanded, the State Bank of Vietnam developed specific laws and procedures pertaining to credit card issuance and usage.

 

The Vietnam credit card market is expected to undergo a major thrust in next ten years. According to a 2008 report published by Visa Inc, only one percent (88,000) of the people in Vietnam use Visa credit cards out of a total population of 85 million.

 

All major credit card service providers have a presence in Vietnam, including MasterCard, American Express, Visa, JCB and Diners Club.

Vietnam Credit Cards: Major Issuers

Having assessed the potential of the Vietnam credit cards market, several domestic and international banking institutions have entered the scene. To capitalize on the infrastructure and to provide quality services to customers, Vietnam credit card issuers have formed four major business alliances:

  • The Vietcombank alliance consisting of 18 members

  • The BankNet alliance led by Agribank.

  • The VAB alliance between Eastern Asia Bank (EAB), Saigon Commercial and Industrial Bank, MHB (Mekong Housing Bank) and Habubank.

  • The alliance between Sacombank and ANZ.

 

Other major Vietnam credit card issuers are:

  • Asia Commercial Bank

  • HSBC

  • Industrial & Commercial Bank of Vietnam

  • Vietnam Export Import Bank

  • Vietnam Joint-Stock Commercial Bank for Private Enterprises (VPBank)

 

The biggest threat to the Vietnam credit card industry is fraud and scams, particularly card cloning. Online cheats are also reported from the Vietnamese territory. Therefore, credit card users should undertake special precautions while making transactions at any retailer. One should insist on the card being swapped in front of him/her. Also, one should avoid making online purchases through non-reliable websites.

 

 

 

 


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