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RNCOS: VN to witness rapid expansion of int’l cards

VGP - With the significantly low penetration and huge potential for growth, Việt Nam's payment card market is set to see strong participation of international brands.

February 09, 2010 10:05 AM GMT+7

Việt Nam's payment card market has grown nearly three times over the last two years ending August 2009 - Illustration photo
The finding is stated in a report namely “Vietnam Plastic Card Market Forecast to 2013” by RNCOS, a market research consulting services company, specializing in BioPharma, IT and telecom, retail and services.

According to the report, Việt Nam's payment card market is relatively small but one of the most dynamic markets in the world.

The popularity of payment cards in Việt Nam has soared significantly over the past couple of years.

The cards are increasingly used in a number of shopping malls and various on-line portals that carry luxury or world-class brands of consumer goods.

Debit cards dominate the market whereas credit cards are relatively new here and account just for 2% of the total market of payment cards in the country. Therefore, the market for credit cards remains largely untapped and full of opportunities.

The report forecasts that thanks to the growing consumer awareness, technological advancements and emergence of e-commerce, there is an ample scope for further developments in the Vietnamese payment cards market.

The market is expected to grow at about 20% during 2010-2013, and debit cards with domestic acceptance will continue dominating the market, anticipates RNCOS.

By Kim Anh

(Source: Emailwire.com)