Plastic Money Market in Infancy Stage in Vietnam: Ken Research REQUEST FOR SAMPLE REPORT Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Ken Research announced its latest publication on “The Cards and Payments Industry in Vietnam: Emerging Trends and Opportunities to 2020” offer insights on the changing trends and key issues within the Vietnam Cards and Payment Industry. The publication includes an insightful analysis ofmarket trends in Vietnam’s cards and payments industry, values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debits, payment cards and check payments during the review period (2011-2015), Current and forecast values for each market in Vietnam’s cards and payments industry, overview of the country’s key alternative payment instruments, Analysis of various market drivers and regulations governing Vietnam’s cards and payments industry, analysis of consumer attitudes and buying preferences and competitive landscape . Over the years, the Cards and Payments Industry has evolved and has shown significant and steady growth both in terms of volume and value of transactions, mostly because of the strong growth in developing economies such as Latin America and Asia. However, in Vietnam, with more than 90% of payments being made through cash, the cash payment dominates the payment industry. But, with changing consumer preferences and introduction card payment encouraging policies by government and banks, the scenario has changed with the share of cash transactions (in terms of overall card payments channel) 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. Mapping the Drivers of Vietnam Cards & Payments Industry From the above figure, we can appreciate the role of different drivers in boosting the growth of Cards and Payments industry of Vietnam. The result can be seen, as in 2005, only 234,000 cards were issued by 20 banks, while in 2015, thehave been a rampant increase in numbers with over 86 million cards been issued by around 40 banks. Govt., among other policies, by lifting the cap on foreign investment and allowing foreign investors to own majority shares in domestic banks; and banks by issuing co-branded credit cards, investing in new generation ATMs, focussing on mobile based financial services & POS solutions etc. has played a major role. As a result, 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%. 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, CAGR of 37.91%. For the next five years, a very promising picture of Vietnam Card & Payment industry is expected. The reason behind this is Vietnam’s young demography, lower penetration level, supportive govt. and bank policies and strong economic performance. With the success of Online Black Friday and govt.’s decision of organising it every year, a significant growth in the transaction value of the credit, debit and pre-paid cards is expected. Also, the govt. lifted the cap on foreign investment that led to inflows of foreign direct investment (FDI), which in 2013 reached US$21.6 billion, an increase of 54.5% year-on-year. Banks are also support govt. financial inclusion plan by launching mobile-based financial services and POS solutions. Although, Vietnam still has cash payment dominated payment industry; with the inclusion of more people and businesses in the financial mainstream, the card and payment industry is expected to boom in future years. Key Macroeconomic Trends Driving Growth in Vietnam Cards & Payments Industry The Vietnam society has always preferred cash payment method whether the purchase has been done offline or online. However, the strong economic growth of Vietnam along with the supporting govt. and bank policies, have changed the scenario and there is growth in the non-cash payment industry of Vietnam. With more and more people coming under the realm of financial services and greater awareness about the ease and security of card payments, the share of card and payment industry has increased in the Vietnam’s payment industry. Some macroeconomic factors driving growth in Vietnam’s Cards & Payments industry include: With increase in population, specially the middle-class population, there is a greater need for access to credit. Increasing economic growth has led to increasing household income and brought a greater number of previously unbanked people into the realm of financial services. Decreasing unemployment or increasing number of jobs in the economy has increased the disposable income of consumers. Increasing FDI because of government policies has also led to expectation of positive growth opportunities in the cards and payments industry. To know more on coverage, click on the link below: https://www.kenresearch.com/banking-financial-services-and-insurance/banking/cards-payments-industry-vietnam-emerging/25250-93.html Related Reports: https://www.kenresearch.com/banking-financial-services-and-insurance/banking/cards-payments-industry-russia-emerging/25249-93.html https://www.kenresearch.com/banking-financial-services-and-insurance/banking/denmark-cards-payments-key-trends/23612-93.html Contact: Ken Research Ankur Gupta, Head Marketing & Communications query@kenresearch.com www.kenresearch.com Tags: Alternative payment methods in Vietnam, analysis of Vietnam's cards and payments industry, Cards and Payment industry in Vietnam, Debit Card industry in Vietnam, Global Payment Industry Research Report, market drivers and regulations governing Vietnam's cards and payments industry, Mobile payment market Vietnam, Plastic money market Vietnam, The Cards and Payments Industry in Vietnam, Vietnam bill Payment Market Research, Vietnam Cards and payments industry trends, Vietnam Money Remittance Industry, Vietnam-Turnover per Debit Card and Values